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Grasim Industries

Revenue up 25.71% YoY to Rs 22564.22 cr

November 16, 2021 5:46 IST | capital market
On consolidated basis 

Quarter ended Sep 2021 compared with Quarter ended Sep 2020.

Net sales (including other operating income) of Grasim Industries has increased 25.71% to Rs 22564.22 crore.  Sales of Cement - Grey,White and Allied Products segment has gone up 15.69% to Rs 12,016.80 crore (accounting for 52.77% of total sales).  Sales of Chemicals - Caustic Soda and Allied Chemicals segment has gone up 44.48% to Rs 1,626.68 crore (accounting for 7.14% of total sales).  Sales of Others segment has gone up 74.65% to Rs 543.21 crore (accounting for 2.39% of total sales).  Sales of Financial Services segment has gone up 21.73% to Rs 5,581.09 crore (accounting for 24.51% of total sales).  Sales of Viscose - Pulp,Viscose Staple Fibre and Filament Yarn segment has gone up 79.03% to Rs 3,005.17 crore (accounting for 13.20% of total sales).  Inter-segment sales rose Rs 137.81 crore to Rs 208.73 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 25.47% to Rs 3,214.78 crore.  PBIT of Cement - Grey,White and Allied Products segment rose 1.01% to Rs 2,177.38 crore (accounting for 67.73% of total PBIT).  PBIT of Chemicals - Caustic Soda and Allied Chemicals segment rose 36.97% to Rs 160.17 crore (accounting for 4.98% of total PBIT).  PBIT of Others reported profit of Rs 29.35 crore compared to loss of Rs 23.46 crore.  PBIT of Financial Services segment rose 63.49% to Rs 375.87 crore (accounting for 11.69% of total PBIT).  PBIT of Viscose - Pulp,Viscose Staple Fibre and Filament Yarn segment rose 466.57% to Rs 472.01 crore (accounting for 14.68% of total PBIT).  

PBIT margin of Cement - Grey,White and Allied Products segment fell from 20.75% to 18.12%.  PBIT margin of Chemicals - Caustic Soda and Allied Chemicals segment fell from 10.39% to 9.85%.  PBIT margin of Others segment rose from negative 7.54% to 5.40%.  PBIT margin of Financial Services segment rose from 5.01% to 6.73%.  PBIT margin of Viscose - Pulp,Viscose Staple Fibre and Filament Yarn segment rose from 4.96% to 15.71%.  Overall PBIT margin fell from 14.17% to 14.12%.  

Operating profit margin has declined from 24.61% to 21.68%, leading to 10.75% rise in operating profit to Rs 4,892.84 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 15.04% to 17.38%.   Purchase of finished goods cost fell from 1.10% to 1.05%.   Employee cost decreased from 7.21% to 7.06%.   Other expenses rose from 51.71% to 52.92%.   Power and Oil fuel cost rose from 13.39% to 14.17%.   Freight charges fell from 13.52% to 12.69%.   Other direct service cost rose from 11.46% to 12.60%.   

Other income rose 24.81% to Rs 253.36 crore.  PBIDT rose 11.37% to Rs 5146.2 crore.  Provision for interest fell 19.50% to Rs 1175.63 crore.  Loan funds rose to Rs 71,361.72 crore as of 30 September 2021 from Rs 68,394.38 crore as of 30 September 2020.  Inventories rose to Rs 8,563.81 crore as of 30 September 2021 from Rs 6,112.89 crore as of 30 September 2020.  Sundry debtors were higher at Rs 4,700.63 crore as of 30 September 2021 compared to Rs 4,378.05 crore as of 30 September 2020.  Cash and bank balance rose to Rs 3,694.17 crore as of 30 September 2021 from Rs 2,875.28 crore as of 30 September 2020.  Investments rose to Rs 59,791.04 crore as of 30 September 2021 from Rs 52,345.43 crore as of 30 September 2020 .  

