On consolidated basis
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Grasim Industries has increased
12.75% to Rs 37727.13 crore. Sales of Chemicals segment has gone
down 13.12% to Rs 2,082.98 crore (accounting for 5.48% of total
sales). Sales of Others segment has gone down 10.86% to Rs 789.85
crore (accounting for 2.08% of total sales). Sales of Financial
Services segment has gone up 29.52% to Rs 10,483.77 crore (accounting for
27.56% of total sales). Inter-segment sales came down from Rs 342.36
crore to Rs 309.77 crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 25.24% to Rs 6,022.56
crore. PBIT of Chemicals segment fell 46.97% to Rs 195.22 crore
(accounting for 3.24% of total PBIT). PBIT of Others segment rose
357.06% to Rs 104.85 crore (accounting for 1.74% of total PBIT). PBIT
of Financial Services segment rose 33.81% to Rs 1,110.50 crore (accounting for
18.44% of total PBIT).
PBIT margin of Chemicals segment
fell from 15.36% to 9.37%. PBIT margin of Others segment rose from
2.59% to 13.27%. PBIT margin of Financial Services segment rose from
10.25% to 10.59%. Overall PBIT margin rose from 14.23% to
15.83%.
Operating profit margin has jumped
from 18.32% to 20.92%, leading to 28.74% rise in operating profit to Rs
7,892.28 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 17.81% to 15.71%. Purchase of
finished goods cost rose from 1.56% to 2.99%. Employee cost
decreased from 5.66% to 5.53%. Other expenses fell from 56.51% to
54.55%. Power and Oil fuel cost fell from 19.20% to 15.48%.
Freight charges fell from 13.34% to 13.20%. Other
direct service cost rose from 11.64% to 13.42%.
Other income rose 93.89% to Rs
427.23 crore. PBIDT rose 31% to Rs 8319.51
crore. Provision for interest rose 42.43% to Rs 2586.39
crore. Loan funds rose to Rs 1,37,155.05 crore as of 31 March 2024
from Rs 1,03,038.56 crore as of 31 March 2023. Inventories rose to
Rs 13,544.78 crore as of 31 March 2024 from Rs 11,159.15 crore as of 31 March
2023. Sundry debtors were higher at Rs 6,979.40 crore as of 31 March
2024 compared to Rs 5,915.10 crore as of 31 March 2023. Cash and
bank balance rose to Rs 4,648.76 crore as of 31 March 2024 from Rs 3,713.38
crore as of 31 March 2023. Investments rose to Rs 93,300.31 crore as
of 31 March 2024 from Rs 74,849.50 crore as of 31 March 2023 .
PBDT rose 26.42% to Rs 5733.12
crore. Provision for depreciation rose 10.09% to Rs 1329.22
crore. Fixed assets increased to Rs 98,697.93 crore as of 31 March
2024 from Rs 82,536.50 crore as of 31 March 2023. Intangible assets
increased from Rs 20,137.55 crore to Rs 20,153.78 crore.
Profit before tax grew 32.34% to Rs
4,403.90 crore. Share of profit/loss was 7.67% higher at Rs 93.93
crore. Provision for tax was expense of Rs 1206.66 crore, compared
to Rs 1059.36 crore. Effective tax rate was 30.72% compared to
31.02%.
Minority interest increased 37.01%
to Rs 1,351.99 crore. Net profit attributable to owners of the
company increased 0.07% to Rs 1,369.82 crore.
Equity capital increased from Rs
131.69 crore as of 31 March 2023 to Rs 132.80 crore as of 31 March
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 43.06% as of 31
March 2024 ,compared to 42.75% as of 31 March 2023 .
Full year results analysis.
Net sales (including other operating income) of Grasim Industries has increased
11.35% to Rs 130978.48 crore. Sales of Chemicals segment has gone
down 21.19% to Rs 8,213.30 crore (accounting for 6.21% of total
sales). Sales of Others segment has gone down 4.50% to Rs 3,086.82
crore (accounting for 2.33% of total sales). Sales of Financial
Services segment has gone up 24.28% to Rs 34,008.15 crore (accounting for
25.72% of total sales). Inter-segment sales came down from Rs
1,780.56 crore to Rs 1,231.38 crore.
