Financial Services

Aditya Birla Capital Limited (ABCL)

Chemicals

Aditya Birla Chemicals (Thailand) (ABCTL)

Fashion

Aditya Birla Fashion and Retail Limited (ABFRL)

Carbon Black

Birla Carbon

Cellulosic Fibre

Textiles

Grasim Industries Limited

Metals

Hindalco Industries Limited

Novelis Inc

Cement

UltraTech Cement Limited

Telecom

Vodafone Idea Limited (Vi)

The consolidated revenue1 of the Company grew by 32% year-on-year and consolidated profit after tax, excluding one-off items, grew 33% year-on-year.<ul><li>Consolidated Revenue1,2 Rs. 2: 12,079 Crore in Q4 FY24 (↑32% y-o-y) and Rs. 39,050 Crore in FY24 (↑ 30% y-o-y)</li><li>Consolidated PAT2,3 : &nbsp;Rs. 812 Crore in Q4 FY24 (↑ 33% y-o-y) and &nbsp;Rs. 2,902 Crore in FY24 (↑ 41% y-o-y)</li><li>NBFC lending portfolio crossed ` 1 lakh crore (↑ 31% y-o-y)</li><li>Overall lending portfolio (NBFC and HFC): Rs. 1.24 lakh Crore (↑ 31% y-o-y)</li><li>Mutual fund quarterly average AUM: &nbsp;Rs. 3.32 lakh Crore (↑ 21% y-o-y)</li><li>Total premium (life and health insurance): &nbsp;Rs. 20,961 Crore in FY24 (↑ 18% y-o-y)</li><li>Udyog Plus, a B2B platform for MSMEs reached ~ Rs. 250 Crore AUM to date</li><li>ABCD, omnichannel D2C platform, has seen 1 lakh + registrations till date</li><li>Sold ~ 5% stake in ABSLAMC through OFS, augmenting ABCL's capital base by ~ ` 570 Crore</li></ul>&nbsp;(Rs. crore)<figure class="table"><table class="ck-table-resized" width="100%"><thead><tr><th>Particulars</th><th>Q4 FY23</th><th>Q4 FY24</th><th>Y-o-Y growth</th><th>FY23</th><th>FY24</th><th>Y-o-Y growth</th></tr></thead><tbody><tr><td>Revenue1,2</td><td>9,146</td><td>12,079</td><td>32%</td><td>29,999</td><td>39,050</td><td>30%</td></tr><tr><td>Profit after Tax2,3 (after minority interest and excluding one-off items)</td><td>609</td><td>812</td><td>33%</td><td>2,057</td><td>2,902</td><td>41%</td></tr><tr><td>Reported Profit after Tax</td><td>609</td><td>1,245</td><td>-</td><td>4,796</td><td>3,335</td><td>-</td></tr></tbody></table></figure>1. Consolidated segment revenue; for Ind AS statutory reporting purpose Asset management, wellness business and health insurance (from October 21, 2022) are not consolidated and included under equity accounting&nbsp;&nbsp; 2. Excluding gain on sale of shares in AMC through OFS in Q4 FY24&nbsp;&nbsp; 3. Excluding fair value gain on conversion of Aditya Birla Health Insurance from subsidiary to JV in Q3 FY23Aditya Birla Capital Limited (“The Company”) announced its audited financial results for the quarter and year ended March 31, 2024.The consolidated revenue1 of the Company grew by 32% year-on-year to Rs. 12,079 Crore in Q4 FY24 and 30% year-on-year to&nbsp;Rs. 39,050 Crore in FY24. The consolidated profit after tax, excluding one-off items, grew 33% year-on-year to&nbsp;Rs. 812 Crore in Q4 FY24 and 41% year-on-year to&nbsp;Rs. 2,902 Crore in FY24.The strong momentum across businesses led to a 31% year-on-year and 8% sequential growth in the overall lending portfolio (NBFC and HFC) to Rs. 1,24,059 Crore as on March 31, 2024. The total AUM (AMC, life insurance and health insurance) grew by 21% year-on-year to&nbsp;Rs. 4,36,442 Crore. The total premium (life insurance and health insurance) grew by 18% year-on-year to Rs. 20,961 crore in FY24.The Company follows an omnichannel architecture for distribution, with customer-centricity as a key element. The Company’s D2C platform, ABCD, which has been built in a record time of 12 months, went live about a month ago. It offers a comprehensive portfolio of 22 products and services such as payments, loans, insurance, and investments along with comprehensive personal finance tracking such as ‘My Track’. The Company has witnessed a robust response for ABCD with more than 1 lakh registrations to date.The Company continues to expand its footprint in the MSME segment through its comprehensive B2B platform, Udyog Plus, which has seen more than 8 lakh registrations to date. It offers a paperless digital journey for business loans and loan disbursement of up to 10 lakh. Udyog Plus has clocked disbursements of ~ 500 Crore to date with ABG ecosystem contributing about two-thirds of the business. The total AUM of Udyog Plus has reached ~ Rs. 250 crores to date.The Company also continues to expand its physical footprint with a pan-India presence of 1,474 branches across all businesses as of March 31, 2024. The branch expansion is targeted at driving penetration into tier 3 and tier 4 towns and new customer segments.During Q4 FY24, Aditya Birla Capital and Sunlife sold about 5% and 6.5% stake in ABSL AMC respectively through an offer for sale with the objective of meeting the minimum public shareholding requirement by October 2024, as required by SEBI regulation. The sale received an overwhelming response from investors across domestic and foreign funds. It helped Aditya Birla Capital to strengthen its balance sheet by enhancing the capital base by ~ 570 crore.&nbsp;<h3>Highlights of NBFC business</h3><ul><li>Disbursements grew by 10% sequentially and 16% year-on-year to&nbsp;Rs. 18,123 Crore in Q4 FY24. Disbursements grew by 31% year-on-year to&nbsp;Rs. 64,387 Crore in FY24</li><li>The loan portfolio grew by 7% sequentially and 31% year-on-year to&nbsp;Rs. 105,639 Crore</li><li>Loans to Retail, SME and HNI customers constitute 67% of the total loan portfolio</li><li>Profit before tax grew by 31% year-on-year to&nbsp;Rs. 794 Crore in Q4FY24 and 43% year-on-year to&nbsp;Rs. 2,987 Crore in FY24</li><li>Return on assets was maintained at a healthy level of 2.46% in FY24</li><li>Return on equity grew by 234 basis points year-on-year to 17.10% in FY24</li><li>Gross stage 2 and 3 assets declined by 36 basis points sequentially and 135 basis points year-on-year to 4.49% as of March 31, 2024</li></ul>&nbsp;<h3>Highlights of Housing Finance business</h3><ul><li>Disbursements grew by 64% year-on-year to&nbsp;Rs. 2,933 Crore in Q4 FY24 and 59% year-on-year to&nbsp;Rs. 8,450 Crore in FY24</li><li>Loan portfolio grew by 11% sequentially and 33% year-on-year to&nbsp;Rs. 18,420 Crore</li><li>Profit before tax grew by 14% year-on-year to&nbsp;Rs. 95 Crore in Q4FY24 and 22% year-on-year to&nbsp;Rs. 376 Crore in FY24</li><li>Return on assets was maintained at a healthy level of 1.92% in FY24&nbsp;</li><li>Return on equity grew by 71 basis points year-on-year to 13.87% in FY24</li><li>Gross stage 2 and 3 assets declined by 63 basis points sequentially and 208 basis points year-on-year to 2.91% as of March 31, 2024</li></ul>&nbsp;<h3>Highlights of Asset Management business</h3><ul><li>Mutual fund quarterly average assets under management (QAAUM) grew by 21% year-on-year to&nbsp;Rs. 3,31,709 Crore for Q4 FY24, with equity mix at 45.8%</li><li>Individual monthly average assets under management grew by 23% year-on-year to&nbsp;Rs. 1,73,238 Crore in Mar 2024</li><li>Monthly systematic investment plan (SIP) flows grew by 25% year-on-year to&nbsp;Rs. 1,252 Crore in Mar 2024</li><li>Profit before tax grew by 48% year-on-year to&nbsp;Rs. 268 Crore in Q4FY24 and 27% year-on-year to&nbsp;Rs. 1,008 Crore in FY24</li></ul>&nbsp;<h3>Highlights of Life Insurance business</h3><ul><li>Individual First Year Premium (FYP) grew by 2% year-on-year to&nbsp;Rs. 3,074 Crore in FY24</li><li>Renewal premium grew 24% year-on-year to Rs. 9,160 Crore in FY24</li><li>13th month persistency continued to improve at 88% in Mar 2024 (Mar 2023: 87%)</li><li>61st month persistency was strong at 65% in Mar 2024 (Mar 2023: 54%)</li><li>Net VNB margin was 20.2% in FY24</li></ul>&nbsp;<h3>Highlights of Health Insurance business</h3><ul><li>Gross written premium (GWP) grew by 36% year-on-year to&nbsp;Rs. 3,701 Crore, with Retail contributing 52% of total GWP</li><li>Market share among standalone health insurers (SAHI) increased by 82 basis points year-on-year to 11.2% in FY24</li><li>Combined ratio remained stable at 110%</li></ul>

