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Friday, May 03, 2002

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Grasim net falls 40 pc in Q4; turnover down

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GRASIM Industries Ltd has posted a net profit of Rs 79.23 crore for the fourth quarter ended March 31, 2002, about 40 per cent below that of Rs 133.36 crore posted in the corresponding period of the last fiscal.

The total income has decreased from Rs 1,194.38 crore last year to Rs 1,169.86 crore in 2001-02.

The company has ended the 2001-2002 fiscal with a four per cent increase in its net profit at Rs 386.8 crore as compared to Rs 370.8 crore last year.

However, if exceptional items are included the net profit has declined by 20 per cent at Rs 302.96 crore from Rs 377.99 crore in the earlier year.

Exceptional items include loss on sale of subsidiary amounting to Rs 18.11 crore, loss on closure of the Mavoor units Rs 55.33 crore, retrenchment compensation of Rs 19.01 crore, write down of fixed assets on retirement from active use Rs 31.93 crore and employee separation cost of Rs 27.60 crore.

Turnover was down by two per cent at Rs 4,386.64 crore (Rs 4471.48 crore) due to lower volumes in viscose staple fibre (VSF), sponge iron and curtailed trading operations. Other income moved up to Rs 114.62 crore (Rs 89.71 crore). The company's interest cost was down at Rs 190.25 crore (Rs 238.78 crore).

The board of the company has decided on a dividend of 90 per cent (88 per cent).

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