Profit before interest, tax and
other unallocable items (PBIT) has jumped 0.88% to Rs 20,498.86
crore. PBIT of Chemicals segment fell 53.60% to Rs 1,054.02 crore
(accounting for 5.14% of total PBIT). PBIT of Others segment rose
53.31% to Rs 444.70 crore (accounting for 2.17% of total PBIT). PBIT
of Financial Services segment fell 26.57% to Rs 4,114.49 crore (accounting for
20.07% of total PBIT).
PBIT margin of Chemicals segment
fell from 21.80% to 12.83%. PBIT margin of Others segment rose from
8.97% to 14.41%. PBIT margin of Financial Services segment fell from
20.48% to 12.10%. Overall PBIT margin fell from 17.02% to
15.50%.
Operating profit margin has jumped
from 18.35% to 20.76%, leading to 25.97% rise in operating profit to Rs
27,195.14 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 18.25% to 17.10%. Purchase of
finished goods cost rose from 1.54% to 2.41%. Other expenses fell
from 55.91% to 53.68%. Power and Oil fuel cost fell from 19.56% to
16.93%. Freight charges rose from 12.68% to 12.83%.
Other direct service cost rose from 10.91% to 11.18%.
Other income fell 65% to Rs 1264.1
crore. PBIDT rose 12.93% to Rs 28459.24 crore. Provision
for interest rose 53.51% to Rs 9277.43 crore. Loan funds rose to Rs
1,37,155.05 crore as of 31 March 2024 from Rs 1,03,038.56 crore as of 31 March
2023. Inventories rose to Rs 13,544.78 crore as of 31 March 2024
from Rs 11,159.15 crore as of 31 March 2023. Sundry debtors were
higher at Rs 6,979.40 crore as of 31 March 2024 compared to Rs 5,915.10 crore
as of 31 March 2023. Cash and bank balance rose to Rs 4,648.76 crore
as of 31 March 2024 from Rs 3,713.38 crore as of 31 March
2023. Investments rose to Rs 93,300.31 crore as of 31 March 2024
from Rs 74,849.50 crore as of 31 March 2023 .
PBDT rose 0.13% to Rs 19181.81
crore. Provision for depreciation rose 9.88% to Rs 5001.32
crore. Fixed assets increased to Rs 98,697.93 crore as of 31 March
2024 from Rs 82,536.50 crore as of 31 March 2023. Intangible assets
increased from Rs 20,137.55 crore to Rs 20,153.78 crore.
Profit before tax down 2.91% to Rs
14,180.49 crore. Share of profit/loss was 57.56% lower at Rs 88.68
crore. Extraordinary items were decreased to Rs -569.36
crore. Provision for tax was expense of Rs 3774.16 crore, compared
to Rs 3648.51 crore. Effective tax rate was 27.55% compared to
24.77%.
Minority interest increased 1.18% to
Rs 4,301.16 crore. Net profit attributable to owners of the company
decreased 17.62% to Rs 5,624.49 crore.
Equity capital increased from Rs
131.69 crore as of 31 March 2023 to Rs 132.80 crore as of 31 March
2024. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 43.06% as of 31
March 2024 ,compared to 42.75% as of 31 March 2023 .
Cash flow from operating activities
increased to negative Rs -10,719.33 crore for year ended March 2024 from
negative Rs -12,685.14 crore for year ended March 2023. Cash flow
used in acquiring fixed assets during the year ended March 2024 stood at Rs
19,485.03 crore, compared to Rs 12,036.16 crore during the year ended March
2023.
Operational Highlights:
Cellulosic Fibre
Company’s
CSF volumes grew by 8% YoY to 208 KT. However, revenue for the quarter was flat
at Rs 3,762 Cr. due to subdued
realizations. Segment EBITDA sequentially grew by 15% to Rs 462 Cr.largely led
by lower input costs.
