On consolidated basis
Quarter ended December
2024 compared with Quarter ended December 2023.
Net sales (including other operating income) of Grasim Industries has increased
8.85% to Rs 34792.85 crore. Sales of Chemicals segment has gone up
11.53% to Rs 2,226.27 crore (accounting for 6.33% of total
sales). Sales of Others segment has gone down 22.78% to Rs 814.58
crore (accounting for 2.32% of total sales). Sales of Financial
Services segment has gone up 6.94% to Rs 9,395.74 crore (accounting for 26.73%
of total sales). Inter-segment sales rose Rs 326.43 crore to Rs
361.83 crore.
Profit before interest,
tax and other unallocable items (PBIT) has slumped 8.99% to Rs 4,644.38
crore. PBIT of Chemicals segment rose 24.52% to Rs 328.75 crore
(accounting for 7.08% of total PBIT). PBIT of Others reported profit
of Rs 125.44 crore compared to loss of Rs 35.09 crore. PBIT of
Financial Services segment fell 2.19% to Rs 1,053.29 crore (accounting for
22.68% of total PBIT).
PBIT margin of Chemicals
segment rose from 13.23% to 14.77%. PBIT margin of Others segment
rose from negative 3.33% to 15.40%. PBIT margin of Financial
Services segment fell from 12.26% to 11.21%. Overall PBIT margin
fell from 15.80% to 13.21%.
Operating profit margin
has declined from 21.57% to 19.53%, leading to 1.41% decline in operating
profit to Rs 6,796.18 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 17.43% to 18.83%.
Purchase of finished goods cost rose from 1.93% to 4.82%. Employee
cost increased from 6.41% to 6.89%. Other expenses fell from 52.84%
to 50.09%. Power and Oil fuel cost fell from 15.97% to 14.18%.
Freight charges fell from 11.97% to 11.80%. Other
direct service cost fell from 11.48% to 10.42%.
Other income rose 43.86%
to Rs 368.98 crore. PBIDT rose 0.21% to Rs 7165.16
crore. Provision for interest rose 31.34% to Rs 3195.54
crore.
PBDT fell 15.84% to Rs
3969.62 crore. Provision for depreciation rose 23.07% to Rs 1531.58
crore.
Profit before tax down
29.79% to Rs 2,438.04 crore. Provision for tax was expense of Rs
604.14 crore, compared to Rs 868.31 crore. Effective tax rate was
24.67% compared to 25.01%.
Minority interest
decreased 13.19% to Rs 945.32 crore. Net profit attributable to
owners of the company decreased 40.64% to Rs 898.98 crore.
Promoters’ stake was
43.11% as of 31 December 2024 ,compared to 42.75% as of 31 December 2023
.
Year-to-date (YTD) results analysis.
Net sales (including other operating
income) of Grasim Industries has increased 9.61% to Rs 102216.45
crore. Sales of Chemicals segment has gone up 3.52% to Rs 6,346.31
crore (accounting for 6.15% of total sales). Sales of Others segment
has gone down 15.95% to Rs 2,390.16 crore (accounting for 2.32% of total
sales). Sales of Financial Services segment has gone up 20.96% to Rs
28,454.17 crore (accounting for 27.57% of total
sales). Inter-segment sales rose Rs 923.24 crore to Rs 988.66 crore.
Profit before interest,
tax and other unallocable items (PBIT) has slumped 7.34% to Rs 13,413.19
crore. PBIT of Chemicals segment rose 6.21% to Rs 912.15 crore
(accounting for 6.80% of total PBIT). PBIT of Others segment rose
1,496.86% to Rs 279.45 crore (accounting for 2.08% of total
PBIT). PBIT of Financial Services segment rose 12.88% to Rs 3,390.95
crore (accounting for 25.28% of total PBIT).
PBIT margin of Chemicals
segment rose from 14.01% to 14.37%. PBIT margin of Others segment
rose from 0.62% to 11.69%. PBIT margin of Financial Services segment
fell from 12.77% to 11.92%. Overall PBIT margin fell from 15.37% to
13.00%.
