Aditya Birla Group-owned Grasim Industries ' third quarter consolidated net profit fell 39.5 percent year-on-year to Rs 332 crore on weak operational performance.
"The current difficult market conditions have affected the performance of both the businesses cement and viscose staple fibre (VSF).
"Margin of VSF business was impacted due to increase in imported pulp prices and rupee depreciation while profitability of cement business (completely led by Ultratech Cement) dented on account of lower realisation and rising freight costs," the company said in its presentation.
Consolidated net sales grew 5 percent to Rs 7,067 crore in the quarter gone by. Cement business contributed 73 percent of total revenues and 22 percent by VSF.
Other income dropped 40 percent to Rs 106 crore while tax expenses declined 39.4 percent to Rs 183.6 crore. Finance cost increased 52.4 percent to Rs 125 crore year-on-year.
Earnings before interest, tax, depreciation and amortisation slipped 21.6 percent to Rs 984 crore and operating profit margin plunged 480 basis points to 13.9 percent during October-December quarter year-on-year.
"VSF business has recorded volume growth, supported by increased capacity at Harihar," the company said in its filing.
Production of VSF increased by 4 percent year-on-year and sales volume climbed 24 percent to 97,049 million tonne, led by better performance in both domestic and exports markets.
The combined cement and clinker sales volume increased marginally at 10.76 million tonne.
The company said with the commissioning of the grinding unit (1.6 million tonne per annum) at Jharsuguda, Odisha in October 2013, UltraTech's cement capacity stands augmented to 55.5 million tonne per annum.
"On commissioning of all the projects currently under implementation and the acquisition of Gujarat cement unit of Jaypee Cement Corporation., total cement capacity will increase to 70 million tonne per annum," it added.
Board of directors of UltraTech Cement, wherein Grasim holds 60.29 percent stake, approved the acquisition of the two Gujarat cement units of Jaypee Cement Corporation (JCCL) in September, 2013 at enterprise value of Rs 3,800 crore. The transaction is going to be completed by Q1 FY2014-15, the company said.
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