Chemical Business:
The Chemicals business achieved its highest ever caustic soda sales
volume of 308 KT in Q4FY24, up 8% YoY. However, revenue decreased by 13% YoY to
?2,083 Cr. due to a sharp decline of 28% YoY in ECU realization. Revenue
contribution from Speciality Chemicals (epoxy polymers and curing agents)
improved to 28% for the quarter. EBITDA for the Chemicals business stood at
?195 Cr. Profitability has been impacted mainly due to the oversupply situation
and weakness in demand of chlorine derivatives.
Building materials:
The Building Materials business reported revenue of ?20,919 Cr., up 11%
YoY, led by the growth in Cement and B2B E-commerce business. EBITDA increased
to Rs 4,150 Cr. up 24% YoY despite the initial losses from Paints and B2B
E-commerce businesses. Growth in the cement business (UltraTech) was driven by
higher sales volumes, up 11% YoY to 33.91 MT.
Financial Services
Subsidiary:
Financial Services business (Aditya Birla Capital), revenue
and EBITDA, as consolidated in accordance with Ind AS, stood at Rs 10,484 Cr.
and Rs 1,111 Cr. respectively. The overall lending portfolio (NBFC and HFC)
stood at Rs 1,24,059 Cr. as on 31st Mar’24, up 31% YoY. The total AUM (AMC,
life insurance and health insurance) grew by 21% YoY to Rs 4,36,442 Cr.
Other Businesses:
Revenue from other businesses increased by 6% YoY to Rs 790
Cr. Textiles business revenue grew by 3% YoY to ?534 Cr. During the year, our
linen business has expanded its retail presence with net additions of 20
exclusive stores (EBOs) under the brand “Linen Club”. Revenue of the Renewables
business (Aditya Birla Renewables) stood at Rs 112 Cr., up by 18% YoY. The
cumulative installed capacity increased to 894 MW, of which 44% is with Group companies.
Revenue of the Insulators business grew by 6% YoY to Rs 137 Cr. and EBITDA declined
by 19% YoY to Rs 11 Cr.
Dividend: The
Board of Directors of Grasim has recommended a dividend of Rs 10 per equity
share of Rs 2 fully paid-up for the year ended 31st March 2024.
| Grasim Industries : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 37,727.13 | 33,462.14 | 12.75 | 1,30,978.48 | 1,17,627.08 | 11.35 | | OPM (%) | 20.92 | 18.32 | 260 bps | 20.76 | 18.35 | 241 bps | | OP | 7,892.28 | 6,130.63 | 28.74 | 27,195.14 | 21,589.05 | 25.97 | | Other Inc. | 427.23 | 220.35 | 93.89 | 1,264.10 | 3,612.05 | -65.00 | | PBIDT | 8,319.51 | 6,350.98 | 31.00 | 28,459.24 | 25,201.10 | 12.93 | | Interest | 2,586.39 | 1,815.85 | 42.43 | 9,277.43 | 6,043.73 | 53.51 | | PBDT | 5,733.12 | 4,535.13 | 26.42 | 19,181.81 | 19,157.37 | 0.13 | | Depreciation | 1329.22 | 1207.34 | 10.09 | 5001.32 | 4551.59 | 9.88 | | PBT | 4,403.90 | 3,327.79 | 32.34 | 14180.49 | 14605.78 | -2.91 | | Share of Profit/(Loss) from Associates | 93.93 | 87.24 | 7.67 | 88.68 | 208.96 | -57.56 | | PBT before EO | 4497.83 | 3415.03 | 31.71 | 14269.17 | 14814.74 | -3.68 | | EO Income | -569.36 | 0 | - | -569.36 | -88.03 | -546.78 | | PBT