Operating profit margin
has declined from 20.70% to 19.09%, leading to 1.11% rise in operating profit
to Rs 19,517.76 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 17.66% to 18.55%. Purchase of
finished goods cost rose from 2.18% to 3.94%. Employee cost
increased from 6.29% to 6.70%. Other expenses fell from 53.34% to
51.90%. Power and Oil fuel cost fell from 17.50% to 14.77%.
Freight charges fell from 12.68% to 12.12%. Other
direct service cost rose from 10.30% to 11.24%.
Other income rose 27.18%
to Rs 1064.36 crore. PBIDT rose 2.20% to Rs 20582.12
crore. Provision for interest rose 32.60% to Rs 8872.19
crore.
PBDT fell 12.93% to Rs
11709.93 crore. Provision for depreciation rose 19.69% to Rs 4395.11
crore.
Profit before tax down
25.18% to Rs 7,314.82 crore. Provision for tax was expense of Rs
2180.04 crore, compared to Rs 2567.5 crore. Effective tax rate was
29.49% compared to 26.28%.
Minority interest
decreased 7.93% to Rs 2,715.39 crore. Net profit attributable to
owners of the company decreased 41.32% to Rs 2,496.81 crore.
Promoters’ stake was
43.11% as of 31 December 2024 ,compared to 42.75% as of 31 December 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 sales volume during the quarter stood flat at 205 KT due to
production disruption at Excel Plant, Kharach and seasonally weak demand
towards the quarter end. CFY business recorded volume growth of 10% YoY though
on lower base, however realizations
remained under pressure due to surge of cheaper imports from China. Cellulosic
Fibres segment reported revenue growth of 6% YoY to Rs 3,934 Cr. EBITDA de-grew
by 18% YoY to Rs 331 Cr. mainly due to higher key input prices.
Chemical Business:
The Chemicals business revenue was up by 12% YoY at Rs 2,226 Cr. EBITDA
increased by 25% YoY at Rs 329 Cr. driven by improved realization in Caustic
Soda and better profitability in the Chlorine Derivatives segment
Building materials:
The building materials segment reported revenue growth of
10% YoY to Rs 18,784 Cr. The revenue growth has come mainly from new businesses
Birla Opus and Birla Pivot. Lower realisations in Cement business (UltraTech)
and initial expenses for building a consumer facing brand ‘Birla Opus’ in the
Indian decorative paints industry led to lower EBITDA at Rs 2,806 Cr., down 14%
YoY.
Consolidated sales volumes of the Cement business were up
by 11% YoY to 30.37 MT and ready-mix concrete sales volumes grew by 14% YoY to
3.17 Mn m3. UltraTech Building Solutions (UBS) outlets increased to 4,432,
contributing 19.5% of domestic grey cement sales volume.