PBDT rose 25.63% to Rs 3970.57 crore.  Provision for depreciation rose 0.99% to Rs 1016.81 crore.  Fixed assets declined from Rs 70,557.93 crore as of 30 September 2020 to Rs 63,257.90 crore as of 30 September 2021.  Intangible assets increased from Rs 20,022.94 crore to Rs 29,122.67 crore.  

Profit before tax grew 37.15% to Rs 2,953.76 crore.  Share of profit/loss was 499.30% higher at Rs 111.41 crore.  Provision for tax was expense of Rs 1065.02 crore, compared to Rs 676.47 crore.  Effective tax rate was 34.75% compared to 32.10%

Minority interest increased 6.94% to Rs 673.22 crore.  Net profit attributable to owners of the company increased 65.52% to Rs 1,326.93 crore.  

Year-to-date (YTD) results analysis.

Net sales (including other operating income) of Grasim Industries has increased 37.05% to Rs 42483.62 crore.  Sales of Cement - Grey,White and Allied Products segment has gone up 32.05% to Rs 23,846.62 crore (accounting for 55.61% of total sales).  Sales of Chemicals - Caustic Soda and Allied Chemicals segment has gone up 67.62% to Rs 3,063.16 crore (accounting for 7.14% of total sales).  Sales of Others segment has gone up 110.64% to Rs 992.43 crore (accounting for 2.31% of total sales).  Sales of Financial Services segment has gone up 14.73% to Rs 9,868.18 crore (accounting for 23.01% of total sales).  Sales of Viscose - Pulp,Viscose Staple Fibre and Filament Yarn segment has gone up 128.42% to Rs 5,107.93 crore (accounting for 11.91% of total sales).  Inter-segment sales rose Rs 195.15 crore to Rs 394.70 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 68.55% to Rs 6,930.91 crore.  PBIT of Cement - Grey,White and Allied Products segment rose 30.28% to Rs 5,029.94 crore (accounting for 72.57% of total PBIT).  PBIT of Chemicals - Caustic Soda and Allied Chemicals segment rose 310.10% to Rs 362.69 crore (accounting for 5.23% of total PBIT).  PBIT of Others reported profit of Rs 53.43 crore compared to loss of Rs 100.27 crore.  PBIT of Financial Services segment rose 57.14% to Rs 629.39 crore (accounting for 9.08% of total PBIT).  PBIT of Viscose - Pulp,Viscose Staple Fibre and Filament Yarn reported profit of Rs 855.46 crore compared to loss of Rs 137.50 crore.  

PBIT margin of Cement - Grey,White and Allied Products segment fell from 21.38% to 21.09%.  PBIT margin of Chemicals - Caustic Soda and Allied Chemicals segment rose from 4.84% to 11.84%.  PBIT margin of Others segment rose from negative 21.28% to 5.38%.  PBIT margin of Financial Services segment rose from 4.66% to 6.38%.  PBIT margin of Viscose - Pulp,Viscose Staple Fibre and Filament Yarn segment rose from negative 6.15% to 16.75%.  Overall PBIT margin rose from 13.18% to 16.16%.  

Operating profit margin has declined from 24.70% to 24.05%, leading to 33.44% rise in operating profit to Rs 10,215.98 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 13.29% to 16.89%.   Purchase of finished goods cost rose from 1.10% to 1.17%.   Employee cost decreased from 8.41% to 7.04%.   Other expenses fell from 52.07% to 51.33%.   Power and Oil fuel cost rose from 13.34% to 14.45%.   Freight charges fell from 13.32% to 13.09%.   Other direct service cost fell from 12.01% to 10.95%.   

Other income fell 9.84% to Rs 523.25 crore.  PBIDT rose 30.39% to Rs 10739.23 crore.  Provision for interest fell 18.85% to Rs 2442.05 crore.  Loan funds rose to Rs 71,361.72 crore as of 30 September 2021 from Rs 68,394.38 crore as of 30 September 2020.  Inventories rose to Rs 8,563.81 crore as of 30 September 2021 from Rs 6,112.89 crore as of 30 September 2020.  Sundry debtors were higher at Rs 4,700.63 crore as of 30 September 2021 compared to Rs 4,378.05 crore as of 30 September 2020.  Cash and bank balance rose to Rs 3,694.17 crore as of 30 September 2021 from Rs 2,875.28 crore as of 30 September 2020.  Investments rose to Rs 59,791.04 crore as of 30 September 2021 from Rs 52,345.43 crore as of 30 September 2020 .  

