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Aditya Birla Group-owned Grasim Industries Ltd, on Friday, posted a profit of Rs 93.51 crore for the March quarter. This is 91 per cent fall from Rs 1,068 crore a year ago, the company statement said.
In a regulatory filing, the company said, “For Q4FY23, the company’s consolidated revenue stood at its highest levels of Rs 33,462 crore, reflecting a growth of 16 per cent YoY mainly contributed by the strong performance of key subsidiaries.”
"The global caustic soda market remain oversupplied with flat demand," the company said in a statement.
Global demand for viscose staple fibre (VSF), a key material in various kinds of clothes, has been on a decline for two quarters in a row, with the segment's revenue inching 0.1 per cent lower.
Grasim had reported a nearly 51 per cent drop in its third-quarter profit in February.
The company also forayed into the paints business during the fourth quarter, saying that construction of six plants is progressing and its research and development facility is operational.
Expenses rose nearly 11 per cent to Rs 6,627 crore due to an over 8 per cent climb in raw material expenses, offsetting the company's more than 4% growth in revenue from operations.
Separately, the company declared a dividend of Rs 10 per share.
Last month, Grasim's unit Ultratech Cement posted a 32.3 per cent drop in fourth-quarter profit, while its diversified financial services subsidiary Aditya Birla Capital also reported higher profit.
The company's shares pared some early losses to trade down 0.9% at 1986 rupees after reporting its results.
(With inputs from Reuters)
