Grasim Industries Ltd.'s profit declined in the third quarter of fiscal 2024.
The company's net profit fell 41.55% to Rs 2,603 crore in the October-December quarter, according to an exchange filling on Thursday.
Revenue of the company, however, rose by 11.61% to Rs 31,965 crore, as compared with Rs 28,638 crore over the same period last year.
Grasim Q3 FY24 Results (Consolidated, YoY)
Revenue up 11.61% at Rs 31,965.48 crore vs Rs 28,637.86 crore.
Ebitda up 41.16% at Rs 6,893.43 crore vs Rs 4,883.3 crore.
Margin at 21.56% vs 17.05%.
Net profit down 41.55% at Rs 2,603.4 crore vs Rs 4,454.6 crore.
Global weakness impacted India merchandise exports, which declined by 6% on a year-to-date basis.
Cement production cumulative index increased by 9.2% for nine months of FY24. Viscose segment exhibited stable performance, despite weak global scenario, it said.
Continued weakness in global caustic soda prices coupled with oversupplied domestic market impacted chemicals segment, the company said.
Viscose volume grew 34% year-on-year. Export demand for the value chain remained weak from major consuming markets in the U.S. and EU. Weak downstream demand led to pressure on the inventory levels across value chain and realisations, it said.
Textiles witnessed stable performance led by realisation and volume growth in linen business. Continued slowdown in end-use demand impacted the demand for worsted yarn, it said.
The paint business total capex spend amounted to Rs 5,996 crore.
The B2B e-commerce monthly revenue run rate crossed the milestone of Rs 100 crore, it said.
Grasim shares closed 1.96% lower, as compared with a 0.97% decline in the benchmark Nifty 50.
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