Grasim Industries experienced a significant decline in its consolidated net profit for the second quarter, with a decrease of 66% to Rs 390 crore compared to Rs 1,164 crore in the same period last year. This decline can be attributed to lower cement sales realizations and strategic investments in the paints sector under the Birla Opus brand.
The company still achieved an 11.1% increase in revenue year-on-year, reaching Rs 33,562.85 crore. This growth was driven by strong performances in financial services, cellulosic staple fibre, and specialty chemicals.
On a standalone basis, net profit fell by 9% to Rs 720.86 crore, while revenue from operations rose by 18% to Rs 7,623.33 crore, excluding contributions from subsidiaries like UltraTech Cement and Aditya Birla Capital. The company's performance deviated from market expectations, as analysts had predicted a revenue growth of 17-20% and a net profit increase of approximately 18%.