Grasim Industries surges on reporting 29.25% rise in Q2 consolidated net profits

Grasim Industries is currently trading at Rs. 2348.00, up by 56.85 points or 2.48% from its previous closing of Rs. 2291.15 on the BSE.

The scrip opened at Rs. 2315.05 and has touched a high and low of Rs. 2354.00 and Rs. 2315.05 respectively. So far 3053 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2625.00 on 06-Apr-2011 and a 52 week low of Rs. 1981.20 on 21-Jun-2011.

Last one week high and low of the scrip stood at Rs. 2384.00 and Rs. 2281.00 respectively. The current market cap of the company is Rs. 21011.03 crore.

The promoters holding in the company stood at 25.55% while Institutions and Non-Institutions held 41.12% and 22.36% respectively. 

Grasim Industries, an Aditya Birla Group Company, has reported results for the quarter ended September 30, 2011.

The company’s net profit for the quarter has clocked in a growth of 23.32% at Rs 344.84 crore as compared to Rs 279.62 crore for the quarter ended September 30, 2010. The company’s total income has increased by 29.62% at Rs 1419.17 crore for the quarter under review from Rs 1094.90 crore for the corresponding quarter of the previous Fiscal.

On consolidated basis, the Group’s net profit for the quarter grew by 29.25% at Rs 417.94 whereas the same was at Rs 323.36 crore for the September quarter of the previous year. Company’s total Income rose by 27.81% at Rs 5880.94 crore for the quarter whereas the same was at Rs 4601.44 crore for the quarter ended September 30, 2010.

The company has reported that financial results for the period of three months and six months ended September 30, 2011 are strictly not comparable on account of Consolidation of results of subsidiaries of UltraTech Cement Middle East Investments (Star Cement Co. LLC., UAE and its associate companies) for three months and six months ended 30th September, 2011. The same are being consolidated from October 1st 2010 when acquisition was completed.

The company’s financial results are also not comparable on account of consolidation of 1/3rd results of Aditya Holding AB, Sweden (AHAB) as an ‘Associate’ of the Company in the current three months / six months, on acquisition of equity interest in June 2011. Aditya Holding AB is holding company of Domsjo Fabriker AB. The pro-rata results of AHAB for the period of three months ended 30th September, 2011 include loss of  Rs 30.81 crore on account of restatement of USD denominated borrowings and marked to market losses on forward exchange contracts for USDs sold against future sales.