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Cement: How has it moved?

(Sep 29, 2006)

Cement is one of the key infrastructure industries. The Indian cement sector has evolved significantly in the last two decades, going through all the phases of a typical cyclical industry. After having gone through a period of over-supply and the phase of massive capacity additions, the industry is currently in a consolidation phase, with capacity additions coming up to cater to increasing demand for cement.

Grasim: All goes up!

(Oct 28, 2004)

Grasim, one of the key cement players in the country, has reported good numbers for 2QFY05. Backed by strong improvement in margins of the cement division, the overall margins of the company have shown an improvement. With crude prices increasing sharply, the prices of PSF (polyester staple fibre) have increased. VSF (viscose staple fibre), being a substitute, has therefore, witnessed increased demand. Excluding the extra-ordinary adjustments, net profit for 2QFY05 has increased by 23% YoY.

Cement: What’s the story?

(Oct 11, 2004)

The ‘cement story’ is once again in the limelight. The fact that demand is likely to outpace supply and therefore, cement prices are likely to firm up is being heard on the streets time and again. We therefore, take a closer look at the fundamentals.

Grasim: Cement to take charge...

(Jan 7, 2004)

Although 2003 was a rather lacklustre year for the Indian cement industry, Grasim, India's largest cement producer did little to disappoint investors. Riding on the back of CemCo (L&T Cement) acquisition, which has put the company into the elite league of the world’s largest cement producers, the stock price of the company has almost tripled in 2003.

Grasim: Banking on cement

(Dec 11, 2003)

Grasim, the largest producer of cement in the country, has seen its stock appreciate considerably in the past few months on the back of good growth seen in its VSF and Sponge Iron divisions.

Grasim: Detailed result analysis

(Oct 24, 2003)

Grasim, which announced its results yesterday, held an analyst meet immediately after that and in this article we try to review the company’s 2QFY04 results in detail based on the meet.

Grasim 2QFY04 PAT up 58% YoY

(Oct 23, 2003)

Grasim, the largest cement producer in the country, has reported a 6% growth in its topline for the September quarter, over the previous year. While the operating profits of the company have improved by 5%, the bottomline of the company has grown by nearly 58% on the back of improved operating performance and also a robust 82% increase in other income.

Grasim: Cementing the future

(Sep 26, 2003)

Grasim, a flagship company of the Aditya Birla group, is the lowest cost producer of VSF (viscose staple fiber) globally and is almost a monopoly in VSF in the domestic market. Post the acquisition of L&T’s cement capacity, Grasim has also emerged as the largest cement producer in the country with a capacity of close to 29 m tonnes. Sponge iron (a raw material required in the manufacture of steel), chemicals and textiles are the other businesses of the company.

Grasim Industries: Betting on cement

(Jul 28, 2003)

Grasim, the third largest cement producer in the country, has reported a modest 3% rise in revenues while the net profits of the company increased by a healthy 20%. Improvement in bottomline has been mainly due to better operational efficiencies as well as reduced interest expenses.

Grasim FY03 net up 21%

(Apr 29, 2003)

In a relatively mixed year for the cement sector as a whole, Grasim, India' s third largest cement producer saw its topline grow by 5% while the net profits increased by a healthy 21% for FY03. For 4QFY03, the topline grew by 9% while the net profit was affected due to a huge write-off, mainly on account of the loss it incurred on the sale of shares in MRPL. Riding on the robustness in demand for cement and VSF, the company has managed to increase its operating margins by around 350 basis points

Cement: Better times expected

(Apr 3, 2003)

It was a relatively mixed year for the cement sector as a whole. Cement prices suffered throughout the year mainly due to overcapacity situation prevailing in the country. While demand was robust due to increased demand from highway project as well as housing infrastructure sectors, it still could not effectively prevent the considerable fall in prices of cement in the country.

Grasim: What lies ahead?

(Dec 31, 2002)

Grasim, one of the key companies in the Aditya Birla Group, is a diversified major. It has a monopolistic status in the viscose staple fibre segment (VSF) (30% of FY02 turnover) and is the 3rd largest cement producer with total capacity in excess of 13 m tonnes (46%). The company also has business interests in textiles (6%) and sponge iron (7%).

Grasim: Higher OPM boosts bottomline

(Nov 2, 2002)

Grasim, the AV Birla group flagship, has announced its Seprtember quarter results reporting an 8% fall in topline, while its net profits are up 308%. A YoY comparison of the bottomline is not justified as in 2QFY02 the company had incurred an extraordinary expense of Rs 525 m. Not accounting for the extraordinary expense, the bottomline has grown by 53%.

Grasim: Higher OPM boosts bottomline

(Oct 25, 2002)

Grasim, the AV Birla group flagship, has announced its Seprtember quarter results reporting an 8% fall in topline, while its net profits are up 308%. A YoY comparison of the bottomline is not justified as in 2QFY02 the company had incurred an extraordinary expense of Rs 525 m. Not accounting for the extraordinary expense, the bottomline has grown by 53%.

Grasim: Strengthening it’s hold

(Oct 14, 2002)

Consolidation in the cement industry has taken a much-anticipated turn. Grasim, the Aditya Birla group company, has made an open offer for the cement and engineering conglomerate Larsen and Toubro (L&T). Grasim had earlier acquired 10% stake in L&T from Reliance at a price of Rs 306 almost a year ago. Since then Grasim has been able to increase its stake in L&T to 14.5%, which is just below the take over code limit of 15%.

Grasim: June quarter revisited

(Aug 6, 2002)

The June quarter results of Grasim surprised the analyst community. For one, its so called no growth business, VSF, saw an upturn, the much touted growth engine of the company, cement, has seen revenues fall by nearly 3%. Poor cement performance was largely expected but the VSF business was a welcome surprise.

Grasim: VSF surprises

(Jul 25, 2002)

Grasim, the diversified major, has announced a 3% increase in net profits on the back of a 2% rise in total revenues on a YoY basis. The company's cement division managed a 9% increase in dispatches on a YoY basis. The company has improved its operating margins by 190 basis points in the quarter ended June '02.

Grasim: Impressive performance

(May 2, 2002)

Grasim has announced its unaudited fourth quarter and FY02 results. If the numbers are anything to go by, the company has done well in spite of exceptional losses reported by it. For the fourth quarter, Grasim has reported a 40.5% drop in net profits while registering a 3.9% drop in sales. For FY02, the drop in topline has been marginal at 2%, while the net earnings dropped by nearly 20% to Rs 3 bn.

Grasim: ‘Cementing’ focus

(Mar 16, 2002)

Diversification is not a universally favoured strategy for companies to adopt. Indeed, a large number of diversified Indian conglomerates have all but disappeared from the corporate landscape. Some like Grasim, on the other hand, have benefited from their diversified business portfolio.

Grasim: Efficiency benefits

(Feb 1, 2002)

Grasim Industries has reported a 5% drop in sales and a 30 basis points fall in operating margins for the third quarter ended December 31, 2001. This is primarily on account of weak performance of some of its division like Viscose Staple Fibre (VSF) and sponge iron. Capacity additions by some of the large players like Gujarat Ambuja and the resultant rise in regional supplies have subdued performance of its cement division as well.


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