Grasim Industries Q4 profit touches new high

Thursday, 29 April 2004, 07:00 Hrs
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NEW DELHI: Grasim Industries, the flagship company of the private sector diversified Aditya Birla Group, Wednesday said its net profit in the January-March quarter jumped sharply higher on increased sales.

The company, which earns a large chunk of its revenue from cement and viscose staple fibre businesses, said its net profit in the quarter ended March 31, 2004, touched 2.8 billion, up from 5 million logged a year ago.

Grasim's total sales in the January-March quarter also grew by 27.4 percent to 15.53 billion, up from 12.19 billion in the quarter ended March 31, 2003, said a company statement.

For fiscal 2003-04, Grasim's turnover was up by 13.2 percent at 52.33 billion and net profit posted a whopping growth of 112 percent to touch 7.79 billion.

The company said higher profit growth was achieved by increase in volumes, saving in operating costs resulting from modernisation efforts, up-gradation of plants and energy optimisation and lowering of financing cost.

"Higher sales volumes and constant cost cutting measures in operations and logistics helped in the improved performance of (the cement) business," said the statement.

"Going forward, the renewed impetus on the infrastructure sector by the government and the expected strong growth in the housing sector should bode well for the cement business," it said.

Source: IANS
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