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Global textile demand weakness
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Grasim Ltd — Q1 FY24
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.
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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.
ग्रासिम की पहली तिमाही (अप्रैल-जून 2023) में कुल कमाई पिछले साल के मुकाबले 11% बढ़कर 31,065 करोड़ रुपये हो गई। यह बढ़ोतरी इसकी सहायक कंपनियों अल्ट्राटेक और आदित्य बिड़ला कैपिटल की वजह से हुई। लेकिन अकेले ग्रासिम की कमाई 14% घटकर 6,238 करोड़ रुपये रह गई, क्योंकि विस्कोस और रसायनों के दाम कमजोर थे। कंपनी का मुनाफा (EBITDA) 5% गिरकर 4,981 करोड़ रुपये रहा। नए कारोबारों की शुरुआती लागत और पिछले साल के ऊंचे आधार के कारण अकेले ग्रासिम का मुनाफा 42% घटकर 789 करोड़ रुपये हो गया। विस्कोस कारोबार में सुधार दिखा, लेकिन वैश्विक कपड़ा मांग कमजोर है। पेंट्स का कारोबार इस साल के अंत तक शुरू होने की उम्मीद है। जोखिम: दुनिया भर में मांग कमजोर बनी रह सकती है और कच्चे माल के दाम में उतार-चढ़ाव से मुनाफा दबाव में आ सकता है।
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VSF Utilization
90%
flat QoQ
Utilization was impacted by a month-long shutdown at Harihar unit due to fire.
Caustic Soda Volume
292,000 MT
+5% YoY
Chlor-alkali business maintained market leadership with volume growth.
Paints Capacity (Phase 1)
630M liters
new
Target capacity from 3 plants to be operational by end of FY24.
Renewable Power Share
14%
+3pp YoY
Improved from 11% in FY23, reducing power costs.
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Guidance and risk preview
At least 2-3 plants will be commissioned this year, with total capacity of 630 million liters.
Textile exports from India have declined for 12 consecutive months, impacting VSF demand and customer profitability.
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