Grasim Industries swings to Q1 standalone loss; revenue rises 11%

11 Aug 2024 , 05:06 PM

Aditya Birla Group company Grasim Industries Friday reported a standalone net loss for the second quarter in a row despite higher revenue as costs jumped.

The company swung to a standalone loss of Rs 52.12 crore for the quarter ended June 30, compared with a profit of Rs 355 crore a year earlier.

Standalone revenue rose 11% to about Rs 6,893.87 crore from Rs 6,237.55 crore a year earlier, it said in a stock-exchange filing. Total expenses jumped 19% to Rs 7,057.22 crore.

The standalone figures exclude the numbers of Grasim’s cement units UltraTech and financial services subsidiary Aditya Birla Capital.

On a consolidated basis, Grasim’s revenue from operations for the first quarter of 2024-25 rose 9% to Rs 33,861 crore from Rs 31,065 crore a year earlier.

Consolidated profit after tax slumped 25% to Rs 1,189 crore, dragged down by the newly launched paint business.

Grasim launched its paints business in February 2024 under the Birla Opus brand. The total capex for the business is Rs 7,795 crore till June 2024, about 77% of the planned outlay, Grasim said.