On consolidated basis
Quarter ended September 2024
compared with Quarter ended September 2023.
Net sales (including other operating income) of Grasim Industries has increased
11.06% to Rs 33562.85 crore. Sales of Chemicals segment has gone up
3.32% to Rs 2,054.37 crore (accounting for 6.06% of total
sales). Sales of Others segment has gone down 14.10% to Rs 777.57
crore (accounting for 2.29% of total sales). Sales of Financial
Services segment has gone up 33.00% to Rs 10,251.58 crore (accounting for
30.25% of total sales). Inter-segment sales rose Rs 281.80 crore to
Rs 328.61 crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 10.54% to Rs 3,978.03
crore. PBIT of Chemicals segment rose 15.60% to Rs 273.16 crore
(accounting for 6.87% of total PBIT). PBIT of Others segment rose
1,221.30% to Rs 44.66 crore (accounting for 1.12% of total
PBIT). PBIT of Financial Services segment rose 25.39% to Rs 1,280.09
crore (accounting for 32.18% of total PBIT).
PBIT margin of Chemicals segment
rose from 11.88% to 13.30%. PBIT margin of Others segment rose from
0.37% to 5.74%. PBIT margin of Financial Services segment fell from
13.24% to 12.49%. Overall PBIT margin fell from 14.58% to 11.74%.
Operating profit margin has declined
from 20.03% to 17.93%, leading to 0.59% decline in operating profit to Rs
6,017.05 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 17.73% to 18.58%. Purchase of
finished goods cost rose from 2.52% to 3.71%. Employee cost
increased from 6.50% to 7.02%. Other expenses fell from 53.41% to
53.00%. Power and Oil fuel cost fell from 17.67% to 14.16%.
Freight charges fell from 12.26% to 11.54%. Other
direct service cost rose from 10.14% to 13.02%.
Other income rose 38.92% to Rs
395.36 crore. PBIDT rose 1.19% to Rs 6412.41
crore. Provision for interest rose 32.61% to Rs 2951.43
crore. Loan funds rose to Rs 158,159.48 crore as of 30 September
2024 from Rs 121,928.06 crore as of 30 September 2023. Inventories
rose to Rs 15,587.52 crore as of 30 September 2024 from Rs 12,254.78 crore as
of 30 September 2023. Sundry debtors were higher at Rs 7,126.13
crore as of 30 September 2024 compared to Rs 5,944.19 crore as of 30 September
2023. Cash and bank balance rose to Rs 5,853.71 crore as of 30
September 2024 from Rs 5,033.48 crore as of 30 September
2023. Investments rose to Rs 102,453.36 crore as of 30 September
2024 from Rs 81,865.03 crore as of 30 September 2023 .
PBDT fell 15.82% to Rs 3460.98
crore. Provision for depreciation rose 20.13% to Rs 1495.8
crore. Fixed assets increased to Rs 96,454.51 crore as of 30
September 2024 from Rs 81,017.72 crore as of 30 September
2023. Intangible assets increased from Rs 28,611.92 crore to Rs
29,091.60 crore.
Profit before tax down 31.44% to Rs
1,965.18 crore. Provision for tax was expense of Rs 867.47 crore,
compared to Rs 837.67 crore. Effective tax rate was 44.09% compared
to 29.27%.
Minority interest decreased 17.44%
to Rs 710.26 crore. Net profit attributable to owners of the company
decreased 66.50% to Rs 389.90 crore.
Equity capital increased from Rs
131.70 crore as of 30 September 2023 to Rs 133.90 crore as of 30 September
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 43.11% as of 30
September 2024 ,compared to 42.75% as of 30 September 2023 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Grasim Industries has increased
10.01% to Rs 67423.6 crore. Sales of Chemicals segment has gone down
0.34% to Rs 4,120.04 crore (accounting for 6.05% of total
sales). Sales of Others segment has gone down 11.91% to Rs 1,575.58
crore (accounting for 2.32% of total sales). Sales of Financial
Services segment has gone up 29.31% to Rs 19,058.43 crore (accounting for
28.01% of total sales). Inter-segment sales rose Rs 596.81 crore to
Rs 626.83 crore.
Profit before interest, tax and
other unallocable items (PBIT) has slumped 6.45% to Rs 8,768.81 crore. PBIT
of Chemicals segment fell 1.91% to Rs 583.40 crore (accounting for 6.65% of
total PBIT). PBIT of Others segment rose 192.85% to Rs 154.01 crore
(accounting for 1.76% of total PBIT). PBIT of Financial Services segment
rose 21.30% to Rs 2,337.66 crore (accounting for 26.66% of total
PBIT).
