Grasim Industries, part of the Aditya Birla Group, has posted a 61% growth in consolidated net profit at Rs 1,080 crore the June quarter because of higher sales coupled with lower expenditure of its cement division.
The consolidated net sales for the quarter rose by 15% at Rs 5,080 crore in the first quarter of this fiscal from Rs 4,394 crore in a year-ago period.
Adesh Gupta, group executive president and chief financial officer of Grasim told ET, “The cement business has been the key contributor for the spectacular results. We see a healthy growth of around 9% of the cement business this year due to the government boost to rural development, infrastructure and housing.”
On a standalone basis, the company’s net profit increased by 68% to Rs 867 crore while net sales grew by 18% to Rs 3,045 crore. The consolidated performance includes the financial results of Grasim’s subsidiary UltraTech Cement.
The cement business contributed Rs 4,050 crore against the corresponding previous period’s Rs 3,126 crore to topline.