Aditya Birla Capital announced strong Q4 FY24 results

UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group. A USD 7.9 billion company, UltraTech is the largest manufacturer of grey cement, ready-mix concrete (RMC) and white cement in India. UltraTech is the third largest cement company in the world, excluding China, with a consolidated production capacity of 146.2 Million Tonnes Per Annum (MTPA) of grey cement. UltraTech is the only cement company globally (outside of China) to have 100+ MTPA of cement manufacturing capacity in a single country. The Company’s business operations span UAE, Bahrain, Sri Lanka and India.UltraTech’s manufacturing footprint comprises of 23 integrated manufacturing units, one Clinkerisation unit, 31 grinding units and 8 bulk packaging terminals. With 270 Ready Mix Concrete (RMC) plants in 125 cities, UltraTech is the largest manufacturer of concrete in India. It has a slew of speciality concretes that meet specific needs of discerning customers. UltraTech’s Building Products business is an innovation hub that offers an array of scientifically engineered products to cater to new-age constructions. UltraTech is the leading player in the white cement segment in India and is retailed in the market under the brand name of Birla White. UltraTech has one white cement unit and three wall care putty units. UltraTech pioneered the UltraTech Building Solutions (UBS) concept to provide individual home builders with a one-stop-shop solution for building their homes. This is the first pan-India multi-category retail chain catering to the needs of individual home builders (IHBs). Currently, there are over 3600 UBS outlets in 22 states across India.UltraTech is a founding member of Global Cement and Concrete Association (GCCA). It is a signatory to the GCCA Climate Ambition 2050 and has committed to the Net Zero Concrete Roadmap announced by GCCA. UltraTech is focused on accelerating the decarbonisation of its operations, and is the first company in India and the second company in Asia to issue dollar-based sustainability linked bonds. UltraTech works to actively contribute to the social and economic development of the communities in which it operates in. The Company’s social initiatives focus on education, healthcare, sustainable livelihoods, community infrastructure and social causes. UltraTech reaches out to more than 1.6 million beneficiaries in over 507 villages in 16 states across India.

