Birla Group Strengthens Position in Grasim Industries by 4.09%

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Synopsis:

Birla Group raises its stake in Grasim by 4.09%, now holding 23.18% of the company. Grasim reports a 39% growth in consolidated net profit to ₹1,908 crore and a 13% increase in revenue to ₹37,727 crore for the Q4 FY2024.

Birla Group - Grasim News Today

Birla Group Holdings Private Limited (BGHPL), a promoter of Grasim Industries, has increased its stake in the company by 4.09%, as per an exchange filing on Tuesday. This raises Birla Group’s holding in Grasim to 23.18%, up from 19.10% at the end of the March quarter.

Additional Read: Aditya Birla Group

Scheme of Amalgamation

The additional stake acquisition by BGHPL occurred under a scheme of amalgamation. This involved the transfer of 2,67,46,262 fully paid-up equity shares and 10,63,204 partly paid-up equity shares of Grasim Industries held by Umang Commercial Company Private Limited to BGHPL.

Additional Read: Aditya Birla Q4 Result

Financial Performance and Stock Movement

Grasim Industries reported a substantial 39% growth in consolidated net profit to ₹1,908 crore for the quarter ended March 2024, excluding exceptional items. Revenue from operations also saw a significant increase of 13% year-on-year to ₹37,727 crore. The stock prices of Grasim Industries rose by 1.86% to ₹2,435.10 on the NSE.

Operational Highlights

Grasim CSF volumes grew 8% year-on-year to 208 KT, although revenue remained flat due to subdued realisations. Segment EBITDA sequentially increased by 15% to ₹462 crore, primarily due to lower input costs. The chemicals business achieved its highest-ever caustic soda sales volume of 308 KT in Q4FY24, despite a 13% decline in revenue to ₹2,083 crore.

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