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Sales volumes for Grasim VSF business higher
30
Apr '08
Grasim Industries Limited has performed well during the quarter ended 31 March 2008. Revenues increased by 15 per cent from Rs. 4,090 crore to Rs. 4,715 crore. Net profit (before extraordinary gain) was higher by 15 per cent at Rs.644 crore (Rs. 558 crore).

The FY 2008 results have been impressive. Revenues crossed US$ 4 billion mark, at Rs.17,037 crore (Rs.14,142 crore), a rise of 20 per cent. Net profit (before extraordinary gains) rose appreciably by 35 per cent at Rs. 2,655 crore (Rs. 1,967 crore).

Dividend:
The board of directors of Grasim has recommended a dividend of 300 per cent (last year: 275 per cent). The total outflow on account of dividend, including corporate tax on dividend, would be Rs. 316 crore, vis-à-vis Rs. 287 crore for FY07, an increase of 10 per cent.

Viscose Staple Fibre (VSF) business:
Macro economic factors impacted the VSF business during the quarter. The deceleration in demand was primarily due to the slowdown of textile demand in USA and liquidation of inventory in the value chain.

Additionally, the anti-dumping investigation by Turkey on import of VSF based yarn and the substitution effect on account of high VSF prices contributed to the subdued performance.

The performance of VSF business for the financial year as a whole was however, impressive. Production increased by 13 per cent at 279,901 tonnes. Sales volumes were higher by 8 per cent at 269,781 tonnes.

During the quarter underreview, the company expanded its VSF capacity at Kharach (Gujarat) by 63,875 tonnes. The company's VSF capacity thus stands increased at 333,975 tonnes.


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