India’s Grasim Industries Limited, a flagship company of Aditya Birla Group, has reported a 11 per cent year-on-year (YoY) increase in consolidated revenue to ₹31,065 crore in the first quarter of fiscal 2024 (Q1 FY24). This growth is attributed to the robust performance of key subsidiaries, tempered by softening realisations in standalone businesses.

The consolidated EBITDA for Q1 FY24 stood at ₹4,981 crore, marking a 2 per cent increase quarter-on-quarter (QoQ) and an 11 per cent increase YoY. Profit after tax (PAT) was at ₹1,576 crore, a 15 per cent increase QoQ, but a 5 per cent decrease YoY, reflecting a decrease of 18 per cent, Grasim Industries said in a media release.

In the viscose segment, the company's sales volume for viscose staple fibre (VSF) reached 187 kiloton (KT) for Q1 FY24, down by 3 per cent QoQ. Revenue in the viscose business was ₹3,584 crore, and EBITDA was at ₹390 crore for Q1 FY24, up by a significant 2.7 times QoQ. This was supported by improved EBITDA margins due to reduced input prices and higher efficiencies.

The speciality chemicals division, including epoxy polymers and curing agents, saw improved margins both QoQ and YoY, owing to an increased share from specialty products. The revenue contribution from speciality chemicals remained constant at 25 per cent, similar to the previous quarter.

The revenue for the chemicals business was at ₹2,146 crore, down by 10 per cent QoQ and 21 per cent YoY due to a decline in caustic realisations. EBITDA for this segment stood at ₹358 crore, down by 3 per cent QoQ and 56 per cent YoY, reflecting a mixed performance.

Grasim Industries continues to concentrate on its sustainability measures. The company has increased the share of renewable power to 11 per cent in Q1 FY24, compared to 8 per cent in FY23. Additionally, the focus on reducing freshwater consumption continues, with 47 per cent of the total water consumption being recycled water.