Grasim Industries Q2 net profit rises 3 percent to Rs 1,521 crore
Aditya Birla Group firm Grasim Industries Ltd reported a 3 percent rise in consolidated net profit at Rs 1,521 crore ($203.8 million) for the second quarter ended September 2020, as against a net profit of Rs 1,473 crore it posted in the year-ago period.
The company’s revenue for the quarter was flat at Rs 18,400 crore, as against Rs 18,400 crore in the corresponding period of the previous fiscal.
Grasim Industries total expenses rose by 4 percent to Rs 16,411 crore, as against Rs 17,039 crore in the year-ago period.
“The economy has been on the recovery path post relaxation of Covid-19 induced lockdown. It has been a resilient September quarter for Grasim due to strong recovery in demand and the government working relentlessly to support home-grown businesses by injecting doses of fiscal and monetary stimulus on a timely basis," the company said in a statement.
“The textile markets in India and overseas are witnessing a turnaround with Covid-19 related restrictions being phased out by the respective governments. The unlock measures across the country have led to a steady increase in consumer spending, which is expected to get further uplifted with the onset of the festive season,” it added.
Grasim Industries is the largest producer and seller of viscose staple fibre with a market share of almost 100 percent in India.
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