Grasim Industries Ltd. has posted 56.1% drop in its standalone net profit for Q1 FY2023-24 that ended in June 30, 2023 at Rs 355.27 crore. In the same time a year prior, the company had generated a profit of Rs 808.56 crore. Net profit increased sequentially by 280% from Rs 93.51 crore in Q4FY23.

During the quarter that ended in June, the company's standalone operating revenue decreased 14% year over year to Rs 6,237.55 crores from Rs 7,253.04 crores in Q1FY23. First-quarter revenue decreased at Rs 6,353.41 crore. In the same period a year prior, it was Rs 7,296.74 crore.

The company's revenue increased 11% YoY on a consolidated basis to Rs 31,065 crore, led by the robust results of three important subsidiaries: UltraTech Cement, Aditya Birla Capital, and Aditya Birla Renewables. However, the business noted in an exchange filing that profitability was hurt by softening of realizations in standalone Businesses and UltraTech Cement.

Earnings before interest, taxes, depreciation, and amortisation (EBITDA) on a standalone basis fell 42% year over year to come in at Rs 789 crore, according to the company's exchange report.

During the quarter, Grasim spent Rs 1,384 crore on capital expenditures, of which Rs 1,046 crore went to the Paints Business. The estimated capital for FY24 is Rs 5,791 crores, which includes Rs 4,342 crores for paints and B2B e-commerce.