Grasim Industries Ltd., a company controlled by the Aditya Birla Group, reported a loss in net profit for the third consecutive quarter on Friday due to weaker demand for its textile goods and declining chemical costs.
The textile manufacturer’s standalone net profit fell 91.2% to 935.1 million rupees ($11.32 million) from 10.68 billion rupees a year earlier in the fourth quarter that ended on March 31.Grasim Industries Ltd., a company controlled by the Aditya Birla Group, reported a loss in net profit for the third consecutive quarter on Friday due to weaker demand for its textile goods and declining chemical costs.
The textile manufacturer’s standalone net profit fell 91.2% to 935.1 million rupees ($11.32 million) from 10.68 billion rupees a year earlier in the fourth quarter that ended on March 31. The business also announced a dividend of 10 rupees per share. Grasim’s subsidiary Aditya Birla Capital also reported higher profit last month, while Ultratech Cement reported a 32.3% decline in fourth quarter earnings.After the company released its findings, its shares partially recovered some early losses to close at 1986 rupees down 0.9%.