PBIT margin of Chemicals segment
fell from 14.39% to 14.16%. PBIT margin of Others segment rose from
2.94% to 9.77%. PBIT margin of Financial Services segment fell from
13.08% to 12.27%. Overall PBIT margin fell from 15.15% to
12.89%.
Operating profit margin has declined
from 20.25% to 18.87%, leading to 2.52% rise in operating profit to Rs
12,721.58 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 17.77% to 18.41%. Purchase of
finished goods cost rose from 2.31% to 3.49%. Employee cost
increased from 6.22% to 6.60%. Other expenses fell from 53.60% to
52.83%. Power and Oil fuel cost fell from 18.31% to 15.07%. Freight
charges fell from 13.05% to 12.28%. Other direct service cost rose
from 9.68% to 11.67%.
Other income rose 19.81% to Rs
695.38 crore. PBIDT rose 3.29% to Rs 13416.96
crore. Provision for interest rose 33.31% to Rs 5676.65
crore. Loan funds rose to Rs 158,159.48 crore as of 30 September 2024
from Rs 121,928.06 crore as of 30 September 2023. Inventories rose
to Rs 15,587.52 crore as of 30 September 2024 from Rs 12,254.78 crore as of 30
September 2023. Sundry debtors were higher at Rs 7,126.13 crore as
of 30 September 2024 compared to Rs 5,944.19 crore as of 30 September
2023. Cash and bank balance rose to Rs 5,853.71 crore as of 30
September 2024 from Rs 5,033.48 crore as of 30 September
2023. Investments rose to Rs 102,453.36 crore as of 30 September
2024 from Rs 81,865.03 crore as of 30 September 2023 .
PBDT fell 11.35% to Rs 7740.31
crore. Provision for depreciation rose 17.95% to Rs 2863.53
crore. Fixed assets increased to Rs 96,454.51 crore as of 30
September 2024 from Rs 81,017.72 crore as of 30 September
2023. Intangible assets increased from Rs 28,611.92 crore to Rs
29,091.60 crore.
Profit before tax down 22.64% to Rs
4,876.78 crore. Provision for tax was expense of Rs 1575.9 crore,
compared to Rs 1699.19 crore. Effective tax rate was 31.88% compared
to 26.97%.
Minority interest decreased 4.84% to
Rs 1,770.07 crore. Net profit attributable to owners of the company
decreased 41.69% to Rs 1,597.83 crore.
Equity capital increased from Rs
131.70 crore as of 30 September 2023 to Rs 133.90 crore as of 30 September
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 43.11% as of 30
September 2024 ,compared to 42.75% as of 30 September 2023 .
Cash flow from operating activities
decreased to negative Rs -10,019.75 crore for YTD ended September 2024 from
negative Rs -9,032.82 crore for YTD ended September 2023. Cash flow
used in acquiring fixed assets during the YTD ended September 2024 stood at Rs
7,551.69 crore, compared to Rs 8,802.49 crore during the YTD ended September
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
137,155.05 crore as of 31 March 2024 from Rs 103,038.56 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 98,697.93 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 20,153.78 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 219 KT
up 4% YoY led by stable domestic demand. EBITDA Margins improved on the back of
higher sales volume and improving trend in global prices. Volume growth in CFY
business was driven by festive demand, however realization remains under
pressure due to Chinese producers’ aggressive pricing for the Indian markets.
Cellulosic Fibres segment reported revenue of Rs 4,125 Cr. And EBITDA of Rs 494
Cr., marking a YoY increase of 6% each.
Chemical Business:
The Chemicals business revenue stood at Rs 2,054 Cr., up 3% YoY.
Caustic soda sales volume was down by 4% YoY due to lower production on account
of maintenance shutdown of the captive power plant at Vilayat. EBITDA for the
Chemicals segment stood at Rs 273 Cr. up by 16% YoY driven by higher
profitability in Chlorine Derivatives and Specialty Chemicals Businesses
Building materials:
Building Materials segment reported revenue of Rs 16,683
Cr., up 3% YoY driven by Paints and B2B E-Commerce businesses. EBITDA stood at
Rs 1,886 Cr., down 28% YoY, mainly due to lower realizations in cement business
and initial investments in building a consumer facing brand ‘Birla Opus’ in the
Indian decorative paints market.
Consolidated sales volumes of the Cement business
(UltraTech) were up by 4% YoY to 27.84 MT and ready-mix concrete sales volumes
grew by 19% YoY to 3.01 Mn m3. UltraTech Building Solutions (UBS) outlets
increased to 4,236, contributing 19.4% of total sales. During the year,
UltraTech added 9.9 Mn TPA of grey cement capacity (till Oct’24) with a target
to reach total grey cement capacity of 162.4 Mn TPA in FY25.
