Grasim’s Q2 performance gets support from chlor-alkali biz

Market


NEW DELHI :

Grasim Industries Ltd posted a decent performance during the September quarter amid challenges with the company’s net profits at the standalone level for the core operations at 964 crore growing 1.8% year-on-year and 19.26% sequentially.

Excluding exceptional items, net profit at 1,052 crore would have grown 11.08 % year-on-year and as much as 30% sequentially.

Global market conditions remained challenging during Q2 and the sharp increase in energy costs added to woes.

The viscose staple fibre (VSF) segment faced key headwinds though the chemical segment supported the performance . China’s average VSF operating rates reduced to 66% in Q2FY23 from 76% in Q1FY23 because of lockdowns to contain the spread of coronavirus in different cities.

Strong performance by chlor-alkali business, the chemical segment, lifted the performance. Caustic soda sales volume was up 17% year-on-year to 296,000 tonnes in Q2FY23 on the back of new capacities commissioned in the second half of last year. The chemical segments revenues were up 67% year-on-year, while Ebitda grew 162% year-on- year.

Overall standalone Ebitda at 1712 crore was up 13.83% year. Revenues at 6,745 grew 36.7% year-on-year.

The company’s stock prices on NSE on Monday ended the day up at 2.19% at 1,745.95.

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