Grasim (Standalone) reported a healthy set of numbers for the quarter, broadly in-line with the estimates. Revenue for the quarter was up 20.9% yoy to Rs5,292.9cr, in-line with consensus estimates. EBITDA grew 19.3% yoy to Rs1,052.6cr, with a marginal contraction of 27bps yoy in EBITDA margin, which stood at 19.9%. Aided by higher other income and lower tax outgo, the PAT was up 28.3% yoy to Rs608.2cr.
Consolidated revenue and EBITDA were up 21.5% and 45.4% on yoy basis respectively.
The VSF business reported net revenue of Rs2,616.7cr, up 19.6% yoy with EBITDA at Rs477cr, up 3% yoy. The share of domestic sales volume in the overall sales volume improved to 89% in Q3FY19 from 77% in Q3FY18.
The VSF business reported sales volume of 134KT, up 1% yoy in Q3FY19. The 7% increase in VSF realization on yoy basis was offset by higher input costs. The prices of key inputs, pulp, sulphur and coal were up by 12%, 28% and 9% yoy respectively. Company launched Livaeco, an eco-enhanced variant of brand Liva.
Chemical segment’s net revenue for the quarter grew 18.6% yoy to Rs1,558.5cr with a 23% yoy jump in EBITDA to Rs441cr. The strong growth was driven by better realization and higher sales volume (10% yoy growth to 250KT). The phosphoric acid plant of 29KTPA at Vilayat (Gujarat) has been commissioned in last quarter and the ramp up from that is expected by Q4FY19E.
Pulp segment’s revenue was up 23% yoy to Rs912cr, however, EBITDA declined by 4% yoy to Rs92cr on account of rise in input costs.
UltraTech had reported a growth 18.9 yoy in consolidated sales to Rs9389.6cr driven by 14% yoy volume growth. However, PAT was down by 14.5% yoy.
ABCL reported a robust financial performance in Q2FY19 with a consolidated revenue of Rs3,780cr and PAT (after minority interest) of Rs206cr. The lending book (including housing) grew 29% yoy to Rs60,129cr in Q3FY19 and AUM grew 8% yoy.
Grasim Industries Ltd is currently trading at Rs. 714.50, down by 38.7 points or 5.14% from its previous closing of Rs. 753.20 on the BSE.
The scrip opened at Rs. 756 and has touched a high and low of Rs. 764.80 and Rs. 709.60 respectively. So far 41,78,831 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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