Grasim Industries, a textiles manufacturer in India, has announced its financial results for the second quarter (Q2) fiscal 2021. Revenues remained flat at Rs 18,600.72 crore compared to revenues from the same period last fiscal. The company’s net profit during the reported quarter ended on September 30, increased to 1,521.40 crore (Q2 FY20: Rs 1,472.77 crore).
During the quarter, sales of viscose segment slipped to Rs 1,678.54 crore (Rs 2,431.04 crore). Whereas, chemicals segment revenue were down to Rs 1,125.88 crore (Rs 1,346.96 crore).
In its release, the company stated that in China, VSF inventory at VSF plants declined significantly from 45 days (Apr-20) to 16 days (Sep-20). China Yarn inventory with spinners also declined from 39 days (Apr-20) to 12 days (Sep-20) on back of solid Chinese demand. VSF export demand remained buoyant on back of demand from the US and European markets.
Demand pick from textile, paper segment and other segment led to sequential improvement in Grasim Industries domestic caustic soda sales.