Grasim has reported a 64% growth in profit for April-June quarter on strong performance of their Viscose Staple Fibre (VSF) subsidiary.
Increase VSF demand and low inventory in China were the major reason for growth, said the company.
Cement subsidiary UltraTech’s profit rose to 29% from Rs. 604 crores for the same period the previous year. Higher volume, lower fuel and logistics cost were the reasons for the growth, company said.
Grasim’s chemical business revenue grew 17%.
Grasim said it will continue to focus on expanding the VSF market in India by partnering with the textile value chain and better customer connect through their brand Liva.
Adding to this the compay expects the demand for caustic soda and cement to grow, with cement expecting to touch 7% growth, in the current year. Cement industry is expected to grow due to Government’s focus on infrastructure development, housing, smart cities etc.
Grasim believes itself to be well positioned across the country to cater to the growth in demand.