Aditya Birla group firm Grasim Industries today reported a decline of 16.92 per cent in its consolidated net profit to Rs 679.27 crore for the fourth quarter ended March 31, 2014.
The company had posted a consolidated net profit of Rs 817.64 crore during the same period of previous financial year, Grasim Industries said in a filing to the BSE.
However, consolidated net sales of the company increased to Rs 8,245.90 crore for the quarter under review as against Rs 7,553.87 crore during the same period of last financial year.
Grasim Industries consolidated revenue from its Viscose Staple Fibre (VSF)and Wood Pulp segment was Rs 97.03 crore this quarter as against Rs 154.33 crore in the same period of last fiscal.
Company’s consolidated revenue from cement division was Rs 1,022.99 crore this quarter. It was Rs 1,092.12 crore in fourth quarter of the last year.
Grasim Industries consolidated revenue from chemicals division was Rs 32.01 crore this quarter as against Rs 42.40 crore of the same period of last fiscal.
For the financial year 2013-14, Grasim's consolidated net profit declined to Rs 2,071.54 crore. It was Rs 2,704.39 crore in 2012-13 fiscal.
However, Grasim's consolidated net sales increased to Rs 29,004.19 crore in the financial year 2013-14 as against Rs 27,644.74 crore of 2012-13 fiscal.
"Despite the prevailing economic slowdown during the year, volumes have been augmented in all the businesses viz. VSF, Chemical and Cement, driven by the commissioning of new capacities," the company said.
On the outlook, Grasim Industries said VSF sector, margins are likely to remain under pressure in the near term due to overcapacity in China.
"In Cement, the demand growth for the industry should gradually recover to 8 per cent on improvement in the economic environment," said Grasim Industries.
Meanwhile, in a separate filing Grasim has informed the BSE that its board in a meeting held today has recommended a dividend of Rs 21 per equity share for the 2013-14 fiscal.
Shares of Grasim Industries today closed at Rs 2625.10 per scrip on the BSE, up 0.44 per cent from its previous close.=