Grasim Industries Ltd.'s profit rose but missed analyst estimates due a one-time provision in the quarter ended March.
Net profit rose 18.3 percent year-on-year to Rs 373 crore, Grasim said in its filing with the stock exchanges. That's much lower than Rs 504 crore consensus estimate of analysts polled by Bloomberg. The bottom line missed estimates due to exceptional items including a Rs 213-crore provision for stamp duty on acquisition of assets. Net sales of the Aditya Birla Group company increased 60 percent to Rs 4,605.5 crore.
Grasim's earnings before interest, tax, depreciation and amortisation jumped nearly 61 percent to Rs 845 crore year-on-year. Ebitda margin remained flat at 18.3 percent. The operational performance was marginally below estimates.
Segmental Performance
- Viscose staple fibre business revenue increased 5.5 percent to Rs 2,232.5 crore.
- Revenue of cement-grey, white and allied products segment grew 18.9 percent to Rs 9,420.7 crore.
The stock fluctuated between gains and losses after the earnings announcement, and traded at Rs 1036.8 as of 2:40 pm.
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