Grasim Industries Results Q2 2009

Grasim Industries Ltd has announced the following Unaudited results for the quarter ended September 30, 2009:

The Company has posted a net profit of Rs 6742.50 million for the quarter ended September 30, 2009 where as the same was at Rs 4195.00 million for the quarter ended September 30, 2008. Total Income is Rs 31269.20 million for the quarter ended September 30, 2009 where as the same was at Rs 27864.70 million for the quarter ended September 30, 2008.

The Unaudited Consolidated Results are as follows:

The Group has posted a net profit of Rs 7807.70 million for the quarter ended September 30, 2009 where as the same was at Rs 4864.30 million for the quarter ended September 30, 2008. Total Income is Rs 48278.10 million for the quarter ended September 30, 2009 where as the same was at Rs 45543.00 million for the quarter ended September 30, 2008.

– The Scheme of Arrangement for sale of the Sponge Iron unit of the Company has become effective on May 22, 2009 on completion of the necessary formalities. Accordingly, the Company has transferred the Sponge Iron unit to Vikram Sponge Iron Ltd., on a going concern basis, on receipt of the sale consideration of Rs. 1030 Crores. The profit on such sale Rs. 336.07 Crores (Net of tax Rs. 8.65 Crores) has been accounted for as an extraordinary item.

– Current Results are not strictly comparable with that of corresponding periods of previous year owing to: (a) sale of the Sponge Iron unit on May 22, 2009 and (b) the results of Idea Cellular Ltd. being consolidated as a Joint Venture in the corresponding periods of the previous year, whereas w.e.f. January 01, 2009, the same is being consolidated as an Associate.

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