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

  • Wacker Neuson record slight revenue drop in Q1 2013
    May 22, 2013
    The Wacker Neuson Group reported a slight drop in revenue and earnings for the first quarter of 2013 compared to the same three months of last year. The German construction equipment manufacturer says that a weak European economy was one of the main factors that dampened demand for light and compact construction equipment in Q1 2013. In addition, the Group’s strong performance in first quarter of 2012 is said to have resulted in an above-average baseline for comparison. At US$331.26 million (€257.1mn), Grou
    Read More
  • Wacker Neuson sees profits rise
    March 30, 2022
    Wacker Neuson is seeing its profits rise.
    Read More
  • Dana set to buy drive systems segment of Oerlikon Group
    July 31, 2018
    Dana has signed an agreement to purchase the drive systems segment of the Switzerland-based Oerlikon Group for around US$600 million. The deal, pending regulatory approval, is expected to be completed by the end of the first quarter 2019 at the latest. Oerlikon’s drive systems business makes high-precision gears, planetary hub drives for tracked vehicles and products, controls and software that support vehicle electrification across the mobility industry.
    Read More
  • European construction market remains strong
    June 19, 2019
    Construction activity remains strong in Europe, according to data from the industry body FIEC. The data from the FIEC reveals a 3.5% growth in activity in the overall EU construction industry in 2018 and forecasts a 2.2% growth for 2019. “Although the situation continues to vary from one country to the other, the overall picture is currently positive, with activity in new housebuilding even booming in several countries.” said FIEC president Kjetil Tonning, presenting construction’s annual statistics. “In
    Read More

Highlighted Content