Grasim Industries advanced 1.09% to Rs 2262.05 after the company informed that its B2B e-commerce business unit for building materials Birla Pivot has crossed Rs 1,000 crore revenue-mark in FY24, which is the first year of its operations.
Birla Pivot offers a wide range of products, now encompassing more than 35 product categories and over 18,000 SKUs sourced from more than 150 Indian and international brands. These categories include essential construction materials like cement, steel, plywood, sanitaryware, tiles, among others.
Additionally, in response to the increasing demand for superior yet cost-effective products, the company has introduced its private label for plywood and tiles.
Birla Pivot's customer base spans top-tier EPC companies, civil contractors, real estate developers, OEMs, fabricators, dealers, and retailers. With successful deliveries to over 200 cities across 25 states, the company has established a robust network of suppliers and logistics providers, facilitating seamless operations, and ensuring a pan-India reach.
The company's intelligent Transport Management System (TMS) digitizes processes, providing real-time updates on orders and enhancing operational efficiency across the supply chain.
Sandeep Komaravelly, CEO, Birla Pivot, said, India's construction industry is undergoing exponential growth and is projected to reach $1.4 trillion by 2025.
With less than 2% digital penetration, the construction industry faces many challenges from fragmented supplier networks, and logistical bottlenecks to access to credit. Birla Pivot's vision is to leverage technology to create smarter and more efficient solutions across the value chain for buyers and sellers.
The aspiration is to reach a $1 billion revenue in the next three years.
Grasim Industries, a flagship company of the Aditya Birla Group, is a leading diversified player with leadership presence across many sectors. It is a leading global producer of viscose staple fibre and viscose filament yarn, the largest chlor-alkali, advanced material, linen yarn and fabrics producer in India. The company recently has entered paints business and setting up six plants across pan India locations.
The Aditya Birla Group companys consolidated net profit declined 39.8% to Rs 1,514.44 crore in Q3 FY24 as against Rs 2,515.78 crore Q3 FY23. However, revenue from operations rose 11.62% year on year (YoY) to Rs 31,965.48 crore in the quarter ended 31 December 2023.
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