Ongoing expansion programme sets clear path to 199.6 mtpa capacityUltraTech Cement Limited today announced its financial results for the quarter and year ended 31st March, 2024.&nbsp;<div>Rs. crore<figure class="table"><table class="ck-table-resized" width="100%"><thead><tr><th>&nbsp;</th><th style="vertical-align:top;" colspan="4">Consolidated</th><th colspan="4">Standalone</th></tr><tr><th>&nbsp;</th><th>Q4FY'24</th><th>Q4FY'23</th><th>FY'24</th><th>FY'23</th><th>Q4FY'24</th><th>Q4FY'23</th><th>FY'24</th><th>FY'23</th></tr></thead><tbody><tr><td>Net Sales</td><td>20,069</td><td>18,436</td><td>69,810</td><td>62,338</td><td>19,452</td><td>17,885</td><td>67,536</td><td>60,359</td></tr><tr><td>PBIDT</td><td>4,250</td><td>3,444</td><td>13,586</td><td>11,123</td><td>4,174</td><td>3,382</td><td>13,282</td><td>10,790</td></tr><tr><td>PAT</td><td>2,258</td><td>1,666</td><td>7,005</td><td>5,064</td><td>2,252</td><td>1,658</td><td>6,905</td><td>4,951</td></tr><tr><td colspan="9">The Scheme of Amalgamation of UltraTech Nathdwara Cement Limited (“UNCL”) (a wholly-owned subsidiary of the Company) and its wholly-owned subsidiaries viz. Swiss Merchandise Infrastructure Limited (“Swiss”) and Merit Plaza Limited (“Merit”) is effective from 20th April, 2024. The Appointed Date being 1st April, 2023, previous year figures have been restated in accordance with the provisions of IndAS..</td></tr></tbody></table></figure>&nbsp;</div><h3>FINANCIALS</h3>Q4FY2023-24Consolidated Net Sales at Rs. 20,069 crores recorded a growth of 9% vis-à-vis Rs. 18,436 crores in the corresponding period of the previous year. Profit before interest, depreciation and tax at Rs. 4,250 crores was up 23% compared to Rs. 3,444 crores in the corresponding period of the previous year. Profit after tax was Rs. 2,258 crores compared to a profit Rs. 1,666 crores in the corresponding period of the previous year, registering a rise of 36%.FY24For the full year, Consolidated Net Sales was up 12% at Rs. 69,810 crores from Rs. 62,338 crores last year. Profit before interest, depreciation and tax was Rs. 13,586 crores vis-à-vis Rs. 11,123 crores in the previous fiscal, recording a growth of 22%. Profit after tax was Rs. 7,005 crores, a jump of 38% as compared to Rs. 5,064 crores in FY23.OPERATIONSUltraTech recorded volume growth of 13% during FY24, backed by 11% during Q4FY24 and achieved full year ebidta/mt of Rs.1,101.Coal and petcoke (fuel) prices witnessed a drop during FY24. The Company’s imported fuel consumption cost during Q4FY24 was 13% lower than Q4FY23 and it remained flat QoQ. Effective capacity utilization was 98% during the quarter and 85% for the full year.The Company continues to deliver strong cash flows. During FY24 the Company’s net debt increased only by Rs. 77 crores after spending over Rs. 9,400 crores on capex. Over the last five years UltraTech has delivered a 24% cagr growth in its earnings per share.DIVIDENDThe Board of Directors at their meeting held today have recommended a dividend of 700% at the rate of Rs. 70/- per equity share of face value of Rs. 10/- per share, aggregating Rs. 2,020.84 crores. In terms of the provisions of the Finance Act, 2020, the dividend shall be taxed in the hands of shareholders at applicable rates of tax and the Company shall withhold tax at source appropriately.CAPEXUltraTech’s expansion program is progressing as per schedule. Work on the second phase of 22.6 mtpa capacity announced in June, 2022, is under progress with capacities commissioned across several locations. For the 3rd phase of growth announced in October 2023, major orders have already been placed to key technology suppliers and civil work has also commenced at some locations.During the year, UltraTech added 13.27 mtpa grey cement capacity across locations. It further commissioned greenfield cement capacities at Karur, Tamil Nadu and Kukurdih, Chhattisgarh of 2.7 mtpa each, aggregating to 5.4 mtpa in April, 2024.UltraTech acquired a 0.54 mtpa cement grinding asset of Burnpur Cement Limited, located at Patratu in Jharkhand, marking its entry into the state of Jharkhand. It also entered into an agreement to purchase a grinding asset with an installed capacity of 1.1 mtpa in addition to a captive railway siding, at Parli, Maharashtra from The India Cements Limited. It is also working on a brownfield capacity expansion of 1.2 mtpa at the Parli grinding unit as well as expanding its grinding unit at Dhule, Maharashtra from 1.8 mtpa to 3.6 mtpa.With the acquisition of the Parli grinding unit, the ongoing expansion of 36.2 mtpa across locations and the proposed acquisition of Kesoram Cement, UltraTech’s grey cement capacity will stand augmented to 199.6 mtpa, including its overseas capacity of 5.4 mtpa. These initiatives underscore UltraTech’s commitment towards a resilient and prosperous India, while ensuring that its growth is in tandem with the nation's development. As India’s leading cement and ready-mix-concrete company, UltraTech is well placed to support the country in its exciting growth journey ahead.&nbsp;<h3>CORPORATE DEVELOPMENT</h3>The Scheme of Amalgamation (“Scheme”) of UltraTech Nathdwara Cement Limited (“UNCL”) (a wholly-owned subsidiary of the Company) and its wholly-owned subsidiaries viz. Swiss Merchandise Infrastructure Limited (“Swiss”) and Merit Plaza Limited (“Merit”) with the Company was made effective from 20th April, 2024. The Appointed Date of the Scheme is 1st April, 2023.The Composite Scheme of Arrangement between Kesoram Industries Limited, the Company and their respective shareholders and creditors for the demerger of the Cement Business of Kesoram into the Company has been approved by the Competition Commission of India on 19th March, 2024. The Scheme is, inter alia, subject to receipt of requisite approvals from statutory and regulatory authorities, including from the stock exchanges, the Securities andExchange Board of India (SEBI), the National Company Law Tribunals and the shareholders and creditors of the Company.&nbsp;<h3>SUSTAINABILITY</h3>23.6% of UltraTech’s power requirements are met through green power sources. During the quarter, the Company commissioned additional 156 MW of solar power taking its capacity to 612 MW in addition to Waste Heat Recovery Systems of 278 MW.UltraTech completed a 100 MW solar energy project under the Group Captive scheme in the state of Rajasthan. This is the Company’s first project for sourcing power for its captive consumption from the inter-state transmission network. Power from this project will be available to the Units in Rajasthan, Gujarat, Himachal Pradesh, Tamil Nadu, Odisha among others. UltraTech remains focused on accelerating the transition of its operations towards green energy and this project is part of its stated commitment to increase green power mix to 85% by 2030. With this achievement, the Company reaffirms its dedication to innovation, sustainability, and the pursuit of a brighter, cleaner future for all.&nbsp;<h3>GOING FORWARD</h3>Demand for cement across all sectors continues to remain robust which augur well for the Company.

