Grasim Industries reported a 15 per cent growth in its consolidated net profit at ₹1,164 crore for the September 2023 quarter, compared with ₹1,009 crore in the year-ago period.
Revenue from operations in the reporting period rose 10 per cent to ₹30,221 crore (₹27,486 crore).
The company’s VSF volumes grew by 24 per cent y-o-y and over 12 per cent q-o-q to reach 210KT. The Viscose business reported revenue of ₹3,889 crore and EBITDA of ₹468 crore. for Q2FY24, making sequential increase of 9 per cent and 20 per cent, respectively. EBITDA margins improved on the back of higher sales volume and a reduction in input prices. However, the Viscose Filament Yarn (VFY) business margins faced pressure as China’s aggressive pricing policy led to necessary price adjustments in the domestic markets.
International Caustic Soda spot prices (CFR SEA) remained relatively stable at $417/tonne in Q2FY24 ($415/ton in Q1FY24). Prices declined to $383 in July 2023, but recovered later in the quarter, reaching $470 in September.
Caustic soda sales volume increased 5 per cent q-o-q and 3 per cent y-o-y to 306KT in Q2FY24.
In a separate statement, the company also announced the appointment of K Suresh as the new Chief Operations Officer (COO) – Manufacturing (Fibre), Senior Management Personnel with effect from January. The statement said the current COO, Kalyan Ram Madabhushi, will relinquish his position with effect from December 31 on account of early retirement.