Grasim Industries: Implementing next phase of transformational growth journey; viscose global demand weak
MUMBAI, February 8, 2024-
Grasim Industries Limited today announced its financial results for the quarter and 9 months ended 31st December 2023. Consolidated Revenue is up by 12% YoY to Rs.31,965 Cr. driven by the performance of key subsidiaries: UltraTech Cement and Aditya Birla Capital. The Consolidated PAT was up by 48% YoY on a comparable basis. However, the sharp decline in realisations of Caustic Soda (in line with global market conditions) impacted the standalone performance.
China VSF Inventory levels have reduced to 10 days in Q3FY24 compared to 12 days in the previous quarter reflecting a marginal increase in demand. However global demand remained weak from the major consuming markets in the US/Europe leading to a decrease in prices of the fibre basket. International VSF average prices stood at $1.51/kg for Q3FY24, the lowest in the past three years. The VSF prices were down by 5% YoY and 3% QoQ compared to a reduction of 9% YoY and 5% QoQ in cotton prices.
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