UltraTech registers strong Q4FY2023-24 results

Grasim Industries Limited is the flagship company of Aditya Birla Group. It started as a textiles manufacturer in India in 1947. Today, it has evolved into a leading diversified player with leadership presence across many sectors. It is a leading global producer of Viscose, Diversified Chemicals, Linen Yarn and Fabrics producer in India.&nbsp;The company recently has entered paints business under the brand name ‘Birla Opus’ and would be setting up six plants of manufacturing decorative paints across Pan India locations.&nbsp;Leveraging the Group synergies, Grasim has launched “Birla Pivot”, the B2B online marketplace for building materials. Through its subsidiaries, UltraTech Cement, Aditya Birla Capital and Aditya Birla Renewables, it is also India’s prominent cement producer, leading diversified financial services player and clean energy solutions player.&nbsp;<h3>Grasim has a strong presence in the market through following businesses:</h3>Viscose Staple FibreGrasim is India's pioneer in VSF — a man-made, bio-degradable fibre that is fast emerging as a sustainable alternative to cotton. A versatile fibre, VSF is used in apparel, home textiles, dress materials, knit wears and non-woven applications. Grasim’s business, Birla Cellulose, has a range of fibres which can be used in their original form, or can be blended with all natural and synthetic fibres for enhanced comfort and feel.Starting production in 1954 at Grasim’s Nagda facility, the business has grown steadily over seven decades. The Pulp &amp; Fibre Business of Grasim derives its competitive edge from its integrated business model, with captive raw materials - dissolving grade wood pulp, caustic soda, carbon-disulphide, power generation and steam.Birla Cellulose’s product portfolio includes Livaeco™ by Birla Cellulose, Birla Modal™, Birla Excel™, Birla Viscose™ and Birla Spunshades™. Birla Cellulose fibres are of natural origin, moisture absorbent, have soft feel, and are completely biodegradable.&nbsp;Viscose Filament YarnGrasim Industries Limited is the largest viscose filament yarn (VFY) manufacturer in India and the 3rd largest globally. The company is also the largest VFY exporter in India with exports to 45 countries.VFY business became a part of Grasim Industries Limited on 1st July 2017, following the merger of Aditya Birla Nuvo Limited. Subsequently, Grasim acquired the rights to operate and manage the Century Rayon division of Century Textiles and Industries Limited (CTIL) from 1st February 2018. Since then, Grasim’s VFY production capacity has increased to 48 KTPA.Represented as the brand Raysil® (formerly known as RayOne), VFY is of 100% natural origin and its product portfolio includes 20 deniers to 1200 deniers of both bright and dope dyed viscose filament yarns. Its versatility, superior drape, fluidity and lustre make it a popular choice for manufacturing fabrics such as georgettes, crepes, chiffons, and many more.Grasim’s VFY is manufactured at its twin locations in Shahad, Maharashtra and Veraval, Gujarat.&nbsp;ChemicalsIn 1972, Grasim’s chemicals business was set up to manufacture caustic soda for the company’s VSF unit. Today, it is one of India’s largest caustic soda producers and is a market leader in the chlor-alkali segment. &nbsp;Over the years, Grasim’s chemicals business has created a strong foothold in the industry and offers a wide range of products from chlorine derivatives to epoxy.Chlor-alkali: In 2016, Grasim’s merger with Aditya Birla Chemicals India Ltd. (ABCIL) helped catapult the company’s caustic soda capacity from 452 KTPA to 884 KTPA making it the largest producer of caustic soda in India back then. Today, Grasim’s total caustic soda capacity is 1,290 KTPA. Through brownfield expansion, Grasim plans to expand the caustic soda capacity to 1,530 KTPA from 1,290 KTPA by 2024.The business uses cost-effective membrane cell technology and is largely self-sufficient in power. For gainful utilisation of chlorine, the business has portfolio of chlorine derivatives like Stable Bleaching Powder (SBP), Polyaluminium Chloride (PAC), Chlorosulphonic Acid (CSA), Chlorinated Paraffin Wax (CPW), Calcium Chloride (CaCl), Aluminium Chloride (AlCl) and Chloromethane (CMS).Epoxy: The business’ epoxy products range from basic products like liquid epoxy resins to value added products like formulated resins, reactive diluents and hardeners. The manufacturing complex at Vilayat houses a 123 KTPA capacity epoxy plant. Through expansion, Grasim plans to double the epoxy capacity to 246 KTPA by FY2024.&nbsp;TextilesGrasim ventured into the textiles industry in 1949 by setting up Jaya Shree Textiles at Rishra, West Bengal. Today, Jaya Shree Textiles is one of India’s leading linen and wool manufacturers. It has four strategic business units (SBUs) i.e., linen spinning, linen fabric, wool combing and worsted spinning. Today, Jaya Shree Textiles sells its products in over 50 countries, spanning across six continents.Jaya Shree Textiles has provided the evolving Indian fashion industry with an international edge. Finest flax is sourced from France, Belgium and other parts of Europe to make 100% pure linen. Cutting edge European technology is used to spin the fibres, weave and dye them which makes it unique and difficult to replicate. This superior technology also enables Jaya Shree Textiles to manufacture over 3000 different types of weaves, textures and blends. The company has significantly revolutionised the Indian textile market by popularising linen in India across a wide customer base with its brand ‘Linen Club’.Linen Club is the largest linen fabric brand in India with expertise in linen manufacturing and design, for more than 70 years. Linen Club is the pioneer of linen in India and is now retailed through both exclusive retail outlets and multi-brand outlets. It is the largest linen retail chain in the world.&nbsp;Know more about Linen Club (Link to Linen Club Page)&nbsp;InsulatorsAditya Birla Insulators is India’s largest manufacturer of electrical insulators and is amongst the top four insulator manufacturers globally. It produces the widest range of insulators in India including insulators for transmission lines &amp; substations up to 1200 kV voltage level, as well as equipment &amp; railways. Its total installed manufacturing capacity is 56,400 TPA with specialisation in both ceramic and composite insulators. The company commissioned Composite Hallow Core Insulators (CHCI) plant at Halol which is a joint venture between Aditya Birla Power Composites Limited (ABPCL) with Maschinenfabrik Reinhausen GmbH of Germany in 2019. Know more about Aditya Birla Insulators (Link to Aditya Birla Insulators’s page) and Aditya Birla Power Composites Limited (Link to Composite’s business page)&nbsp;PaintsThrough Birla Opus, Grasim aims to be one of the biggest players in the fast-growing decorative paints industry. It plans to set up six manufacturing plants in Haryana, Punjab, Karnataka, Tamil Nadu, Maharashtra, and West Bengal till FY 2025 with a total capacity of 1,332 MLPA and a project cost of ₹10,000 Crore.The trial run for Birla Opus’s three plants began in the third quarter of FY23-24. It’s painting service, branded as PaintCraft, had completed projects at more than 150 sites by December 2023.&nbsp;&nbsp;B2B E-CommerceBirla Pivot, the B2B e-Commerce platform for building solutions, is a business unit of Grasim Industries Ltd. Birla Pivot will primarily focus on MSMEs in the Building Materials segment with the potential to further extend to other relevant categories. It’s key value proposition is an integrated procurement solution including on-time delivery and a superior product range at competitive pricing.&nbsp; Covering a spectrum of building materials, Birla Pivot aims to become a one-stop destination for all procurement needs. Birla Pivot has already onboarded over 120 brands and 5500+ SKUs (stock keeping units), providing its customers with a diverse range of categories &amp; products. These categories are steel, cement, tiles &amp; surfaces, ply &amp; laminates, doors, windows, sanitary &amp; bath fitting, among others. The platform is rapidly launching across North, West &amp; South India.

Aspires to hit $1bn revenue in the next 3 yearsBirla Pivot, Aditya Birla Group's B2B e-commerce platform for building materials, has hit a remarkable milestone of achieving Rs. 1,000 crore revenue in its first year of operations (FY24). This achievement has placed Birla Pivot, the business unit of Grasim Industries, as one of the fastest-growing entities to achieve such a milestone in the B2B e-commerce space.Birla Pivot offers a wide range of products, now encompassing more than 35 product categories and over 18,000 SKUs sourced from 150+ Indian and international brands. These categories include essential construction materials like cement, steel, plywood, sanitaryware, tiles, among others. Additionally, in response to the increasing demand for superior yet cost-effective products, the Company has introduced its private label for Plywood and Tiles.Birla Pivot's customer base spans top-tier EPC companies, civil contractors, real estate developers, OEMs, fabricators, dealers, and retailers. With successful deliveries to over 200 cities across 25 states, the Company has established a robust network of suppliers and logistics providers, facilitating seamless operations, and ensuring a pan-India reach. The Company's intelligent Transport Management System TMS digitizes processes, providing real-time updates on orders and enhancing operational efficiency across the supply chain.On achieving this milestone, Mr. Sandeep Komaravelly, CEO, Birla Pivot, said, “India's construction industry is undergoing exponential growth and is projected to reach USD 1.4 trillion by 2025. With less than 2% digital penetration, the construction industry faces many challenges – from fragmented supplier networks, and logistical bottlenecks to access to credit. Birla Pivot's vision is to leverage technology to create smarter and more efficient solutions across the value chain for buyers and sellers. The aspiration is to reach a $1 billion revenue in the next three years.”The B2B e-commerce platform was launched in August 2023 by the Chairman of Aditya Birla Group, Mr. Kumar Mangalam Birla. Birla Pivot reinforces Mr. Birla's vision to create a new-age, high-growth digital platform that catalyses the growth of small businesses in India and provides an impetus to the government's vision of 'Digital India'.