PBDT rose 58.75% to Rs 8297.18 crore.  Provision for depreciation rose 1.23% to Rs 2007.41 crore.  Fixed assets declined from Rs 70,557.93 crore as of 30 September 2020 to Rs 63,257.90 crore as of 30 September 2021.  Intangible assets increased from Rs 20,022.94 crore to Rs 29,122.67 crore.  

Profit before tax grew 93.91% to Rs 6,289.77 crore.  Share of profit/loss was 502.82% higher at Rs 248.12 crore.  Provision for tax was expense of Rs 2125.42 crore, compared to Rs 985.46 crore.  Effective tax rate was 32.51% compared to 32.79%.

Minority interest increased 43.62% to Rs 1,453.89 crore.  Net profit attributable to owners of the company increased 193.72% to Rs 2,958.58 crore.  

Equity capital increased from Rs 131.59 crore as of 30 September 2020 to Rs 131.64 crore as of 30 September 2021.  Per share face Value remained same at Rs 2.00.  

Promoters stake was 42.26% as of 30 September 2021 ,compared to 40.92% as of 30 September 2020 .  

Grasim Industries : Consolidated Results

 

Quarter ended Year to Date Year ended
Particulars 2109(3) 2009(3) Var.(%) 2109(6) 2009(6) Var.(%) 2103 (12) 2003(12) Var.(%)
Net Sales (including other operating income) 22,564.22 17,949.53 25.71 42,483.62 30,998.83 37.05 76,397.81 75,140.71 1.67
OPM (%) 21.68 24.61 -293 bps 24.05 24.7 -65 bps 24.38 22.97 141 bps
OP 4,892.84 4,417.81 10.75 10,215.98 7,655.68 33.44 18,628.86 17,261.10 7.92
Other Inc. 253.36 203 24.81 523.25 580.38 -9.84 1,051.96 968.81 8.58
PBIDT 5,146.20 4,620.81 11.37 10,739.23 8,236.06 30.39 19,680.82 18,229.91 7.96
Interest 1,175.63 1,460.33 -19.5 2,442.05 3,009.41 -18.85 5,723.48 6,890.31 -16.93
PBDT 3,970.57 3,160.48 25.63 8,297.18 5,226.65 58.75 13,957.34 11,339.60 23.08
Depreciation 1016.81 1006.86 0.99 2007.41 1983.06 1.23 4033.4 4004.23 0.73
PBT 2,953.76 2,153.62 37.15 6289.77 3243.59 93.91 9923.94 7335.37 35.29
Share of Profit/(Loss) from Associates 111.41 18.59 499.3 248.12 41.16 502.82 189.22 562.22 -66.34
PBT before EO 3065.17 2172.21 41.11 6537.89 3284.75 99.04 10113.16 7897.59 28.05
EO Income 0 -64.54 - 0 -279.65 - -341.73 -1406.05 75.7
PBT after EO 3065.17 2107.67 45.43 6537.89 3005.1 117.56 9771.43 6491.54 50.53
Taxation 1065.02 676.47 57.44 2125.42 985.46 115.68 3022.19 -84.32 PL
PAT 2000.15 1431.2 39.75 4412.47 2019.64 118.48 6749.24 6575.86 2.64
Minority Interest (MI) 673.22 629.55 6.94 1453.89 1012.35 43.62 2681.88 2226.84 20.43
Net profit 1326.93 801.65 65.52 2958.58 1007.29 193.72 4067.36 4349.02 -6.48
P/(L) from discontinued operations net of tax 32.26 164.65 -80.41 67.91 193.2 -64.85 237.46 62.72 278.6
Net profit after discontinued operations 1359.19 966.3 40.66 3026.49 1200.49 152.1 4304.82 4411.74 -2.42
EPS (Rs)* 20.16 12.55 60.68 44.95 16.69 169.34 63.89 78.72 -18.83
* EPS is on current equity of Rs 131.65 crore, Face value of Rs 2, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

