Consolidated Revenues At Grasim Rises 11% in Q1FY’24
In the first fiscal quarter ending June 30, 2023, consolidated revenues at Grasim Industries rose 11 percent from a year ago quarter to Rs 31,065.
In the reporting quarter, consolidated EBITDA at the Aditya Birla Group company totaled Rs 4,981 crore, up 11 percent against first quarter of fiscal 2023.
Profit after tax fell 18 percent to Rs 1,576 crore in the first quarter of fiscal 2024 vis-à-vis Rs 1,033 crore in the corresponding quarter of fiscal 2023.
“Globally, the textile value chain has continued to remain sluggish, although some signs of improvement are seen in specific markets and China VSF operating rates have improved considerably,” Grasim said.
“The average inventory levels for the Chinese market have reduced continuously for the last three months, averaging 16 days in the first quarter of fiscal 2024, which is below its three year average of 21 days,” the VSF manufacturer added.
Grasim’s VSF sales volume stood at 187 kilo tons in the quarter under review, but down 3 percent compared to the earlier quarter.
Revenues from viscose business were Rs 3,584 crore, while EBITDA stood at Rs 390 crore, which was up significantly by 2.7 times over quarter ended March 31, 2023.
Grasim noted that EBITDA margins improved on the back of reduction in input prices and higher efficiencies.
