On consolidated basis
Quarter ended June 2024 compared
with Quarter ended June 2023.
Net sales (including other operating income) of Grasim Industries has increased
9% to Rs 33860.75 crore. Sales of Chemicals segment has gone down
3.73% to Rs 2,065.67 crore (accounting for 6.05% of total
sales). Sales of Others segment has gone down 9.68% to Rs 798.01
crore (accounting for 2.34% of total sales). Sales of Financial Services
segment has gone up 25.27% to Rs 8,806.85 crore (accounting for 25.78% of total
sales). Inter-segment sales came down from Rs 315.01 crore to Rs
298.22 crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 2.75% to Rs 4,790.78
crore. PBIT of Chemicals segment fell 13.46% to Rs 310.24 crore
(accounting for 6.48% of total PBIT). PBIT of Others segment rose
122.21% to Rs 109.35 crore (accounting for 2.28% of total
PBIT). PBIT of Financial Services segment rose 16.70% to Rs 1,057.57
crore (accounting for 22.08% of total PBIT).
PBIT margin of Chemicals segment
fell from 16.71% to 15.02%. PBIT margin of Others segment rose from
5.57% to 13.70%. PBIT margin of Financial Services segment fell from
12.89% to 12.01%. Overall PBIT margin fell from 15.70% to
14.02%.
Operating profit margin has declined
from 20.46% to 19.80%, leading to 5.47% rise in operating profit to Rs 6,704.53
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 17.81% to 18.25%. Purchase of finished
goods cost rose from 2.11% to 3.28%. Employee cost increased from
5.95% to 6.18%. Other expenses fell from 53.79% to 52.66%.
Power and Oil fuel cost fell from 18.93% to 15.98%.
Freight charges fell from 13.82% to 13.03%. Other
direct service cost rose from 9.23% to 10.32%.
Other income rose 1.43% to Rs 300.02
crore. PBIDT rose 5.29% to Rs 7004.55 crore. Provision
for interest rose 34.09% to Rs 2725.22 crore.
PBDT fell 7.38% to Rs 4279.33
crore. Provision for depreciation rose 15.66% to Rs 1367.73
crore.
Profit before tax down 15.30% to Rs
2,911.60 crore. Share of profit/loss was 11,777.80% higher at Rs
32.07 crore. Provision for tax was expense of Rs 708.43 crore,
compared to Rs 861.52 crore. Effective tax rate was 23.80% compared
to 25.06%.
Minority interest increased 5.99% to
Rs 1,059.81 crore. Net profit attributable to owners of the company
decreased 23.38% to Rs 1,207.93 crore.
Promoters’ stake was 43.06% as of 30
June 2024 ,compared to 42.75% as of 30 June 2023 .
Full year results analysis.
Net sales (including other operating income) of Grasim Industries has increased
11.35% to Rs 130978.48 crore. Sales of Chemicals segment has gone
down 21.19% to Rs 8,213.30 crore (accounting for 6.21% of total
sales). Sales of Others segment has gone down 4.50% to Rs 3,086.82
crore (accounting for 2.33% of total sales). Sales of Financial
Services segment has gone up 24.28% to Rs 34,008.15 crore (accounting for
25.72% of total sales). Inter-segment sales came down from Rs
1,780.56 crore to Rs 1,231.38 crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 0.88% to Rs 20,498.86
crore. PBIT of Chemicals segment fell 53.60% to Rs 1,054.02 crore
(accounting for 5.14% of total PBIT). PBIT of Others segment rose
53.31% to Rs 444.70 crore (accounting for 2.17% of total PBIT). PBIT
of Financial Services segment fell 26.57% to Rs 4,114.49 crore (accounting for
20.07% of total PBIT).
PBIT margin of Chemicals segment
fell from 21.80% to 12.83%. PBIT margin of Others segment rose from
8.97% to 14.41%. PBIT margin of Financial Services segment fell from
20.48% to 12.10%. Overall PBIT margin fell from 17.02% to
15.50%.
Operating profit margin has jumped
from 18.35% to 20.76%, leading to 25.97% rise in operating profit to Rs
27,195.14 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 18.25% to 17.10%. Purchase of
finished goods cost rose from 1.54% to 2.41%. Other expenses fell
from 55.91% to 53.68%. Power and Oil fuel cost fell from 19.56% to
16.93%. Freight charges rose from 12.68% to 12.83%.
Other direct service cost rose from 10.91% to 11.18%.
Other income fell 65% to Rs 1264.1
crore. PBIDT rose 12.93% to Rs 28459.24 crore. Provision
for interest rose 53.51% to Rs 9277.43 crore. Loan funds rose to Rs
1,37,155.05 crore as of 31 March 2024 from Rs 1,03,038.56 crore as of 31 March
2023. Inventories rose to Rs 13,544.78 crore as of 31 March 2024
from Rs 11,159.15 crore as of 31 March 2023. Sundry debtors were
higher at Rs 6,979.40 crore as of 31 March 2024 compared to Rs 5,915.10 crore
as of 31 March 2023. Cash and bank balance rose to Rs 4,648.76 crore
as of 31 March 2024 from Rs 3,713.38 crore as of 31 March
2023. Investments rose to Rs 93,300.31 crore as of 31 March 2024
from Rs 74,849.50 crore as of 31 March 2023 .
