Grasim Industries Witnesses Growth In First Quarter Sales
Sales figures for the first quarter (Q1) at Grasim Industries went up by a handsome 182% to touch Rs. 3,763 crore as compared to Rs. 1,336 crore in the same period in the earlier financial year. The company posted net losses of Rs. 283 crore in the first quarter of FY2020-2021 and this surged to Rs. 482 crore in profits for the quarter reported, ending on 30th June, 2021. The EBITDA of the company went up considerably to stand at Rs. 805 crore. The company stated that the impact on overall demand for textiles owing to the coronavirus second wave was not as devastating as compared to the very first wave. India implemented stringent limitations for business activities for a major part of the first quarter of FY2021-22 and this affected textile product sales, leading to a major inventory accumulation throughout the entire value chain. VSF (Viscose Staple Fibre) prices came to RMB 12,871 in June, 2021 (China) and remains stable at the present level as per Grasim Industries, the parent...