“The recovery in the demand has been accelerated by greater consumer confidence on the back of the launch of the vaccination program across the world,” the company said in a statement on Friday.
The company reported a net profit of Rs 1,040 crore in the same period last year.
Grasim has businesses ranging from Viscose Staple Fibre, and Chlor-Alkali, Linen and Insulators in India. Through its subsidiaries, UltraTech Cement and Aditya Birla Capital, it is also India’s largest cement producer and a leading diversified financial services player.
The company recently entered paints business with an initial investment of Rs 5,000 crore over the next three years. The company’s fertilizer business sale is on track with CCI approval and Stock Exchange NOC received, the company said.
“The Company’s entry into this high growth sector will help painters/applicators and all traditional and emerging channel partners across India to expand their existing business and grow,” the company said in its statement.
Consolidated revenue for Q3 of FY21 stood at Rs 20,986 crore up 13 per cent YoY and consolidated earnings before interest, taxes, depreciation and amortization was at Rs 4,476 crore jumped 52 per cent YoY.
Revenue and Ebitda from the discontinued operations (Fertilizer Business) for the quarter under review stood at Rs 597 crore and Rs 57 crore.
The net revenue for the Viscose segment stood at Rs 2,145 crore with Ebitda at Rs 482 Cr. improved substantially on the back of higher sales volumes, better product mix and lower cost even though the year-on-year realisations were lower, the company’s statement said.
The company’s caustic soda business witnessed a net revenue of Rs 1,281 crore and Ebitda stood at Rs 177 crore close to pre-covid levels.
Grasim’s total Capex spend for the nine months of FY 21 stood at Rs 799 crore.
Grasim’s cement subsidiary UltraTech’s consolidated revenue was at Rs 12,254 crore, with Ebitda at Rs 3,362 crore. The company’s financial services subsidiary, Aditya Birla Capital Limited reported consolidated revenue for the quarter at Rs 5,026 crore up 17 per cent YoY.