Shares of Grasim Industries on Monday fell nearly 3 per cent from day’s high in a knee-jerk reaction to Q2 results, before staging a smart rebound. The stock ended the day at 2.40 per cent higher at Rs 1,750 on BSE. From day’s high, the scrip fell 2.8 per cent to day’s low of Rs 1,707.20 on BSE, as soon as the Q2 results were announced. The stock, however, staged a smart comeback.
Grasim said its first paints plant will be commissioned in the March quarter, and the remaining plants by FY25 in a phased manner.
The company added that the construction work is in progress across five locations and will commence at the remaining one location in Q4FY23. Grasim said the B2B E-commerce business plans are under execution for launch by Q2FY24 as scheduled.
The company clocked a 17 per cent year-on-year (YoY) drop in consolidated net profit at Rs 1,097 crore compared with Rs 1,327 crore in the corresponding quarter last year.
Revenue for the quarter advanced 22 per cent YoY to Rs 27,486 crore from Rs 22,567 crore in the same quarter last year. Ebitda for the quarter declined 12 per cent YoY to Rs 3,783 crore from Rs 4,282 crore in the year-ago quarter.
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