Birla Pivot, the B2B e-commerce business unit of Grasim Industries surpasses Rs 1,000 crore revenue in its first year of operations

Company poised to invest Rs.32,400 crores towards ongoing capex over the next 3 yearsAditya Birla Group’s cement flagship, UltraTech Cement Limited, is commissioning two new greenfield capacities totaling 5.4 mtpa in the states of Chhattisgarh and Tamil Nadu, taking the Company’s total cement capacity to 151.6 mtpa. This capacity is more than 150% of the capacity in the United States and 80% of Europe's capacity.It took 36 years for the cement business of Aditya Birla Group, to get to a capacity of 100 mtpa. And UltraTech has subsequently added the next 50 mtpa in less than 5 years with an investment of around Rs. 32,000 crores. Over the past two decades, UltraTech has grown 11x, far outpacing the industry growth of 4x.Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group said, “Reaching this milestone is symbolic of India’s ascent on the global stage and demonstrates the dynamism and scale of Indian corporations. UltraTech, as a national champion, is an enabler of India’s development. With a mix of integrated cement plants, grinding units, bulk terminals across 59 locations in India along with 307 ready mix concrete plants, UltraTech’s scale and capacity footprint is unparalleled. And this scale will further enable UltraTech to service India’s growing demand for cement across the country.” He added, “This milestone underscores our pledge to continue laying the foundation for a resilient and prosperous India, ensuring our growth strides in tandem with the nation's development.”Over the last 12 months, UltraTech has expanded its capacity by 18.7 mtpa. In addition to that, the ongoing expansion of 35.5 mtpa is actively being implemented across 16 locations. In addition, the company is in the process of closing the proposed acquisition of Kesoram Cement. This will further augment UltraTech’s grey cement capacity to 198.2 mtpa. UltraTech is committed to a capex of Rs.32,400 crores over the next three years.Mr. K C Jhanwar, Managing Director, UltraTech Cement, said, “This achievement is a significant milestone in UltraTech’s transformative growth journey. It has been our constant endeavour to drive sustainable growth by delivering superior value to all stakeholders. India’s strong growth trajectory provides the cement sector&nbsp; significant headroom for long term growth. As India’s leading cement and ready-mix-concrete company, UltraTech is well placed to support the country in its exciting growth journey ahead.”

UltraTech to commission 2 new units to surpass groundbreaking 150 MTPA capacity

The sustainability-linked funding will support the company’s investment into the paints business.Grasim Industries Limited (“Grasim” or the Company), a flagship company of the Aditya Birla Group, today announced an investment from the International Finance Corporation (IFC), the private sector arm of the World Bank Group, for INR 1250 Crore (equivalent to approximately $150 million) by way of subscription to Non-Convertible Debentures (NCD) to be issued by the Company. The Sustainability-Linked NCDs will support the Company’s investment in paint manufacturing.IFC’s investment will accelerate Grasim’s decarbonization drive through the increased adoption of renewable energy and water recycling in the paint manufacturing process.Recently, Aditya Birla Group Chairman, Mr. Kumar Mangalam Birla, announced the launch of products and services under its new decorative paints brand, “Birla Opus”, aiming for Rs.10,000 Cr gross revenue within 3 years of full-scale operations. All six manufacturing plants will be fully sustainable with zero liquid discharge and equipped with 4th generation manufacturing technology to manage supply chain processes at lightning speed, zero defects and end-to-end traceability.Mr. H K Agarwal, Managing Director, Grasim Industries Limited, said, "We welcome the investment from the International Finance Corporation (IFC), recognizing our sustainability initiatives. &nbsp;We will work collaboratively with IFC to further enhance our sustainability footprints. We are addressing the transition to a low-carbon economy through our renewable projects and energy-efficient products, and are looking forward to further aligning our activities to the global Sustainable Development Goals.”Ms. Wendy Werner, India Country Head at IFC said, “IFC’s financing will contribute to Grasim’s sustainable growth into the paints business and will encourage other manufacturing companies to follow by successfully adopting energy efficient and water saving technologies and practices. This partnership builds on our nearly three-decade old partnership with Aditya Birla Group and IFC is proud to support Grasim’s expansion in a climate friendly way.”

Grasim raises its first Sustainability Linked Non-Convertible Debentures (NCD) of INR 1250 crore from the International Finance Corporation (IFC)

