INDIA: Grasim Q3 profit falls despite rise in VSF sales
- Q3 viscose staple fibre sales volumes up 24%
- Grasim Industries profit slumped 40%
- Revenue grew 5% to INR71.2bn
Improved sales volumes of its viscose staple fibre (VSF) failed to offset an overall decline in third-quarter net profit at Indian fibre manufacturer Grasim Industries.
The Aditya Birla subsidiary said sales volumes at its VSF business grew 24% to 97,049 metric tonnes, for the three months to 31 December, led by a better performance in both domestic and export markets.
VSF production increased by 4%, helped by higher capacity at its Harihar plant.
The division was able to maintain its performance, despite a sharp fall in the international prices, supported by rupee depreciation.
Overall profit reached INR3.32bn (US$53.1m) during the quarter, down 40% on INR5.49bn in the prior year, due to challenging economic conditions. Revenue, meanwhile, grew 5% year-on-year to INR71.2bn.
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