Grasim Q1 net marginally up

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Mumbai, Jul 25 : Grasim Industries Ltd, an Aditya Birla Group company, on Friday announced its results for the first quarter ended 30 June, 2008. The net profit of the company in Q1FY09 was marginally higher at Rs 672 crore as compared to Rs 670 crore in the corresponding quarter last year. The company's net revenues for the period stood at Rs 4,430 crore, up 9% against Rs 4,060 in Q1FY08.

"Viewed in the context of the general slowdown of economy and spiralling prices of key inputs, the performance has been satisfactory," the company said in a statement.

Grasim's shares were up 0.70% to close at Rs 1,842.95 on the Bombay Stock Exchange on Friday.

The performance of the company's viscose staple fibre (VSF) business during the quarter was muted as production was curtailed due to lower off-take. VSF margins were depressed due to the record increase in sulphur prices and higher prices of other key inputs like pulp and caustic.

On the other hand, Grasim's cement business posted a moderate performance. Production increased by 3% at 3.99 million tonne and sales volumes were marginally higher at 3.97 million tonne, it said. The chemical plant also posted an improved performance. Caustic soda volumes were higher by 11% at 47,800 tonne and realisations grew by 30% at Rs 22,352 per ton.