Birla Opus targets Rs 10,000 Cr revenue within 3 yearsKumar Mangalam Birla: “Defining moment for the Aditya Birla Group, Birla Opus’ launch embodies the spirit of aspirational India.”<img class="image_resized image-style-align-left" style="width:50%;" src="https://developcms.adityabirla.com/uploads/birla_opus_paints_5209a9e1a8.webp" alt="birla-opus-paints.webp">Aditya Birla Group Chairman, Mr. Kumar Mangalam Birla, today announced the launch of products and services under its new decorative paints brand, “Birla Opus”, aiming for Rs.10,000 Cr gross revenue within 3 years of full-scale operations. This marks the Aditya Birla Group’s entry into the rapidly expanding Rs. 80,000 Cr Indian decorative paints market, with an unprecedented level of upfront investment of Rs.10,000 Cr. Birla Opus&nbsp; business is being set up by the group flagship company, Grasim Industries Ltd.Mr. Kumar Mangalam Birla, Chairman, Aditya Birla Group, said, “India today is teeming with dynamism, audacity, and a penchant for disruption. This India finds a reflection in our paints venture, Birla Opus. The Aditya Birla Group’s deep insight into the building materials ecosystem, honed over the years, offers us a unique vantage point. Birla Opus, therefore, is poised to transform the paint industry with a 40% addition to current capacity. &nbsp;No paint company globally has ever launched in one shot— factories, operations, products, and services, at the scale that we are about to undertake. He added, “Birla Opus should be seen as a scale start-up incubated by the Aditya Birla Group. It uniquely combines the agility, energy, and frugality of a start-up with the muscle, reliability, and brand strength of a storied and dynamic conglomerate.”Birla Opus products will be available in Punjab, Haryana, and Tamil Nadu from mid-March 2024 and across all 1 lakh population towns in India by July 2024. The company aims to expeditiously expand its distribution to over 6,000 towns by the fiscal year end. This will be the fastest &amp; widest pan-India launch by any paint brand.The Aditya Birla Group Chairman also unveiled the brand logo of ‘Birla Opus’. The name ‘Birla Opus’ embodies the trust that underpins the Aditya Birla brand, with ‘Opus’ signifying beauty personified. The word ‘Opus’ is derived from the Latin phrase “magnum opus”, which represents a great work of art.“Birla Opus is all set to redefine standards on creativity, scale, transparency, technology, and sustainability. We are confident that the benefits of the competitive advantage built on the interplay of futuristic technology and pioneering chemistry will be passed on to the consumers through lower costs and consistency of superior quality. Birla Opus promises to simplify the consumer journey making the experience of painting enjoyable and contemporary.’&nbsp; stated Mr. Himanshu Kapania, Director, Aditya Birla Group.<figure class="image image_resized image-style-align-right image-style-right" style="width:50%;"><img src="https://developcms.adityabirla.com/uploads/birla_opus_paints_2_aae54acda4.webp" alt="birla-opus-paints-2.webp"></figure>Birla Opus will offer the widest range in the industry, with 145+ products and 1200+ SKUs across water-based paints, enamel paints, wood finishes, waterproofing and wallpapers. The products offered will be across consumer segments – economy, premium, luxury, designer finishes and institutional clients. In addition, Birla Opus will present the largest range of 2,300+ tintable colour choices including 216 iconic Indian colours.The brand is also set to delight consumers through its direct painting services, PaintCraft. This one-stop-shop for a comprehensive range of products and services, at launch, is an industry-first.Mr. Rakshit Hargave, CEO, Birla Opus, said, “On the back of strong in-house R&amp;D, and extensive field validations, Birla Opus is committing to a higher product warranty than the leading players across most of water-based products. Birla Opus is also setting a benchmark by offering first-time warranty on enamels and wood finish products. As a customer-centric organisation, Birla Opus is poised to introduce a unique and pathbreaking customer assurance program shortly. As part of the inaugural offer, consumers will get an additional 10% volume on water-based products and contractors will get loyalty benefits across most of our products.”Birla Opus has already enrolled over 300,000 painting contractors and is starting the largest-ever sampling program.To service the length &amp; breadth of the country, Birla Opus is building the “second largest network” of dealers within the first year, with an aim to create win-win partnerships with dealers. Birla Opus is installing for free, new age compact tinting machines with 40% reduced footprint enabling easier colour adoption. Birla Opus is committed to meet industry standard of 4-hour delivery of its 1200 + SKUs to dealers in Depot towns through the largest network of 150+ depots integrated with the latest warehousing systems.At the launch event, Aditya Birla Group Chairman, Mr. Kumar Mangalam Birla “invited the entire spectrum of 100,000+ paint dealers pan India to participate in this industry revolution and transform consumer experience”.Birla Opus has six strategically located, fully automated, integrated, and global scale manufacturing plants with a total commercial capacity of 1,332 MLPA (million litres per annum) - a quantum leap of 40% addition to the current industry capacity. Panipat (Haryana), Ludhiana (Punjab) and Cheyyar (Tamil Nadu) Birla Opus plants were dedicated to the nation today. Chamarajanagar (Karnataka), Mahad (Maharashtra) and Kharagpur (West Bengal) units will commence production over the course of FY25. All 6 manufacturing plants are fully sustainable with zero liquid discharge and equipped with 4th generation manufacturing technology to manage supply chain processes at lightning speed, zero defects and end-to-end traceability.The Aditya Birla Group's entry into the paints market signals its confidence in the sector's future bolstered by the government’s push for infrastructure development and housing for all. India's economy is expected to reach 10 trillion USD by 2034, with the paints sector set to surpass the Rs 3,00,000 crore mark by that time. Birla Opus is uniquely positioned to capitalize on this dynamic landscape.&nbsp;<h3>Watch the launch event:</h3><div class="video-responsive"><iframe src="https://www.youtube.com/embed/jOwb-OwJoTQ?si=9_SG4NfBuB4LYuu8&amp;controls=0&amp;muted=1&amp;rel=0" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen=""></iframe></div>

Aditya Birla Group set to disrupt Paint industry with 40% addition to Industry Capacity