Financial Services
Subsidiary:
Revenue and EBITDA of the financial Services business
(Aditya Birla Capital), as consolidated in accordance with Ind AS, stood at Rs
10,252 Cr. and Rs 1,280 Cr., registering growth of 33% and 25%, respectively.
The overall lending portfolio (NBFC and HFC) increased by 27% YoY to Rs
1,37,946 Cr. The total AUM (AMC, life insurance and health insurance) crossed
the milestone of Rs 5,00,000 Cr., with a growth of 24% YoY. The business
continues to focus on leveraging technology to provide customers an
omni-channel experience.
During the quarter, the D2C platform, ABCD (Aditya Birla
Capital Digital), introduced new products such as digigold gifting, family
health scan, gold loan and pocket insurance. ABCD application manages +2.5 mn
customers as of Oct’24. Udyog Plus, the channel addressing the needs of MSMEs,
continues to scale up well with 16 lakh+ registrations and a total AUM of Rs
2,900 Cr
Other Businesses:
Revenue from other businesses stood at ?778 Cr. and EBITDA
stood at ?45 Cr. In Renewable business cumulative installed capacity crossed
milestone of 1 GW, up 21% from 894 MW in Mar’24.
| Grasim Industries : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 33,562.85 | 30,220.68 | 11.06 | 67,423.60 | 61,285.87 | 10.01 | 130,978.48 | 117,627.08 | 11.35 | | OPM (%) | 17.93 | 20.03 | -210 bps | 18.87 | 20.25 | -138 bps | 20.76 | 18.35 | 241 bps | | OP | 6,017.05 | 6,052.68 | -0.59 | 12,721.58 | 12,409.43 | 2.52 | 27,195.14 | 21,589.05 | 25.97 | | Other Inc. | 395.36 | 284.59 | 38.92 | 695.38 | 580.38 | 19.81 | 1,264.10 | 3,612.05 | -65.00 | | PBIDT | 6,412.41 | 6,337.27 | 1.19 | 13,416.96 | 12,989.81 | 3.29 | 28,459.24 | 25,201.10 | 12.93 | | Interest | 2,951.43 | 2,225.67 | 32.61 | 5,676.65 | 4,258.08 | 33.31 | 9,277.43 | 6,043.73 | 53.51 | | PBDT | 3,460.98 | 4,111.60 | -15.82 | 7,740.31 | 8,731.73 | -11.35 | 19,181.81 | 19,157.37 | 0.13 | | Depreciation | 1495.8 | 1245.15 | 20.13 | 2863.53 | 2427.68 | 17.95 | 5001.32 | 4551.59 | 9.88 | | PBT | 1,965.18 | 2,866.45 | -31.44 | 4876.78 | 6304.05 | -22.64 | 14180.49 | 14605.78 | -2.91 | | Share of Profit/(Loss) from Associates | 85.9 | -4.73 | LP | 117.97 | -4.46 | LP | 88.68 | 208.96 | -57.56 | | PBT before EO | 2051.08 | 2861.72 | -28.33 | 4994.75 | 6299.59 | -20.71 | 14269.17 | 14814.74 | -3.68 | | EO Income | -83.45 | 0 | - | -50.95 | 0 | - | -569.36 | -88.03 | -546.78 | | PBT after EO | 1967.63 | 2861.72 | -31.24 | 4943.8 | 6299.59 | -21.52 | 13699.81 | 14726.71 | -6.97 | | Taxation | 867.47 | 837.67 | 3.56 | 1575.9 | 1699.19 | -7.26 | 3774.16 | 3648.51 | 3.44 | | PAT | 1100.16 | 2024.05 | -45.65 | 3367.9 | 4600.4 | -26.79 | 9925.65 | 11078.2 | -10.40 | | Minority Interest (MI) | 710.26 | 860.3 | -17.44 | 1770.07 | 1860.18 | -4.84 | 4301.16 | 4250.94 | 1.18 | | Net profit | 389.9 | 1163.75 | -66.50 | 1597.83 | 2740.22 | -41.69 | 5624.49 | 6827.26 | -17.62 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 389.9 | 1163.75 | -66.50 | 1597.83 | 2740.22 | -41.69 | 5624.49 | 6827.26 | -17.62 | | EPS (Rs)* | 6.13 | 17.67 | -65.34 | 24.50 | 41.61 | -41.12 | 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 to Date | Year ended |
