 "Grasim achieves highest-ever Ebitda of Rs 20,837 cr: Kumar Mangalam Birla")
Kumar Mangalam Birla, chairman of Grasim Industries, said that the company reached an extraordinary milestone, achieving its highest-ever annual revenue of Rs 1,30,978 crore for the financial year 2023-24, exceeding $15 billion in consolidated revenues. He added, “The company has also recorded its highest-ever consolidated Ebitda of Rs 20,837 crore.”
Speaking at the company’s 77th Annual General Meeting on Tuesday (August 21), Birla went on to highlight that Grasim Industries had invested Rs 7,000 crore in its paints business and anticipates all of its six plants to be fully operational by the end of the current fiscal year. Birla noted that production began at three plants in April, with the remaining three on schedule for completion by FY25.
These manufacturing units, located across the country, are fully integrated, connected, and automated, facilitating large-scale production of over 1,200 SKUs with consistent quality. They are powered by renewable energy and adhere to a zero-liquid discharge policy. He also mentioned that the company invested Rs 4,471 crore in capital expenditures last fiscal year and expressed confidence in achieving Rs 10,000 crore in revenue within three years of full-scale operations.
Meanwhile, he also said, “The company’s ‘Make Life Beautiful’ advertising campaign has received an overwhelmingly positive response. Similarly, the feedback from the painter and contractor community has been highly encouraging, reinforcing our strategy to eliminate the ‘pain’ from painting.”
‘Birla Pivot receiving excellent response’
Regarding the B2B e-commerce venture, Birla Pivot, Kumar Mangalam Birla shared that it had surpassed the Rs 1,000 crore revenue milestone in its first year of operations. He added, “The business has expanded its portfolio to include 35 product categories and over 18,000 SKUs, sourced from more than 150 Indian and international brands, delivering to over 200 cities across 25 states.”
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Focus on meeting renewable energy demands
Kumar Mangalam Birla said that Aditya Birla Renewables plays a pivotal role in meeting the renewable energy demands and decarbonisation goals of the Group’s companies.
“Your company’s renewables business, operated under the subsidiary Aditya Birla Renewables, is an emerging clean energy solutions provider in India. With a cumulative installed capacity of approximately 1 GW across 42 projects in 10 states, the business is on track to reach 2 GW by the end of this year. The Group’s major manufacturing businesses – Grasim, Ultratech, Hindalco, and Birla Carbon – are all committed to achieving ‘Net-Zero’ emissions by 2050.”
‘India’s economic outlook remains resilient’
Sharing his outlook on the Indian economy, Kumar Mangalam Birla said, “The Indian economy remains resilient despite global risks, growing at a robust pace in FY24. Real GDP growth accelerated to 8.2 per cent, up from 7.0 per cent in the previous year, marking the third consecutive year of 7 per cent or higher growth. Investment played a crucial role in driving domestic demand, with gross fixed capital formation (GFCF) rising to 9 per cent in FY24 from 6.6 per cent in FY23, largely supported by government infrastructure spending.”
He said, “The outlook for the Indian economy remains positive, bolstered by strengthening macroeconomic fundamentals, a strong financial and corporate sector, and a resilient external sector. The government’s sustained focus on capital expenditure, alongside efforts towards fiscal consolidation and a sense of optimism among consumers and businesses, bodes well for future investment and consumption demand.”