UltraTech completed the integration of India Cements in the
quarter. Total capacity addition till Dec-24 was 25.0 MTPA. Total domestic grey
cement capacity is targeted at 182.8 MTPA (including Kesoram capacity of 10.8
MTPA, awaiting regulatory approval for transfer of mines) by the end of 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 9,396
Cr. and Rs 1,053 Cr. The overall lending portfolio (NBFC and HFC) increased by
27% YoY to ?1,46,151 Cr. The total AUM (AMC, life insurance and health
insurance) grew by 23% YoY to Rs 5,03,377 Cr
Other Businesses:
Revenue from other businesses stood at Rs 815 Cr. and
EBITDA stood at Rs 125 Cr. In the Renewable business, cumulative installed
capacity stood at 1.2 GWp, up 37% from 894 MW in Mar’24 and another 0.8 GW is
under advanced stage of commissioning. Textiles business revenue stood at Rs 558
Cr. | Grasim Industries : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202412 | 202312 | Var.(%) | 202412 | 202312 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 34,792.85 | 31,965.48 | 8.85 | 102,216.45 | 93,251.35 | 9.61 | 130,978.48 | 117,627.08 | 11.35 | | OPM (%) | 19.53 | 21.57 | -203 bps | 19.09 | 20.70 | -161 bps | 20.76 | 18.35 | 241 bps | | OP | 6,796.18 | 6,893.43 | -1.41 | 19,517.76 | 19,302.86 | 1.11 | 27,195.14 | 21,589.05 | 25.97 | | Other Inc. | 368.98 | 256.49 | 43.86 | 1,064.36 | 836.87 | 27.18 | 1,264.10 | 3,612.05 | -65.00 | | PBIDT | 7,165.16 | 7,149.92 | 0.21 | 20,582.12 | 20,139.73 | 2.20 | 28,459.24 | 25,201.10 | 12.93 | | Interest | 3,195.54 | 2,432.96 | 31.34 | 8,872.19 | 6,691.04 | 32.60 | 9,277.43 | 6,043.73 | 53.51 | | PBDT | 3,969.62 | 4,716.96 | -15.84 | 11,709.93 | 13,448.69 | -12.93 | 19,181.81 | 19,157.37 | 0.13 | | Depreciation | 1531.58 | 1244.43 | 23.07 | 4395.11 | 3672.1 | 19.69 | 5001.32 | 4551.59 | 9.88 | | PBT | 2,438.04 | 3,472.53 | -29.79 | 7314.82 | 9776.59 | -25.18 | 14180.49 | 14605.78 | -2.91 | | Share of Profit/(Loss) from Associates | 10.4 | -0.79 | LP | 128.37 | -5.25 | LP | 88.68 | 208.96 | -57.56 | | PBT before EO | 2448.44 | 3471.74 | -29.48 | 7443.19 | 9771.34 | -23.83 | 14269.17 | 14814.74 | -3.68 | | EO Income | 0 | 0 | - | -50.95 | 0 | - | -569.36 | -88.03 | -546.78 | | PBT after EO | 2448.44 | 3471.74 | -29.48 | 7392.24 | 9771.34 | -24.35 | 13699.81 | 14726.71 | -6.97 | | Taxation | 604.14 | 868.31 | -30.42 | 2180.04 | 2567.5 | -15.09 | 3774.16 | 3648.51 | 3.44 | | PAT | 1844.3 | 2603.43 | -29.16 | 5212.2 | 7203.84 | -27.65 | 9925.65 | 11078.2 | -10.40 | | Minority Interest (MI) | 945.32 | 1088.99 | -13.19 | 2715.39 | 2949.17 | -7.93 | 4301.16 | 4250.94 | 1.18 | | Net profit | 898.98 | 1514.44 | -40.64 | 2496.81 | 4254.67 | -41.32 | 5624.49 | 6827.26 | -17.62 | | P/(L) from discontinued operations net of tax | -0.01 | 0 | - | -0.01 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 898.97 | 1514.44 | -40.64 | 2496.8 | 4254.67 | -41.32 | 5624.49 | 6827.26 | -17.62 | | EPS (Rs)* | 13.65 | 23.00 | -40.64 | 38.17 | 64.61 | -40.93 | 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) | 202412 | 202312 | Var.