Grasim / Q1-FY24

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Watch2023-07-31Back to GRASIM

Revenue

₹31,065 Cr

verified against source

Revenue YoY

11%

reported change

EBITDA

₹4,981 Cr

latest reported figure

Source

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record provenance

Actual signal trajectory

Where this quarter sits.

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EBITDA (₹ Cr)PositiveWatchNegative
9 actual records
Actual quarterly EBITDA (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 4,981 · Watch source sentiment · 2023-07-31Q1 FY24Q2 FY24: 4,509 · Watch source sentiment · 2023-11-01Q2 FY24Q3 FY24: 5,150 · Watch source sentiment · 2024-01-31Q3 FY24Q4 FY24: 20,837 · Positive source sentiment · 2024-05-15Q4 FY24Q1 FY25: 4,076 · Watch source sentiment · 2024-08-01Q1 FY25Q2 FY25: 4,042 · Watch source sentiment · 2024-11-08Q2 FY25Q3 FY25: 4,668 · Watch source sentiment · 2025-01-31Q3 FY25Q1 FY26: 6,430 · Positive source sentiment · 2025-07-31Q1 FY26Q3 FY26: 6,215 · Positive source sentiment · 2026-01-30Q3 FY2620,8374,042
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Grasim's Q1 FY24 consolidated revenue grew 11% YoY to INR 31,065 crore, driven by subsidiaries UltraTech and Aditya Birla Capital, but standalone revenue fell 14% YoY to INR 6,238 crore due to weak realizations in VSF and chemicals. Consolidated EBITDA declined 5% YoY to INR 4,981 crore, while standalone EBITDA dropped 42% YoY to INR 789 crore, impacted by high base effects and pre-operative expenses for new businesses. VSF business showed sequential recovery with EBITDA of INR 390 crore and 90% utilization, though global textile demand remains sluggish. Chemicals revenue fell 21% YoY to INR 2,146 crore amid caustic price declines. Paints business is on track for commercial launch in Q4 FY24, with 2-3 plants expected to be commissioned this year. B2B e-commerce platform Birla Pivot launched with 130+ brands. Risks include continued global demand weakness and potential margin pressure from input cost volatility.

Colored figures show movement against the previous available record.

Guidance to track

  • At least 2-3 plants will be commissioned this year, with total capacity of 630 million liters.
  • Includes INR 4,283 crore for paints business; peak debt expected around INR 8,000-10,000 crore gross.
  • Expansion from 1.3M MT delayed due to monsoon; commissioning expected by Q4 FY24 or Q1 FY25.
  • New capacity will be commissioned in Q2 FY24; full operational capacity expected in 12 months with 20-25% quarterly increments.

Risks flagged

  • Textile exports from India have declined for 12 consecutive months, impacting VSF demand and customer profitability.
  • International caustic prices fell 46% from Oct 2022 to June 2023, with further declines expected due to oversupply from China.
  • Cheap viscose yarn imports from China are squeezing domestic spinners' margins, potentially reducing demand for Grasim's VSF.
  • Monsoon delays pushed commissioning from Q3 FY24 to Q1 FY25, which could impact volume growth.

Key quotes

  • We would be launching our two new businesses in the current financial year. The paints business would commence its commercial offering from Q4 FY 2024.
  • Our long term goal is to be second largest player in the Indian decorative paints market, which is growing at a healthy double-digit pace.
  • We are actually protected from the vagaries of the market in this operation.

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