Grasim Q4 net down 17%

BS 200 SCORECARD

Aditya Birla group flagship Grasim Industries reported a 17 per cent fall in year-on-year net profit for the fourth quarter ended March 31, 2004, after an extraordinary provision.

Net profit for January-March 2005 quarter was at Rs 230 crore. Excluding the extraordinary provision, the company's net profit was up 14 per cent at Rs 322 crore against Rs 277 crore in the fourth quarter of 2003-04.

Grasim made an exceptional provision of Rs 92 crore towards permanent diminution in the value of its investment in and loans to its subsidiary, Shree Digvijay Cement Company.

The company's turnover for 2004-05 was up 19 per cent at Rs.6,247 crore. Net profit before the provision for investment was up 26 per cent to Rs 978 crore and after the provision was up 14 per cent.

Grasim board of directors recommended a dividend of 160 per cent for 2004-05, up from 140 per cent. Additionally, the company will absorb corporate tax on dividend at the rate of 14.025 per cent.