Robust performance by Aluminium and CopperConsolidated PAT up 71% YoY&nbsp; Consolidated EBITDA up 61% YoY&nbsp;<h3>Q3 FY24 Performance Highlights</h3><ul><li>Consolidated Net Profit at Rs. 2,331 crore, up 71% YoY</li><li>Consolidated EBITDA at Rs. 6,322 crore, up 61% YoY</li><li>Novelis’ Adjusted EBITDA per ton at $499*, up 33% YoY</li><li>Aluminium Upstream EBITDA at Rs. 2,443 crore, up 54% YoY; Industry-leading EBITDA margins at 30.7%</li><li>Record Copper EBITDA at Rs. 656 crore, up 20% YoY</li><li>Hindalco’s India Business pre-pays long-term debt of Rs. 4,370 crore during the year</li><li>Consolidated Net Debt to EBITDA ratio at 1.43x at the end of December 31, 2023 (vs 1.6x as of December 31, 2022)</li><li>Hindalco begins work on India’s first Copper and e-waste recycling project in Gujarat</li><li>Hindalco wins Energy Transition Changemaker Award at COP28</li><li>Hindalco listed among the top 1% in the aluminium industry in the S&amp;P Global (DJSI) Sustainability Yearbook 2024</li></ul>*As per US GAAP&nbsp;Hindalco Industries Limited, the Aditya Birla Group metals flagship, reported a consolidated Net Profit of Rs. 2,331 crore, up 71% YoY in Q3 FY24, driven by a robust performance across aluminium and copper business segments. The Copper Business achieved a record quarterly EBITDA of Rs. 656 crore, a 20% rise YoY on the back of higher volumes and robust operations. Novelis reported an improvement of 33% YoY in Adjusted EBITDA and EBITDA per ton in Q3 FY24, driven primarily by favourable metal benefit from recycling and lower operating costs. In the Indian Aluminium segment, Upstream Business EBITDA for the quarter was Rs. 2,443 crore, up 54% YoY on account of lower input costs and continued strong operating performance. The Company maintained a strong balance sheet and liquidity with a consolidated Net Debt to EBITDA ratio well below 2x, positioning it well for organic growth.&nbsp;<h3>Consolidated Financial Highlights for the Quarter ended December 31, 2023</h3><div>(Rs. crore)<figure class="table"><table class="ck-table-resized" width="100%" border="0"><thead><tr><th colspan="2" valign="middle">Particulars</th><th>Q3 FY23</th><th>Q2 FY24</th><th>Q3 FY24</th><th>9M FY23</th><th>9M FY24</th></tr></thead><tbody><tr><td colspan="2">Revenue from Operations</td><td>53,151</td><td>54,169</td><td>52,808</td><td>167,345</td><td>159,968</td></tr><tr><td colspan="2">Earning Before Interest, Tax, Depreciation &amp; Amortisation (EBITDA)</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td></tr><tr><td>&nbsp;</td><td>Novelis*</td><td>2,848</td><td>3,998</td><td>3,783</td><td>11,229</td><td>11,237</td></tr><tr><td>&nbsp;</td><td>Aluminium Upstream</td><td>1,591</td><td>2,074</td><td>2,443</td><td>6,210</td><td>6,452</td></tr><tr><td>&nbsp;</td><td>Aluminium Downstream</td><td>157</td><td>171</td><td>103</td><td>515</td><td>421</td></tr><tr><td>&nbsp;</td><td>Copper</td><td>546</td><td>653</td><td>656</td><td>1,655</td><td>1,840</td></tr><tr><td colspan="2">Business Segment EBITDA</td><td>5,142</td><td>6,896</td><td>6,985</td><td>19,609</td><td>19,950</td></tr><tr><td>&nbsp;</td><td>Inter Segment Profit/ (Loss) Elimination (Net)</td><td>101</td><td>(1)</td><td>(47)</td><td>472</td><td>(58)</td></tr><tr><td>&nbsp;</td><td>Unallocable Income/ (Expense) - (Net) &amp; GAAP Adjustments</td><td>(1313)</td><td>(799)</td><td>(616)</td><td>(1,768)</td><td>(1,365)</td></tr><tr><td colspan="2">EBITDA</td><td>3,930</td><td>6,096</td><td>6,322</td><td>18,313</td><td>18,527</td></tr><tr><td colspan="2">Finance Costs</td><td>934</td><td>1,034</td><td>944</td><td>2,660</td><td>2,970</td></tr><tr><td colspan="2">PBDT</td><td>2,996</td><td>5,062</td><td>5,378</td><td>15,653</td><td>15,557</td></tr><tr><td colspan="2">Depreciation &amp; Amortisation (including impairment)</td><td>1,784</td><td>1,864</td><td>2,051</td><td>5,299</td><td>5,705</td></tr><tr><td colspan="2">Share in Profit/ (Loss) in Equity Accounted Investments (Net of Tax)</td><td>2</td><td>-</td><td>1</td><td>7</td><td>3</td></tr><tr><td colspan="2">Profit before Exceptional Items and Tax</td><td>1,214</td><td>3,198</td><td>3,328</td><td>10,361</td><td>9,855</td></tr><tr><td colspan="2">Exceptional Income/ (Expenses) (Net)</td><td>-</td><td>33</td><td>-</td><td>41</td><td>21</td></tr><tr><td colspan="2">Profit Before Tax (After Exceptional Item)</td><td>1,214</td><td>3,231</td><td>3,328</td><td>10,402</td><td>9,876</td></tr><tr><td colspan="2">Tax</td><td>(148)</td><td>1,035</td><td>997</td><td>2,716</td><td>2,895</td></tr><tr><td colspan="2">Profit/ (Loss) After Tax</td><td>1,362</td><td>2,196</td><td>2,331</td><td>7,686</td><td>6,981</td></tr><tr><td style="font-size:12px;" colspan="2">EPS (Rs./share)</td><td>6.13</td><td>9.88</td><td>10.50</td><td>34.57</td><td>31.43</td></tr><tr><td style="font-size:11px;" colspan="7">*As per US GAAP</td></tr></tbody></table></figure></div>&nbsp;Commenting on the results, Mr. Satish Pai, Managing Director, Hindalco Industries, said, “We continue to stay on our growth track despite challenging market conditions, delivering a strong performance, driven by an enhanced product mix and lower input costs across our businesses.The Copper Business registered a record EBITDA, up 20% YoY on the back of strong volume growth and robust operations. The Aluminium Upstream Business EBITDA rose 54% YoY, supported by stable operations and lower raw material costs, which keeps us positioned in the first quartile of the global cost curve. We continue to invest in promising growth areas both in aluminium and copper downstream. Our overseas business and global recycling leader Novelis showed 33% YoY improvement in EBITDA and EBITDA per ton, driven by favourable metal benefit from recycling, higher pricing, and lower operating costs.Robust cash generation in India operations enables further deleveraging of our India business; Hindalco has pre-paid long-term loans of Rs. 4,370 crores during the year amid a high-interest rate scenario. On the ESG front, our first-of-its-kind energy transition initiative is on course to begin ramp-up of 100 MW of round-the-clock carbon-free power for our Odisha smelter, by Q4 of CY2024.”&nbsp;<h3>Consolidated Results in Q3 FY24 (vs Q3 FY23)</h3>Consolidated revenue for the third quarter stood at Rs. 52,808 crore (vs Rs. 53,151 crore in Q3 FY23), down 1% YoY. Hindalco reported an EBITDA of Rs. 6,322 crore in Q3 FY24 (vs Rs. 3,930 crore in Q3 FY23), up 61% YoY. Consolidated PAT in Q3 FY24 was Rs. 2,331 crore compared to Rs. 1,362 crore in Q3 FY23, up 71% YoY. Consolidated Net Debt to EBITDA stood at 1.43x as of 31 December, 2023 vs 1.6x as of 31 December, 2022.&nbsp;<h3>Business Segment Performance in Q3 FY24 (vs Q3 FY23)</h3>NovelisTotal shipments of flat rolled products were at 910 Kt in Q3 FY24 vs 908 Kt in Q3 FY23, flat YoY. Novelis’ revenue stood at $3.9 billion (vs $4.2 billion), down 6% YoY, impacted by lower average aluminum prices. Novelis reported an adjusted EBITDA of $454 million (vs $341 million), up 33% YoY driven by favourable metal benefit from recycling, higher pricing, and lower operating costs. Novelis’ adjusted EBITDA per ton, at $499, was up 33% YoY.Aluminium (India)Upstream revenue was Rs. 7,971 crore in Q3 FY24 vs Rs. 8,046 crore in Q3 FY23. Aluminium Upstream EBITDA stood at Rs. 2,443 crore in Q3 FY24, compared to Rs. 1,591 crore in Q3 FY23, up 54% YoY driven by lower input costs. Upstream EBITDA margins were at 30.7% and continue to be one of the best in the global industry.Downstream third quarter revenue was Rs. 2,547 crore vs Rs. 2,647 crore in Q3 FY23. Sales of Downstream Aluminium stood at 90 Kt vs 91 Kt in Q3 FY23, flat YoY. Downstream EBITDA was Rs. 103 crore in Q3 FY24 compared to Rs. 157 crore for Q3 FY23, down 34% YoY, majorly impacted by unfavourable product mix and lower realizations.CopperRevenue from the Copper Business stood at Rs. 11,954 crore, up 16% YoY, driven by higher sales volumes and prices. EBITDA for the Copper Business was at an all-time high of Rs. 656 crore in Q3 FY24 compared to Rs. 546 crore in Q3 FY23, up 20% YoY backed by higher shipments and robust operations. Copper metal sales were 119 Kt (vs 109 Kt). Copper Continuous Cast Rod (CCR) sales were at 93 Kt (vs 88 Kt), up 6% YoY supported by growing market demand for value-added products and increased utilization of our rod mills.&nbsp;<h3>Business Updates &amp; Recognition</h3><ul><li>Novelis signs new contracts with Ball Corporation, Coke and Ardagh for beverage packaging for the upcoming Bay Minette facility in the US. While the capital expenditure for the Bay Minette project has escalated primarily due to higher civil and construction costs than initially estimated, the strategic rationale remains firmly in place. This investment provides a first mover advantage, with a highly efficient facility that is being built as a long-term investment. Once established this capacity can be doubled in a cost and time-efficient manner, as experienced in various other brownfield projects.</li><li>Hindalco commences work on India’s first Copper and e-waste recycling project in Dahej, Gujarat; land already acquired.</li><li>India’s first Copper Inner Grooved Tubes (IGT) plant on track to be commissioned by end of CY2024. IGT for air conditioners and specialty copper rods for the railways, will help the nation achieve self-sufficiency in critical components under the government’s Make in India initiative</li><li>Hindalco wins Energy Transition Changemaker Award at COP28, for setting up one of the first round-the-clock renewable energy projects backed by pumped hydro, in the aluminium sector</li><li>Hindalco featured among the top 1% in the aluminium industry for the fourth consecutive year globally - 2020, 2021, 2022, and 2023, in S&amp;P Global’s Corporate Sustainability Assessment 2024 Yearbook</li><li>Hindalco Renukoot receives 1st prize at The National Energy Conservation Awards 2023 presented by Hon’ble President of India</li></ul>