Grasim Industries : Consolidated Segment Results

 

Quarter ended Year to Date Year ended
% of (Total) 2109 (3) 2009 (3) Var.(%) % of (Total) 2109(6) 2009(6) Var.(%) % of (Total) 2103(12) 2003(12) Var.(%)
Sales
Cement - Grey,White and Allied Products 52.77 12,016.80 10,387.14 15.69 55.61 23,846.62 18,058.19 32.05 58.15 44,725.80 42,429.89 5.41
Chemicals - Caustic Soda and Allied Chemicals 7.14 1,626.68 1,125.88 44.48 7.14 3,063.16 1,827.45 67.62 5.96 4,580.69 5,502.32 -16.75
Others 2.39 543.21 311.02 74.65 2.31 992.43 471.16 110.64 1.89 1,453.68 2,287.49 -36.45
Financial Services 24.51 5,581.09 4,584.76 21.73 23.01 9,868.18 8,600.97 14.73 24.94 19,183.69 16,604.62 15.53
Viscose - Pulp,Viscose Staple Fibre and Filament Yarn 13.2 3,005.17 1,678.54 79.03 11.91 5,107.93 2,236.22 128.42 9.06 6,964.77 9,235.08 -24.58
Total Reported Sales 100 22,772.95 18,087.34 25.91 100 42,878.32 31,193.99 37.46 100 76,908.63 76,059.40 1.12
Less: Inter segment revenues 208.73 137.81 51.46 394.7 195.15 102.25 510.82 918.69 -44.4
Net Sales 100 22,564.22 17,949.53 25.71 100 42,483.62 30,998.84 37.05 100 76,397.81 75,140.71 1.67
PBIT
Cement - Grey,White and Allied Products 67.73 2,177.38 2,155.57 1.01 72.57 5,029.94 3,860.87 30.28 82.44 9,601.85 7,175.60 33.81
Chemicals - Caustic Soda and Allied Chemicals 4.98 160.17 116.94 36.97 5.23 362.69 88.44 310.1 2.59 301.64 742.44 -59.37
Others 0.91 29.35 -23.46 LP 0.77 53.43 -100.27 LP -0.2 -23.4 18.2 PL
Financial Services 11.69 375.87 229.91 63.49 9.08 629.39 400.53 57.14 8.7 1,013.32 757.33 33.8
Viscose - Pulp,Viscose Staple Fibre and Filament Yarn 14.68 472.01 83.31 466.57 12.34 855.46 -137.5 LP 6.47 753.1 906.22 -16.9
Total PBIT 100 3,214.78 2,562.27 25.47 100 6,930.91 4,112.07 68.55 100 11,646.51 9,599.79 21.32
Less : Interest 311.65 442.82 -29.62 721.33 921.49 -21.72 1,808.88 2,275.69 -20.51
Add: Other un-allcoable 162.04 -11.78 LP 328.31 -185.48 LP -66.2 -832.56 -92.05
PBIT Margin(%)
Cement - Grey,White and Allied Products 18.12 20.75 -263.28 21.09 21.38 -28.73 21.47 16.91 455.66
Chemicals - Caustic Soda and Allied Chemicals 9.85 10.39 -54.01 11.84 4.84 700.09 6.59 13.49 -690.82
Others 5.4 -7.54 1,294.60 5.38 -21.28 2,666.53 -1.61 0.8 -240.53
Financial Services 6.73 5.01 172 6.38 4.66 172.12 5.28 4.56 72.12
Viscose - Pulp,Viscose Staple Fibre and Filament Yarn 15.71 4.96 1,074.34 16.75 -6.15 2,289.65 10.81 9.81 100.02
PBT 100 3,065.17 2,107.67 45.43 100 6,537.89 3,005.10 117.56 100 9,771.43 6,491.54 50.53

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