Grasim Industries announces 2% fall in net profit

Grasim Industries, which has a 57 per cent stake in UltraTech Cement Ltd, has reported standalone net profit of INR9643m (US$118.8m) in the quarter ended 30 September 2022, down 1.5 per cent YoY.  Revenue from operations over the same period advanced almost 37 per cent to INR67,450m, while EBITDA expanded 19.4 per cent to INR9566m.

Margins, however, contracted by 206 basis points to 14.18 per cent, according to The Economic Times, driven by a sharp hike in input costs and other expenses. Input costs in the September 2022 quarter were 48 per cent higher than the same period a year earlier, while expenses were up 48 per cent. Power and fuel costs rose significantly, from INR7050m in the quarter ended 30 September 2021 to INR12,028m in the same period this year.