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Grasim Industries Q4FY23 PAT down -43.7% yoy at Rs1,369 crore due to tax credits in the base quarter
Grasim Industries reported 16.14% growth in sales revenues for the March 2023 quarter on consolidated basis at Rs33,462 crore. Revenues were up sequentially by 16.85%. Grasim, the holding company of most of Aditya Birla group businesses, reported higher sales in the Ultratech cement business and in the financial services business. However, sales of Viscose Staple fibre & yarn was flat yoy while the chlor alkali chemicals business was lower.
In terms of contribution of operating profits, the VSF business and the chemicals vertical saw a sharp fall in the profits yoy due to higher costs and weak export sales. Cement business saw operating profits expand by 10% while the financial services saw operating profits growing yoy by nearly 40% on higher lending margins in the quarter. Operating profits were higher overall, but net profits fell due to tax credits in year ago quarter.
Financial highlights for Mar-23 compared yoy and sequentially
Grasim Industries | |||||
Rs in Crore | Mar-23 | Mar-22 | YOY | Dec-22 | QOQ |
Total Income (Rs cr) | ₹ 33,462 | ₹ 28,811 | 16.14% | ₹ 28,638 | 16.85% |
Operating Profit (Rs cr) | ₹ 4,809 | ₹ 4,628 | 3.91% | ₹ 6,557 | -26.66% |
Net Profit (Rs cr) | ₹ 1,369 | ₹ 2,431 | -43.69% | ₹ 2,516 | -45.59% |
|
|
|
|
| |
Diluted EPS (Rs) | ₹ 20.83 | ₹ 36.97 |
| ₹ 38.27 |
|
OPM | 14.37% | 16.06% |
| 22.90% |
|
Net Margins | 4.09% | 8.44% |
| 8.78% |
|
For the March 2023 quarter, Grasim Industries saw its net margins lower from 16.06% to 14.37%. Operating margins were weaker for VSF, chemicals and cement on yoy basis. Grasim has declared dividend of Rs10 per share subject to approval. The Indo-Gulf fertilizers business was discontinued during the year.
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