PBDT rose 0.13% to Rs 19181.81
crore. Provision for depreciation rose 9.88% to Rs 5001.32
crore. Fixed assets increased to Rs 90,266.71 crore as of 31 March
2024 from Rs 82,536.50 crore as of 31 March 2023. Intangible assets
increased from Rs 20,137.55 crore to Rs 28,585.00 crore.
Profit before tax down 2.91% to Rs
14,180.49 crore. Share of profit/loss was 57.56% lower at Rs 88.68
crore. Extraordinary items were decreased to Rs -569.36
crore. Provision for tax was expense of Rs 3774.16 crore, compared
to Rs 3648.51 crore. Effective tax rate was 27.55% compared to
24.77%.
Minority interest increased 1.18% to
Rs 4,301.16 crore. Net profit attributable to owners of the company
decreased 17.62% to Rs 5,624.49 crore.
Equity capital increased from Rs
131.69 crore as of 31 March 2023 to Rs 132.80 crore as of 31 March
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 43.06% as of 31
March 2024 ,compared to 42.75% as of 31 March 2023 .
Cash flow from operating activities
increased to negative Rs -10,719.33 crore for year ended March 2024 from
negative Rs -12,685.14 crore for year ended March 2023. Cash flow
used in acquiring fixed assets during the year ended March 2024 stood at Rs
19,485.03 crore, compared to Rs 12,036.16 crore during the year ended March
2023.
Operational Highlights:
Cellulosic Fibre
CSF
business achieved its highest ever quarterly sales volume at 212 KT up 14% YoY.
The CFY business recorded marginal volume growth of 2% YoY, due to subdued
demand conditions in the downstream value chain and lower priced export into
India by from Chinese producers. Revenue for the quarter was at Rs
3,787 Crore up 6% YoY. Segment EBITDA grew by 4% YoY to Rs 405 Crore helped
mainly by operating leverage and lower input costs.
Chemical Business:
The Chemicals business achieved revenue of Rs 2,066 Crore, down 4% YoY
and 1% QoQ. Speciality Chemicals (epoxy polymers and curing agents) revenue mix
improved to 30% for the quarter from 25% in Q1FY24. EBITDA for the Chemicals
segment stood at Rs 310 Crore up by 59% QoQ but declined 13% YoY. Profitability
improved sequentially on the back of higher caustic soda realizations and
improved margins of chlorine derivatives.
Building materials:
The Building Materials business reported revenue of Rs 18,701 crore ,
up 11% YoY, led by the growth in Cement and ramp-up in revenues from new growth
businesses - Paints and B2B E-Commerce. EBITDA stood at Rs 2,909 Crore , down
7% YoY mainly due to initial funding of new growth businesses. Consolidated
sales volumes of Cement business (UltraTech) grew by 7% YoY to 31.95 MT and
ready-mix concrete sales volumes grew by 22% YoY to 3.25 Mn cubic meters.
Financial Services
Subsidiary:
Financial Services business (Aditya Birla Capital), revenue
and EBITDA, as consolidated in accordance with Ind AS, stood at Rs 8807 Crore and Rs 1,058 crore. respectively. The overall
lending portfolio (NBFC and HFC) stood at Rs 1,27,705 Cr. as on 30 June 2024,
up 27% YoY. The total AUM (AMC, life insurance and health insurance) grew by 20%
YoY to Rs 4,62,891 Crore.