(%) | % of (Total) | 202412 | 202312 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Cellulosic Fibre | 11.19 | 3,934.09 | 0.00 | - | | Cement | 0.00 | 0.00 | 16,739.97 | - | | Chemicals | 6.33 | 2,226.27 | 1,996.16 | 11.53 | 6.15 | 6,346.31 | 6,130.32 | 3.52 | 6.21 | 8,213.30 | 10,421.68 | -21.19 | | Others | 2.32 | 814.58 | 1,054.94 | -22.78 | 2.32 | 2,390.16 | 2,843.62 | -15.95 | 2.33 | 3,086.82 | 3,232.23 | -4.50 | | Financial Services | 26.73 | 9,395.74 | 8,786.26 | 6.94 | 27.57 | 28,454.17 | 23,524.38 | 20.96 | 25.72 | 34,008.15 | 27,365.17 | 24.28 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | 0.00 | 0.00 | 3,714.58 | - | | Building Material | 53.43 | 18,784.00 | 0.00 | - | | Total Reported Sales | 100.00 | 35,154.68 | 32,291.91 | 8.87 | 100.00 | 103,205.11 | 94,174.59 | 9.59 | 100.00 | 132,209.86 | 119,407.64 | 10.72 | | Less: Inter segment revenues | | 361.83 | 326.43 | 10.84 | | 988.66 | 923.24 | 7.09 | | 1,231.38 | 1,780.56 | -30.84 | | Net Sales | 100.00 | 34,792.85 | 31,965.48 | 8.85 | 100.00 | 102,216.45 | 93,251.35 | 9.61 | 100.00 | 130,978.48 | 117,627.08 | 11.35 | | PBIT | | Cellulosic Fibre | 7.13 | 331.15 | 0.00 | - | | Cement | 0.00 | 0.00 | 3,395.05 | - | | Chemicals | 7.08 | 328.75 | 264.02 | 24.52 | 6.80 | 912.15 | 858.80 | 6.21 | 5.14 | 1,054.02 | 2,271.47 | -53.60 | | Others | 2.70 | 125.44 | -35.09 | LP | 2.08 | 279.45 | 17.50 | 1,496.86 | 2.17 | 444.70 | 290.06 | 53.31 | | Financial Services | 22.68 | 1,053.29 | 1,076.89 | -2.19 | 25.28 | 3,390.95 | 3,003.99 | 12.88 | 20.07 | 4,114.49 | 5,603.40 | -26.57 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | 0.00 | 0.00 | 402.10 | - | | Building Material | 60.41 | 2,805.75 | 0.00 | - | | Total PBIT | 100.00 | 4,644.38 | 5,102.97 | -8.99 | 100.00 | 13,413.19 | 14,476.30 | -7.34 | 100.00 | 20,498.86 | 20,319.13 | 0.88 | | Less : Interest | | 698.54 | 432.64 | 61.46 | | 1,759.92 | 1,191.42 | 47.72 | | 1,654.72 | 1,320.27 | 25.33 | | Add: Other un-allcoable | | -1,497.40 | -1,198.59 | -24.93 | | -4,261.03 | -3,513.54 | -21.27 | | -5,144.33 | -4,272.15 | -20.42 | | PBIT Margin(%) | | Cellulosic Fibre | | 8.42 | 0.00 | 841.74 | | 10.38 | 0.00 | 1,038.44 | | 11.52 | 0.00 | 1,151.96 | | Cement | | 0.00 | 20.28 | -2,028.11 | | 0.00 | 18.49 | -1,849.10 | | 0.00 | 17.59 | -1,758.84 | | Chemicals | | 14.77 | 13.23 | 154.05 | | 14.37 | 14.01 | 36.39 | | 12.83 | 21.80 | -896.25 | | Others | | 15.40 | -3.33 | 1,872.56 | | 11.69 | 0.62 | 1,107.63 | | 14.41 | 8.97 | 543.24 | | Financial Services | | 11.21 | 12.26 | -104.62 | | 11.92 | 12.77 | -85.25 | | 12.10 | 20.48 | -837.79 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | | 0.00 | 10.82 | -1,082.49 | | 0.00 | 11.26 | -1,126.33 | | 0.00 | 6.81 | -680.77 | | Building Material | | 14.94 | 0.00 | 1,493.69 | | 14.03 | 0.00 | 1,403.13 | | 18.29 | 0.00 | 1,829.48 | | PBT | 100.00 | 2,448.44 | 3,471.74 | -29.48 | 100.00 | 7,392.24 | 9,771.34 | -24.35 | 100.00 | 13,699.81 | 14,726.71 | -6.97 |
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