| Hindustan Times
08 August 2015
Mumbai: Grasim Industries, a diversified flagship company of the Aditya Birla Group, on Friday reported a 7% year-on-year jump in net revenue to Rs 8,599 crore during April-June from Rs 8,045 crore a year ago.
Consolidated net profit, however, dipped marginally due to slow growth in its cement and fibre business. Net profit in the quarter totalled Rs 485 crore, lower than the Rs 487 crore earned in the same period last year. However, the company, which is also India's largest cement maker and one of the world's largest fibre producers, said the government's forthcoming projects in infrastructure and in textiles could likely improve prospects for the two businesses.
In chemicals, revenue rose 17% due to higher volumes. "We have to keep the faith," MD KK Maheshwari said after announcing the results. "The government has taken steps to build the infrastructure which will boost demand. The coming quarters will be significant for the economy," he added.
Shares of Grasim rose 1.5% to Rs 3,808 on the BSE on Friday when the broader index was down 0.2%.