GRASIM · Construction Materials
Grasim Industries Ltd. reported revenue of ₹35,378 cr for October to December 2024, +10.7% on the year and +3.4% on the quarter.
Operating profit (EBITDA) was ₹6,804 cr, a margin of 19.2%, −233 bps on the year and +162 bps on the quarter. Over the last 7 quarters the margin has ranged from 17.6% to 21.6%, averaging 19.9%. Operating costs grew +14.0%, faster than revenue at +10.7%, so operating profit grew less than sales.
Net profit was ₹1,734 cr, −33.4% on the year and +76.4% on the quarter, with earnings per share of ₹12.45. Profit before other income, one-offs and tax fell 40.1%, so 7 points of the headline growth came from outside the core business. The tax rate was 25% against an average of 30% over the previous 6 quarters, which lifted profit this quarter.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹54.36 over the last four quarters, the stock at ₹2,919.00 trades at 53.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin slipped on the year.
EBITDA margin 19.2%, −233 bps on the year (+162 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹30,221 cr | ₹31,965 cr | ₹37,727 cr | ₹34,610 cr | ₹34,223 cr | ₹35,378 cr | ₹44,267 cr | ₹40,118 cr | ₹39,900 cr | ₹44,312 cr | ₹51,101 cr | ₹48,716 cr |
| YoY | — | — | — | +11% | +13% | +11% | +17% | +16% | +17% | +25% | +15% | +21% |
| EBITDA margin | 20.0% | 21.6% | 20.9% | 19.3% | 17.6% | 19.2% | 19.8% | 22.0% | 19.2% | 20.0% | 21.3% | 22.9% |
| Other income, % of PBT | 10% | 7% | −1% | 9% | 22% | 17% | 12% | 10% | 16% | 2% | 3% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 25% | 31% | 23% | 46% | 25% | 26% | 28% | 40% | 27% | 26% | 26% |
| Net profit | ₹2,024 cr | ₹2,603 cr | ₹2,722 cr | ₹2,066 cr | ₹983 cr | ₹1,734 cr | ₹2,973 cr | ₹2,771 cr | ₹1,498 cr | ₹2,233 cr | ₹3,684 cr | ₹3,846 cr |
| YoY | — | — | — | −20% | −51% | −33% | +9% | +34% | +52% | +29% | +24% | +39% |
| Core profit YoY | — | — | — | −22% | −45% | −40% | −12% | +42% | +47% | +55% | +37% | +41% |
| EPS | ₹17.10 | ₹22.25 | ₹20.80 | ₹16.33 | ₹4.78 | ₹12.45 | ₹21.98 | ₹20.87 | ₹8.13 | ₹15.23 | ₹27.86 | ₹31.53 |
| Flags | · | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Grasim Industries Ltd. reported revenue of ₹35,378 cr (+10.7% on the year) and net profit of ₹1,734 cr (−33.4% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −40.1% on the year, against −33.4% for reported profit.
None of the 7 checks that could run raised a question.
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