Displaying items by tag: Grasim Industries

India: Grasim Industries recorded US$6.86bn in consolidated sales during the first half of the 2023 financial year, which ended on 30 September 2022. The figure corresponds to a 31% increase from US$5.25bn in the first half of the 2022 financial year. Cement and allied products contributed US$3.59bn in sales, up by 22% from US$2.95bn. 36% costs growth caused the producer's net profit to fall by 3.3% in the period, to US$527m from US$545m.

India: Grasim Industries has secured its board's finance committee's clearance to raise up to US$121m through issue of non-convertible debentures. The Aditya Birla subsidiary plans to carry out the issue on a private placement basis, in one or more tranches.

India: Grasim Industries recorded consolidated sales of US$3.52bn in the first quarter of its 2023 financial year, up by 41% from first-quarter sales of US$2.5bn a year previously. Dow Jones Institutional News has reported that the group’s cement business contributed a net profit of US$402m, down by 8.8% year-on-year from US$441m.

India: Grasim Industries plans to establish a building materials sales platform with a total investment of US$250m over the five-year period to 2027. The Business Standard newspaper has reported that the new platform offers clear adjacencies with the cement and building materials producer's existing businesses and associate companies.

Parent company Aditya Birla's chair Kumar Mangalam Birla said "The building materials segment presents a huge scalable business opportunity with a proven path to profitability. With this foray, Grasim will be able to leverage the large business-to-business ecosystem within the Aditya Birla Group."

India: UltraTech Cement plans to invest US$1.67bn to expand its cement production capacity to 160Mt/yr. This corresponds to a capacity cost of US$76m/Mt/yr. The Business Standard newspaper has reported that the investment is part of parent company Aditya Birla’s planned US$9.91bn spending package to expand existing capacities and enter new sectors, including paints, via its subsidiary Grasim Industries. The investments will affect both its Indian operations and those overseas.

India: Grasim Industries' full-year consolidated sales were US$12.3bn in the 2022 financial year, up by 25% year-on-year from US$9.85bn. Its net profit rose by 60% to US$1.44bn from US$901m.

India: Grasim Industries has reported a change to its shareholding arrangements. Life Insurance Corporation (LIC) of India has concluded its sale of a 2% of stake in the company. LIC retains 9.8% of shares.

India: Grasim Industries has appointed Hari Krishna Agarwal as its managing director. He will take up the post for a period of two years from 1 December 2021. The appointment is subject to shareholder approval. It follows the early retirement of Dilip Gaur from the subsidiary of Aditya Birla Group.

Agarwal, aged 62 years, has worked for Aditya Birla Group for nearly 40 years. During this period, he has held different roles in cement, chemicals and pulp and fibre businesses before taking on his current role as Business Head for Pulp & Fibre. He is a chartered accountant and an Executive Master of Business Administration (MBA) from the Sasin School of Management at Chulalongkorn University in Bangkok, Thailand.

India: Grasim Industries’ full-year consolidated net sales rose by 2% year-on-year to US$10.5bn in its 2021 financial year from US$10.3bn in the 2020 financial year. The profit attributable to owners of the company was US$591m, down by 3% from US$606m. Cement sales rose by 5% to US$6.15bn from US$5.83bn.

India: Aditya Birla subsidiary Grasim Industries has raised US$136m through fully paid unsecured non-convertible debentures (NCDs). The company has allotted the NCDs on a private placement basis.