Diversified company Grasim Industries Ltd, the flagship division of the Aditya Birla Group, is to launch a range of new fabrics in a bid to grow its market share by three per cent this year.

The textiles division currently contributes almost 20 per cent of Grasim Industries' turnover and has a 14-15 per cent share of the country's synthetics market.

Speaking at a press conference, S Krishnamoorthy, the executive president of Grasim's textile division, said the entire textile industry is going through a tough phase and its important for brands to differentiate themselves in the market place.

"We have undergone a tremendous change as a brand in a couple of years and plan to introduce new fabrics and brands in future," he said.

Grasim's latest fabric 'Ice Touch' helps keep the wearer cool and is being used for men's trousers. A deal with Van Heusen, another Aditya Birla group brand, will see Ice Touch fabrics introduced in shirts. According to brand manager Ritesh Jain, the fabric is treated with a special chemical from Japanese firm Daiwa which will be used exclusively by Grasim.

Grasim Industries Ltd today said its fourth quarter net profit was lower than expected at 792.3 million rupees, down 40.5 per cent from 1.33 billion rupees in the same period last year.

Sales for the quarter dropped 3.8 per cent to 11.11 billion rupees from 11.56 billion rupees, reflecting the fall in prices of certain products like cement.

Sales for the full year ended 31 March dropped 1.9 per cent to 43.86 billion rupees from 44.71 billion rupees a year earlier. Net profit for the year was down 19.8 per cent to 3.03 billion rupees.