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Grasim: Operational gains

Jan 27, 2003

Grasim Industries, the country's third largest cement producer, has announced robust 3QFY03 results on the back of improving operating margins. While the topline growth in the December quarter has been robust at 11%, the bottomline has shown a healthy YoY growth of 48%. Operating margins have shown a 600 basis points improvement in 3QFY03 over the same period last year. For 9mFY03 net profits have grown by a considerable 64%.

(Rs m) 3QFY02 3QFY03 Change 9mFY02 9mFY03 Change
Net Sales 10,504 11,666 11.1% 32,756 34,150 4.3%
Other Income 216 142 -34.1% 558 601 7.7%
Expenditure 8,570 8,816 2.9% 26,574 26,344 -0.9%
Operating Profit (EBDIT) 1,934 2,850 47.4% 6,182 7,806 26.3%
Operating Profit Margin (%) 18.4% 24.4%   18.9% 22.9%  
Interest 514 405 -21.2% 1,468 1,279  
Depreciation 635 632 -0.5% 1,880 1884 0.2%
Profit before Tax 1,001 1,956 95.3% 3,392 5,244 54.6%
Extraordinary items 100 (11)   (449) (44)  
Tax 203 615 203.7% 708 1530 116.3%
Profit after Tax/(Loss) 899 1,330 47.9% 2,236 3,670 64.2%
Net profit margin (%) 8.6% 11.4%   6.8% 10.7%  
No. of Shares 72.3 91.7   73.0 91.7  
Diluted Earnings per share* 49.7 58.0   40.8 53.2  
P/E Ratio         6.1  
(* annualised)            

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