Grasim Industries Q1 net profit down 8 percent

New Delhi, July 31 (IANS) The Aditya Birla-promoted Grasim Industries Limited Saturday reported an 8 percent decline in net profit at Rs.685 crore for the first quarter of 2010-11 as against Rs.744 crore in the like period of 2009-10.

According to the company, this was due to the demerger of the cement business into Samruddhi Cement Limited (SCL) and the allotment of SCL equity shares to Grasim shareholders.

‘As a result, an amount of Rs.110 crore out of the net profit of SCL, which was the share of Grasim shareholders, has been reduced as minority share. This has affected the net profit for the quarter,’ the company said in a statement.

The net revenue of the company marginally increased by two percent in the first quarter at Rs.5,119 crore.

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