Financial Daily from THE HINDU group of publications
Friday, Apr 28, 2006
Financial Daily from THE HINDU group of publications Friday, Apr 28, 2006 |
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Corporate Results - Cement Grasim Q4 net up 14.5% Our Bureau
The performance Net sales rise to Rs 1,815 crore Sponge iron business reports loss. 200 per cent dividend proposed.
Mumbai , April 27 Grasim Industries has reported a 14.5 per cent increase in net profit and a 10.5 per cent rise in net sales for the fourth quarter of fiscal 2006. Net profit, after extraordinary items, amounted to Rs 262.74 crore up from Rs 229.5 crore in the corresponding year-ago quarter. The bottomline would have been more robust if not for the dent caused by the sponge iron business which reported a segmental loss of Rs 13.54 crore against a positive Rs 96.46 crore during the corresponding year-ago quarter. Net sales rose by 10.5 per cent to Rs 1,815 crore (Rs 1,642 crore). Other income was higher at Rs 111.56 crore (Rs 57.51 crore). Total expenditure rose by 12.9 per cent to Rs 1,408 crore (Rs 1,246 crore), largely due to higher fuel, power and freight costs. Interest costs at Rs 24 crore were lower by a third.
Consolidated figures
On a consolidated basis, the company's net revenues stood at Rs 2,901 crore (Rs 2,475 crore), a growth of 17.2 per cent. This growth was led by its cement business and a turnaround of the viscose staple yarn business. Q4 2006 saw a volumes growth of 12 per cent in VSF but a negative 1 per cent in net realisation. But the cement business recorded a 12 per cent increase in net realisation and a 15 per cent rise in sales volumes on a capacity utilisation of 115 per cent. The company's white cement and chemicals businesses too reported increased sales and realisation, while sponge iron continued to be a drag on account of a steep increase in price of inputs such as iron ore and gas. For the year as a whole, the company's net profit rose by 18 per cent to Rs 1,038 crore (Rs 880 crore) while net revenues rose by 9.5 per cent to Rs 10,200 crore (Rs 9,314 crore). The board of directors has proposed a dividend of 200 per cent for the year. Grasim Industries slid on the bourses, with its scrip losing Rs 10.5 or 0.46 per cent over the day to close at Rs 2,366.10.
Related Stories: More Stories on : Financial Performance | Cement | Grasim Industries Ltd
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