after EO | 3928.47 | 3415.03 | 15.03 | 13699.81 | 14726.71 | -6.97 | | Taxation | 1206.66 | 1059.36 | 13.90 | 3774.16 | 3648.51 | 3.44 | | PAT | 2721.81 | 2355.67 | 15.54 | 9925.65 | 11078.2 | -10.40 | | Minority Interest (MI) | 1351.99 | 986.75 | 37.01 | 4301.16 | 4250.94 | 1.18 | | Net profit | 1369.82 | 1368.92 | 0.07 | 5624.49 | 6827.26 | -17.62 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1369.82 | 1368.92 | 0.07 | 5624.49 | 6827.26 | -17.62 | | EPS (Rs)* | 23.68 | 20.79 | 13.91 | 88.93 | 104.29 | -14.73 | | | * EPS is on current equity of Rs 131.70 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Grasim Industries : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Cellulosic Fibre | 9.89 | 3,761.75 | 0.00 | - | | Cement | 0.00 | 0.00 | 18,662.38 | - | | Chemicals | 5.48 | 2,082.98 | 2,397.47 | -13.12 | 6.21 | 8,213.30 | 10,421.68 | -21.19 | | Others | 2.08 | 789.85 | 886.08 | -10.86 | 2.33 | 3,086.82 | 3,232.23 | -4.50 | | Financial Services | 27.56 | 10,483.77 | 8,094.51 | 29.52 | 25.72 | 34,008.15 | 27,365.17 | 24.28 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | 0.00 | 0.00 | 3,764.06 | - | | Building Material | 55.00 | 20,918.55 | 0.00 | - | | Total Reported Sales | 100.00 | 38,036.90 | 33,804.50 | 12.52 | 100.00 | 1,32,209.86 | 1,19,407.64 | 10.72 | | Less: Inter segment revenues | | 309.77 | 342.36 | -9.52 | | 1,231.38 | 1,780.56 | -30.84 | | Net Sales | 100.00 | 37,727.13 | 33,462.14 | 12.75 | 100.00 | 1,30,978.48 | 1,17,627.08 | 11.35 | | PBIT | | Cellulosic Fibre | 7.67 | 462.01 | 0.00 | - | | Cement | 0.00 | 0.00 | 3,444.00 | - | | Chemicals | 3.24 | 195.22 | 368.15 | -46.97 | 5.14 | 1,054.02 | 2,271.47 | -53.60 | | Others | 1.74 | 104.85 | 22.94 | 357.06 | 2.17 | 444.70 | 290.06 | 53.31 | | Financial Services | 18.44 | 1,110.50 | 829.93 | 33.81 | 20.07 | 4,114.49 | 5,603.40 | -26.57 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | 0.00 | 0.00 | 143.90 | - | | Building Material | 68.91 | 4,149.98 | 0.00 | - | | Total PBIT | 100.00 | 6,022.56 | 4,808.92 | 25.24 | 100.00 | 20,498.86 | 20,319.13 | 0.88 | | Less : Interest | | 463.30 | 337.86 | 37.13 | | 1,654.72 | 1,320.27 | 25.33 | | Add: Other un-allcoable | | -1,630.79 | -1,056.03 | -54.43 | | -5,144.33 | -4,272.15 | -20.42 | | PBIT Margin(%) | | Cellulosic Fibre | | 12.28 | 0.00 | 1,228.18 | | 11.52 | 0.00 | 1,151.96 | | Cement | | 0.00 | 18.45 | -1,845.42 | | 0.00 | 17.59 | -1,758.84 | | Chemicals | | 9.37 | 15.36 | -598.36 | | 12.83 | 21.80 | -896.25 | | Others | | 13.27 | 2.59 | 1,068.57 | | 14.41 | 8.97 | 543.24 | | Financial Services | | 10.59 | 10.25 | 33.96 | | 12.10 | 20.48 | -837.79 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | | 0.00 | 3.82 | -382.30 | | 0.00 | 6.81 | -680.77 | | Building Material | | 19.84 | 0.00 | 1,983.88 | | 18.29 | 0.00 | 1,829.48 | | PBT | 100.00 | 3,928.47 | 3,415.03 | 15.03 | 100.00 | 13,699.81 | 14,726.71 | -6.97 |
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