INDIA: Grasim posts full-year profit growth
Aditya Birla subsidiary Grasim, which produces viscose staple fibre and concrete, has reported an increase in full-year net profit on the back of rising sales.
For the year ended 31 March, net income rose 16% to reach INR26.47bn (US$491.9m), as sales increased 17% to INR252.44bn.
Fourth quarter net income was up 20.9% to INR8.09bn, while revenue was up 12% to INR72.98bn.
Over the quarter, sales volumes of viscose staple fibre increased 11% to 94,904 tonnes, driven by higher exports. The company said this came despite the slowdown in the Eurozone, which impacted textile demand, and the addition of new capacities in China.
Profitability in viscose staple fibre was down 16% on the prior year, when prices were at their peak. This, combined with higher prices of caustic soda and coal led to lower profitability in the division.
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