Grasim Industries today reported 47% rise in net profit at Rs 435.25 crore for the first quarter ended June 30, 2006 when compared with Rs 296.08 crore in the corresponding quarter a year ago.According to a release issued by the company to the BSE today, total income increased 27.3% to Rs 3,245.13 crore from Rs 2,549.16 crore in Q1FY06.