Grasim Industries’ net profit dips 35.57% in Q4 FY23, Real Estate News, ET RealEstate

June 23, 2023

NEW DELHI: Grasim Industries has recorded a dip of 35.57 per cent in its net consolidated profit during the quarter ended March 31, 2023. It’s profit after tax stood at Rs 2,355.67 crore in Q4 FY23 as against Rs 3,656.12 crore it registered in the corresponding quarter of the previous fiscal, the company said in a BSE filing.

The company’s net consolidated total income stood at Rs 33,682.49 crore in Q4 FY23, a growth of 16.18 per cent from Rs 28,991.25 crore it recorded in the similar quarter last year.

The board of directors recommended a dividend of Rs 10 per equity share of face value of Rs 2 each for the financial year ended March 31, 2023.

During the quarter ended March 31, 2023, UltraTech Cement Middle East Investments (UCMEIL) a wholly-owned subsidiary of the UTCL in UAE, has entered into a share sale and purchase agreement with Seven Seas Company LLC, Oman for acquisition of 70% equity shares in Duqm Cement Project International, LLC, Oman.

Paints Business

The Construction activity on all six plants is on track as planned and the state-of-the-art R&D facility is fully operational. All the Business Plan activities are progressing in line with the plans, leading to the commercial launch as scheduled beginning Q4FY24 in phases. The total capex spent for FY23 stood at Rs 4,307 crore including Rs 1,979 crore towards the paints business till March 31, 2023.

Cement Subsidiary – UltraTech Cement (UltraTech)

Cement Sales volume stood at ~105.7 MTPA, up 12% year-on-year achieving a historical milestone of 100 MTPA, the first for any cement company in India. Capacity utilisation for the quarter stood at 95% compared to 90% in Q4 FY22. Consolidated revenue was at Rs 63,240 crore, up 20% year-on-year and EBITDA stood at Rs 11,123 crore for FY23.

UltraTech’s expansion program is progressing as per schedule. During the year, the company commissioned 12.4 MTPA additional capacity of grey cement. It has further commissioned a 3 MTPA brownfield cement capacity since March 2023, taking the total capacity in India to ~130 MTPA.

On the sustainability front, UltraTech commenced 43 MW of WHRS capacity during the year. With this, the total WHRS capacity stands augmented to 210 MW covering ~ 15% of its current power needs.

  • Published On May 26, 2023 at 02:30 PM IST

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