Grasim 's net doubles to Rs 509 m - Views on News from Equitymaster

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Grasim 's net doubles to Rs 509 m

Jan 28, 2000

Grasim Industries Limited has posted a 105% jump in net profits during the quarter ended 31st December 1999. The company has benefited largely from a decline in interest expenditure and a relatively stable depreciation provision. The operating margins too seem to have improved marginally. The company's cement division has posted a subdued performance in view of the sluggishness in prices in the Southern and Eastern markets. Its VSF division has performed well as demand remained firm. The VSF division recorded a 24% growth in sales even as production grew by just 18%.

(Rs m) 3QFY2000 3QFY1999 Change
Net Sales 10,585.0 9,363.5 13.0%
Other Income 173.8 187.7 -7.4%
Expenditure 8,988.0 7,979.6 12.6%
Interest 623.8 750.8 -16.9%
Depreciation 596.1 565.8 5.4%
Profit before Tax 638.6 255.0 150.4%
Tax 42.5 7.0 507.1%
Profit after Tax/(Loss) 509.3 248.0 105.4%
Net profit margin (%) 4.8% 2.6%  

The sponge iron division too turned in a good performance with volumes surging 54%. Realizations however rose only 13%. The company expects the performance of this division to improve in the coming months as scrap prices have been rising of late.

Market View:
Analysts have rated Grasim as a 'BUY' mainly on account of the turnaround in the cement industry and various other commodity businesses the company operates in.

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