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Mumbai, May 4: Grasim Industries’ profit rose 1 per cent to Rs 818 crore in the fourth quarter of 2013-14 from Rs 809 crore in the corresponding quarter of the last financial year.
During the fourth quarter, revenue rose 5 per cent to Rs 7,672 crore from Rs 7,283 crore, a company statement said.
The PBIDT (profit before interest, depreciation & taxes), however, stood 5 per cent lower at Rs 1,786 crore against Rs 1,883 crore in the fourth quarter of 2011-12.
The company said it has reported improved performance for 2012-13, achieving higher revenue and PBIDT despite the economic slowdown as reflected in the decline in GDP growth to 5 per cent.
The company’s revenue increased 11 per cent to Rs 27,904 crore in 2012-13 against Rs 25,245 crore last fiscal. PBIDT increased from Rs 6,321 crore to Rs 6,543 crore, a growth of 4 per cent, led by improved volumes in its VSF business and cost optimisation. Net profit during the year increased 2 per cent to Rs 2,704 crore compared with Rs 2,647 crore in 2011-12.
The board of directors recommended a dividend of Rs 22.50 per share, same as last year. The total outflow on account of the dividend would be Rs 216 crore (including corporate tax on dividend), the release said.
The company said the sluggishness in the global economy continued to impact the textile industry.
Fibre prices remained volatile because of the surplus Viscose Staple Fibre (VSF) capacity in China and high cotton inventory.
The company’s cement subsidiary, UltraTech Cement, clocked combined cement and clinker sales of 12.05 million tonnes for the quarter.
Net revenue stood at Rs 5,819 crore compared with Rs 5,650 crore. Profit after tax was Rs 753 crore (after providing for the additional deferred tax liability of Rs 87 crore) compared with Rs 872 crore in the fourth quarter of 2011-12.
The quarter witnessed continuing pressure on input and logistics costs, given the increase in railway freight and hike in diesel prices though there was some relief on account of the softening in prices of imported coal.
