Grasim net zooms 33% on cement sales

Buoyed by a strong showing in its cement business, Kumar Mangalam Birla-led Grasim Industries on Tuesday reported a 33% rise in net profit at Rs 669 crore for the October-December quarter over the year-ago period. HT reports.

Buoyed by a strong showing in its cement business, Kumar Mangalam Birla-led Grasim Industries on Tuesday reported a 33% rise in net profit at Rs 669 crore for the October-December quarter over the year-ago period.

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Net revenue was up 17% for the quarter Rs 6,364 crore from Rs 5,461 crore a year ago.

Grasim’s cement business, Ultratech, posted a 93% rise in net profit at Rs 617 crore on sales of Rs 4,572 crore.

“The company’s performance has been encouraging. Cement business has been the major driver,” Grasim Industries said in a statement.

The viscose staple fibre business was under pressure due to a dip in demand from Europe due to the eurozone crisis.

“Higher raw-material cost due to the local currency's depreciation has also affected the fiber business,” Grasim said.