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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹30,221 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
₹4,509 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Grasim's Q2 FY24 consolidated revenue grew 10% YoY to INR 30,221 crore, with EBITDA up 14% to INR 4,509 crore, driven by cement and financial services. Standalone revenue rose 4% to INR 6,442 crore, while EBITDA jumped 21% to INR 1,354 crore on higher VSF volumes (+24% YoY) and lower input costs. However, global price weakness in viscose and chloralkali persisted, and new businesses (paints, B2B e-commerce) incurred initial losses. Management guided for paints commercial launch in Q4 FY24 with three plants operational, and B2B platform Birla Pivot nearing INR 100 crore monthly run rate. Risks include sustained global demand softness in textiles and chemicals, and potential margin pressure from volatile input costs.
Colored figures show movement against the previous available record.
Guidance to track
- Three plants (Panipat, Ludhiana, Cheyyar) have received consent to operate and will be operational in Q4 FY24, with product launch in the same quarter.
- The expanded epoxy capacity is under commissioning and expected to be operational in Q3 FY24.
- Projects under implementation of about 1 GW are expected to be commissioned by next year's first quarter.
- Even with full paints CapEx next fiscal, debt-to-EBITDA is not expected to cross about 3.5x.
Risks flagged
- International brands continue to hold elevated inventories, suppressing demand for VSF and VFY; recovery timeline remains uncertain.
- Caustic soda, sulfur, coal, and oil prices are volatile; recent stabilization and upticks could pressure margins.
- Initial costs from paints business are being charged to P&L, with losses expected to persist until commercial launch and scale-up.
- Anti-dumping duty on VFY is only at DGTR recommendation stage; Chinese imports continue to pressure domestic prices due to low domestic consumption in China.
Key quotes
- The international demand for textiles, in general, has been subdued for last 4 or 6 quarters. And the international brands have been saddled with huge inventory for multiple reasons, and they have been trying to correct their inventories by purchasing less.
- We will be launching our paints in Q4, so which is in the period January, February, March. And also the three of our plants, which we have disclosed, also in the report that you have in Ludhiana, Panipat, and Cheyyar, they have got their CTO, so they are expected to become operational in Q4.
- We have not crossed INR 100 crore monthly revenue rate. We are inching towards that. What we are saying is that INR 100 crore for the quarter we have crossed Q2, and as we are moving from month to month, we are inching towards INR 100 crore of monthly revenue rate.
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