Indian textile and garment major Grasim Industries, the flagship of Aditya Birla Group has announced financial results for third quarter ended December 2017. It reported significant growth both at standalone and consolidated levels.
During the quarter under review, it reported consolidated net profit of Rs 786.87 crore as compared to net profit of Rs 952.33 crore during the same quarter last fiscal. Higher expenses and loss from subsidiaries are major reason of this difference.
It reported total income of Rs 15,523.75 crore in the reporting quarter as compared to Rs 9,743.51 crore in the third quarter of last fiscal.
However, the company feels that revenue is not comparable on account of implementation of GST this fiscal.
Sales volume went up by 9 per cent YoY for the domestic viscose staple fibre (VSF). The company is planning to focus on expanding the market in India by partnering with the textile value chain.
It recently received environmental clearance from the Union Environment Ministry to its proposal on the expansion of Vilayat Viscose Staple Fibre (VSF) unit in Baruch, Gujarat.
The increase in VSF production capacity will fulfil the stipulated demand of manmade fibres in the country.