|---|
| % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Cellulosic Fibre | 12.17 | 4,125.19 | 0.00 | - | | Cement | 0.00 | 0.00 | 16,012.13 | - | | Chemicals | 6.06 | 2,054.37 | 1,988.40 | 3.32 | 6.05 | 4,120.04 | 4,134.16 | -0.34 | 6.21 | 8,213.30 | 10,421.68 | -21.19 | | Others | 2.29 | 777.57 | 905.16 | -14.10 | 2.32 | 1,575.58 | 1,788.68 | -11.91 | 2.33 | 3,086.82 | 3,232.23 | -4.50 | | Financial Services | 30.25 | 10,251.58 | 7,707.91 | 33.00 | 28.01 | 19,058.43 | 14,738.12 | 29.31 | 25.72 | 34,008.15 | 27,365.17 | 24.28 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | 0.00 | 0.00 | 3,888.88 | - | | Building Material | 49.22 | 16,682.75 | 0.00 | - | | Total Reported Sales | 100.00 | 33,891.46 | 30,502.48 | 11.11 | 100.00 | 68,050.43 | 61,882.68 | 9.97 | 100.00 | 132,209.86 | 119,407.64 | 10.72 | | Less: Inter segment revenues | | 328.61 | 281.80 | 16.61 | | 626.83 | 596.81 | 5.03 | | 1,231.38 | 1,780.56 | -30.84 | | Net Sales | 100.00 | 33,562.85 | 30,220.68 | 11.06 | 100.00 | 67,423.60 | 61,285.87 | 10.01 | 100.00 | 130,978.48 | 117,627.08 | 11.35 | | PBIT | | Cellulosic Fibre | 12.43 | 494.33 | 0.00 | - | | Cement | 0.00 | 0.00 | 2,718.02 | - | | Chemicals | 6.87 | 273.16 | 236.29 | 15.60 | 6.65 | 583.40 | 594.78 | -1.91 | 5.14 | 1,054.02 | 2,271.47 | -53.60 | | Others | 1.12 | 44.66 | 3.38 | 1,221.30 | 1.76 | 154.01 | 52.59 | 192.85 | 2.17 | 444.70 | 290.06 | 53.31 | | Financial Services | 32.18 | 1,280.09 | 1,020.90 | 25.39 | 26.66 | 2,337.66 | 1,927.10 | 21.30 | 20.07 | 4,114.49 | 5,603.40 | -26.57 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | 0.00 | 0.00 | 468.32 | - | | Building Material | 47.41 | 1,885.79 | 0.00 | - | | Total PBIT | 100.00 | 3,978.03 | 4,446.91 | -10.54 | 100.00 | 8,768.81 | 9,373.33 | -6.45 | 100.00 | 20,498.86 | 20,319.13 | 0.88 | | Less : Interest | | 580.81 | 397.80 | 46.01 | | 1,061.38 | 758.78 | 39.88 | | 1,654.72 | 1,320.27 | 25.33 | | Add: Other un-allcoable | | -1,429.59 | -1,187.39 | -20.40 | | -2,763.63 | -2,314.96 | -19.38 | | -5,144.33 | -4,272.15 | -20.42 | | PBIT Margin(%) | | Cellulosic Fibre | | 11.98 | 0.00 | 1,198.32 | | 11.36 | 0.00 | 1,136.24 | | 11.52 | 0.00 | 1,151.96 | | Cement | | 0.00 | 16.97 | -1,697.48 | | 0.00 | 17.60 | -1,760.32 | | 0.00 | 17.59 | -1,758.84 | | Chemicals | | 13.30 | 11.88 | 141.31 | | 14.16 | 14.39 | -22.69 | | 12.83 | 21.80 | -896.25 | | Others | | 5.74 | 0.37 | 537.01 | | 9.77 | 2.94 | 683.47 | | 14.41 | 8.97 | 543.24 | | Financial Services | | 12.49 | 13.24 | -75.81 | | 12.27 | 13.08 | -80.99 | | 12.10 | 20.48 | -837.79 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | | 0.00 | 12.04 | -1,204.25 | | 0.00 | 11.48 | -1,148.12 | | 0.00 | 6.81 | -680.77 | | Building Material | | 11.30 | 0.00 | 1,130.38 | | 13.55 | 0.00 | 1,355.05 | | 18.29 | 0.00 | 1,829.48 | | PBT | 100.00 | 1,967.63 | 2,861.72 | -31.24 | 100.00 | 4,943.80 | 6,299.59 | -21.52 | 100.00 | 13,699.81 | 14,726.71 | -6.97 |
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