Other Businesses:
Revenue from other businesses increased by 6% YoY to Rs 798
Crore and EBITDA at Rs 109 Crore down 16% YoY. In Renewable business cumulative
installed capacity increased to 946 MW, up 6% from 894 MW in Mar’24
| Grasim Industries : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202406 | 202306 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 33,860.75 | 31,065.19 | 9.00 | 1,30,978.48 | 1,17,627.08 | 11.35 | | OPM (%) | 19.80 | 20.46 | -66 bps | 20.76 | 18.35 | 241 bps | | OP | 6,704.53 | 6,356.75 | 5.47 | 27,195.14 | 21,589.05 | 25.97 | | Other Inc. | 300.02 | 295.79 | 1.43 | 1,264.10 | 3,612.05 | -65.00 | | PBIDT | 7,004.55 | 6,652.54 | 5.29 | 28,459.24 | 25,201.10 | 12.93 | | Interest | 2,725.22 | 2,032.41 | 34.09 | 9,277.43 | 6,043.73 | 53.51 | | PBDT | 4,279.33 | 4,620.13 | -7.38 | 19,181.81 | 19,157.37 | 0.13 | | Depreciation | 1367.73 | 1182.53 | 15.66 | 5001.32 | 4551.59 | 9.88 | | PBT | 2,911.60 | 3,437.60 | -15.30 | 14180.49 | 14605.78 | -2.91 | | Share of Profit/(Loss) from Associates | 32.07 | 0.27 | 11,777.80 | 88.68 | 208.96 | -57.56 | | PBT before EO | 2943.67 | 3437.87 | -14.38 | 14269.17 | 14814.74 | -3.68 | | EO Income | 32.5 | 0 | - | -569.36 | -88.03 | -546.78 | | PBT after EO | 2976.17 | 3437.87 | -13.43 | 13699.81 | 14726.71 | -6.97 | | Taxation | 708.43 | 861.52 | -17.77 | 3774.16 | 3648.51 | 3.44 | | PAT | 2267.74 | 2576.35 | -11.98 | 9925.65 | 11078.2 | -10.40 | | Minority Interest (MI) | 1059.81 | 999.88 | 5.99 | 4301.16 | 4250.94 | 1.18 | | Net profit | 1207.93 | 1576.47 | -23.38 | 5624.49 | 6827.26 | -17.62 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1207.93 | 1576.47 | -23.38 | 5624.49 | 6827.26 | -17.62 | | EPS (Rs)* | 18.15 | 23.94 | -24.20 | 88.93 | 104.29 | -14.73 | | | * EPS is on current equity of Rs 131.70 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Grasim Industries : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202406 | 202306 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Cellulosic Fibre | 11.09 | 3,787.25 | 0.00 | - | | Cement | 0.00 | 0.00 | 17,737.10 | - | | Chemicals | 6.05 | 2,065.67 | 2,145.76 | -3.73 | 6.21 | 8,213.30 | 10,421.68 | -21.19 | | Others | 2.34 | 798.01 | 883.52 | -9.68 | 2.33 | 3,086.82 | 3,232.23 | -4.50 | | Financial Services | 25.78 | 8,806.85 | 7,030.21 | 25.27 | 25.72 | 34,008.15 | 27,365.17 | 24.28 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | 0.00 | 0.00 | 3,583.61 | - | | Building Material | 54.75 | 18,701.19 | 0.00 | - | | Total Reported Sales | 100.00 | 34,158.97 | 31,380.20 | 8.86 | 100.00 | 1,32,209.86 | 1,19,407.64 | 10.72 | | Less: Inter segment revenues | | 298.22 | 315.01 | -5.33 | | 1,231.38 | 1,780.56 | -30.84 | | Net Sales | 100.00 | 33,860.75 | 31,065.19 | 9.00 | 100.00 | 1,30,978.48 | 1,17,627.08 | 11.35 | | PBIT | | Cellulosic Fibre | 8.45 | 404.71 | 0.00 | - | | Cement | 0.00 | 0.00 | 3,222.91 | - | | Chemicals | 6.48 | 310.24 | 358.49 | -13.46 | 5.14 | 1,054.02 | 2,271.47 | -53.60 | | Others | 2.28 | 109.35 | 49.21 | 122.21 | 2.17 | 444.70 | 290.06 | 53.31 | | Financial Services | 22.08 | 1,057.57 | 906.20 | 16.70 | 20.07 | 4,114.49 | 5,603.40 | -26.57 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | 0.00 | 0.00 | 389.61 | - | | Building Material | 60.72 | 2,908.91 | 0.00 | - | | Total PBIT | 100.00 | 4,790.78 | 4,926.42 | -2.75 | 100.00 | 20,498.86 | 20,319.13 | 0.88 | | Less : Interest | | 480.57 | 360.98 | 33.13 | | 1,654.72 | 1,320.27 | 25.33 | | Add: Other un-allcoable | | -1,334.04 | -1,127.57 | -18.31 | | -5,144.33 | -4,272.15 | -20.42 | | PBIT Margin(%) | | Cellulosic Fibre | | 10.69 | 0.00 | 1,068.61 | | 11.52 | 0.00 | 1,151.96 | | Cement | | 0.00 | 18.17 | -1,817.04 | | 0.00 | 17.59 | -1,758.84 | | Chemicals | | 15.02 | 16.71 | -168.80 | | 12.83 | 21.80 | -896.25 | | Others | | 13.70 | 5.57 | 813.31 | | 14.41 | 8.97 | 543.24 | | Financial Services | | 12.01 | 12.89 | -88.16 | | 12.10 | 20.48 | -837.79 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | | 0.00 | 10.87 | -1,087.20 | | 0.00 | 6.81 | -680.77 | | Building Material | | 15.55 | 0.00 | 1,555.47 | | 18.29 | 0.00 | 1,829.48 | | PBT | 100.00 | 2,976.17 | 3,437.87 | -13.43 | 100.00 | 13,699.81 | 14,726.71 | -6.97 |
|
|