Grasim Industries of India welcomes income rise

India-based cement, textiles and chemicals firm Grasim Industries (Aditya Birla Group) saw its year-on-year income rise 12.72% to INR 19.09 trillion (US$257.9bn) in the 1 April to 30 June 2019 period. The company achieved a consolidated net profit of INR 17.86bn ($249.43mn) , up by 27.86%. UltraTech, Grasim Industries’ cement subsidiary, contributed INR 10.18tn ($143.15bn) in revenues, up by 14.35%. A Scheme of Arrangement amongst Century Textiles and Industries Limited (Century), UltraTech and their
August 16, 2019 Read time: 2 mins

India-based cement, textiles and chemicals firm Grasim Industries (Aditya Birla Group) saw its year-on-year income rise 12.72% to INR 19.09 trillion (US$257.9bn) in the 1 April to 30 June 2019 period.

The company achieved a consolidated net profit of INR 17.86bn ($249.43mn) , up by 27.86%. UltraTech, Grasim Industries’ cement subsidiary, contributed INR 10.18tn ($143.15bn) in revenues, up by 14.35%.

A Scheme of Arrangement amongst Century Textiles and Industries Limited (Century), UltraTech and their respective shareholders and creditors has been approved by the National Company Law Tribunal and likely to become effective in Q2 financial year 2020/21 upon receipt of remaining regulatory approvals.

Post completion of this acquisition and with the on-going capacity expansions, UltraTech’s cement manufacturing capacity will stand at 117.35 million tonnes per year, inclusive of overseas operations.

A Grasim Industries’ statement accompanying the company’s trading results said that cement demand growth is expected to be in line with GDP growth. “The key long-term demand drivers are the (Indian) government’s pro-growth stance and thrust on infrastructure development, increased plan outlay for social housing program in phase -2 and pick up in rural/urban housing demand with reduction in the interest rates,” the statement summarised.

Related Content

  • India’s capital highway project will improve transport connections
    October 10, 2017
    Huge numbers of construction machines as well as plant and equipment are working overtime, backed by mammoth manpower, to meet the targeted completion deadline of March 2018 for India’s Eastern Peripheral Expressway (EPE). The 135km arterial route is being built with six lanes and surrounds India’s National Capital, Delhi, its National Capital Region (NCR) and the industrially developed North Indian states of Haryana and Uttar Pradesh.
    Read More
  • Meeting the IRF Fellows and hearing of their positive experiences
    April 23, 2019
    Morgan Morris, a master’s student at the University of Central Florida, recounts her life-changing experience as President of the 2019 Class of IRF Fellows After the short span of a week, a graduate research IRF Fellow transforms into an approachable, professional leader overflowing with inspiration and ideas. “In some ways, attending the IRF Fellows Road Scholar Program is comparable to going to an all-you-can-eat sushi buffet. You are not sure what exactly you signed up for, but in the end, you rea
    Read More
  • Kier’s strong financial performance
    September 20, 2018
    Kier Group has announced a strong financial performance for its full-year results to 30th June 2018. The results were bolstered in particular by a solid performance in its highways business. The company claims that this has reinforced the firm’s position as the UK’s leading provider of highways management and maintenance services. Over the 12 months, Kier has maintained its position as the lead supplier to Highways England. Securing two three-year extensions to 2021 and 2022 respectively worth over £250 m
    Read More
  • LiuGong invests hard to be seen as made, tested and supported in Europe
    January 26, 2018
    LiuGong is investing hard in Europe, determined to be seen as a global player whose products are “made in Europe, tested in Europe and supported in Europe.” Along with new European headquarters based in Warsaw, LiuGong is also opening up a new European production line and a new continent-wide parts distribution centre at its Dressta manufacturing centre in Stalowa Wola. Geoff Hadwick reports
    Read More

Highlighted Content