Grasim Industries shares slightly increased after the temporary closure of a refining section in subsidiary Century Rayon due to a recent explosion and government compliance. The explosion on September 23rd resulted in two fatalities, leading to a government order for compliance with safety regulations. Grasim Industries is taking necessary steps to comply with the order and expects no significant impact on profitability.
In Q1 of the current fiscal year, the company saw a 10.78% YoY increase in revenue, while net profit declined by 6.63% YoY. Operating profit margins for the quarter contracted by 100 basis points on a yearly basis to 20%. Grasim Industries and its subsidiaries operate across various sectors, including textiles, chemicals, cement, and metals.
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