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Grasim: Spurred by sponge iron...

Jan 22, 2004

Aided by higher international scrap prices and a noteworthy growth in sales volume of the VSF division, Grasim, the diversified major, has been able to post a near 15% YoY growth in its topline for the third quarter ending December 2003. Despite pressure on raw material costs, the bottomline of the company has registered a significant 23% growth during the same period.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 11,666 13,354 14.5% 34,150 36,873 8.0%
Other income 142 207   601 1,083  
Expenditure 8,827 10,165 15.2% 26,388 28,336 7.4%
Operating profit (EBDITA) 2,839 3,189 12.4% 7,762 8,537 10.0%
Operating profit margin (%) 24.3% 23.9%   22.7% 23.2%  
Interest 405 394 -2.6% 1,278 1,188 -7.0%
Depreciation 632 695 9.9% 1,884 2,049 8.7%
Profit before tax 1,945 2,307 18.7% 5,201 6,383 22.7%
Extraordinary items - - - - 289 -
Tax 615 670 8.9% 1,530 1,700 11.1%
Profit after tax/(loss) 1,330 1,637 23.1% 3,671 4,972 35.4%
Net profit margin (%) 11.4% 12.3%   10.7% 13.5%  
No. of shares (m) 91.7 91.7   91.7 91.7  
Diluted earnings per share (Rs)* 58.0 71.4   53.4 72.3  
P/E ratio (x)   15.1     14.9  
(* annualised)            

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