Key Points
BENGALURU, Aug 10 (Reuters) - India's Grasim Industries Ltd (GRAS.NS) reported a 56% drop in quarterly profit on Thursday - its fourth straight quarterly fall - as the Aditya Birla Group-owned company was hit by weak chemicals prices and a slump in its textiles business...
Prices of chemicals, including caustic soda, fell in the in the June quarter, leading to a 21.5% revenue drop in the company's second-largest business...
The company said international caustic soda average quarterly spot prices declined by 46% from last year in the first quarter to $415 per tonne on over-supply and weak demand...
Budgeted capital expenditure (capex) for fiscal 2024 is 57.91 billion rupees with 43.42 billion rupees to be utilised in establishing its paints and business-to-business e-commerce businesses, the company added...
Last month, Grasim's unit Ultratech Cement (ULTC.NS) beat its first-quarter profit view while its diversified financial services subsidiary Aditya Birla Capital (ADTB.NS) reported a climb in profit.. ($1 = 82.8150.
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