Hindalco Reports Consolidated Third Quarter FY2024 Results

<div class="media-inside-discription"><h3>KEY HIGHLIGHTS – Q3FY24</h3><ul><li>Consolidated: Comparable EBITDA and PAT up 34% and 48% YoY respectively; driven by robust performance of Cement and Financial Services Businesses</li><li>Standalone: Viscose business showed stable performance. Lower realisations in Caustic Soda business impacted the overall Standalone performance</li><li>Viscose: VSF sales volume at 205KT up 34% YoY on exceptionally lower base in Q3FY23</li><li>Chemicals:Brownfield expansion of 123 KTPA Speciality Chemicals (epoxy polymers &amp; curing agents) commissioned at Vilayat in Dec’23, taking the total capacity to 246 KTPA</li><li>Birla Opus:Trial runs commenced at three plants, on track for launch in the current quarter</li></ul>Grasim Industries Limited today announced its financial results for the quarter and 9 months ended 31st December 2023. Consolidated Revenue is up by 12% YoY to Rs.31,965 Cr. driven by the performance of key subsidiaries: UltraTech Cement and Aditya Birla Capital. The Consolidated PAT was up by 48% YoY on a comparable basis. However, the sharp decline in realisations of Caustic Soda (in line with global market conditions) impacted the standalone performance.&nbsp;<h3>CONSOLIDATED FINANCIAL RESULTS</h3><div>(Rs. crore)<figure class="table"><table class="ck-table-resized" width="100%" border="0"><thead><tr><th colspan="3">YTD PERFORMANCE</th><th>&nbsp;</th><th colspan="3">QUARTER PERFORMANCE</th></tr><tr><th>9MFY24</th><th>9MFY23</th><th>YoY</th><th>&nbsp;</th><th>Q3FY24</th><th>Q3FY23</th><th>YoY</th></tr></thead><tbody><tr><td>93,251</td><td>84,165</td><td>11%</td><td>Revenue</td><td>31,965</td><td>28,638</td><td>12%</td></tr><tr><td>14,640</td><td>12,850*</td><td>14%</td><td>EBITDA</td><td>5,150</td><td>3,834*</td><td>34%</td></tr><tr><td>4,255</td><td>3,966*</td><td>7%</td><td>PAT^</td><td>1,514</td><td>1,024*</td><td>48%</td></tr><tr><td colspan="7">^owner’s share of PAT *Net of fair value gain accounted by Aditya Birla Capital Limited post-acquisition of 9.99% stake by ADIA entities in Aditya Birla Health Insurance.</td></tr></tbody></table></figure></div>&nbsp;<h3>STANDALONE FINANCIAL RESULTS</h3><div>(Rs. crore)<figure class="table"><table class="ck-table-resized" width="100%" border="0"><thead><tr><th colspan="3">YTD PERFORMANCE</th><th>&nbsp;</th><th colspan="3">QUARTER PERFORMANCE</th></tr><tr><th>9MFY24</th><th>9MFY23</th><th>YoY</th><th>&nbsp;</th><th>Q3FY24</th><th>Q3FY23</th><th>YoY</th></tr></thead><tbody><tr><td>19,080</td><td>20,194</td><td>(6%)</td><td>Revenue</td><td>6,400</td><td>6,196</td><td>3%</td></tr><tr><td>2,786</td><td>3,656</td><td>(24%)</td><td>EBITDA</td><td>643</td><td>580</td><td>11%</td></tr><tr><td>1,386</td><td>2,118*</td><td>(32%)</td><td>PAT</td><td>236</td><td>257*</td><td>(8%)</td></tr><tr><td colspan="7">*PAT before exceptional items includes tax provision write-back of ₹84 Cr. on account of new tax regime. On like-to-like basis PAT for Q3FY23 was ₹173 Cr. and 9MFY23 was ₹2,034 Cr.</td></tr></tbody></table></figure></div>&nbsp;<h3>Viscose Business</h3>China VSF Inventory levels have reduced to 10 days in Q3FY24 compared to 12 days in the previous quarter reflecting a marginal increase in demand. However global demand remained weak from the major consuming markets in the US/Europe leading to a decrease in prices of the fibre basket. International VSF average prices stood at $1.51/kg for Q3FY24, the lowest in the past three years. The VSF prices were down by 5% YoY and 3% QoQ compared to a reduction of 9% YoY and 5% QoQ in cotton prices.Viscose business reported revenue of Rs.3,715 Cr. and EBITDA of Rs. 402 Cr. for Q3FY24 up 17% and 535% YoY respectively, though sequentially down by 4% and 14% respectively. The Company’s VSF volumes stood at 205 KT up by 34% YoY and down 2% QoQ. EBITDA margins improved YoY on the back of higher sales volume and a reduction in input prices. Viscose Filament Yarn (VFY) business margins declined due to lower sales volume and realisations on account of increasing imports from China.&nbsp;<h3>Chemicals Business</h3>International Caustic Soda average spot prices stood at ~$444/ton in Q3FY24 (up 6% from $417/ton in Q2FY24). Spot prices improved to ~$488/ton in Oct’23 but the quarter exit prices were at ~$423/ton.Caustic Soda sales volume was up 5% YoY and down by 2% from the previous quarter to 299KT in Q3FY24. In line with international prices, ECU for the quarter was at Rs. 31,383/MT, down 2% QoQ and 33% YoY. Chemicals Business revenue at Rs.1,996 Cr., was flat on a QoQ basis and down 23% YoY. EBITDA for the quarter was up 12% QoQ to Rs. 264 Cr. (down 46% YoY) on the back of improved performance of chlorine derivatives business.Speciality Chemicals (epoxy polymers and curing agents) volumes recorded growth of 5% YoY, though remained flat on a QoQ basis.&nbsp;<h3>Birla Opus - Paints Business</h3>The trial run for Birla Opus’s three plants has started. The sub-brand names have been finalised, and the development work for design, package artwork, and consumer communication has been completed. Birla Opus is implementing an integrated IT infrastructure and application for a seamless order to delivery experience. The painting service, branded as PaintCraft, has completed more than 150 sites by Dec’23. Supply Chain, Logistics and Distribution network has been set-up to support the launch in the current quarter.&nbsp;<h3>Birla Pivot - B2B E-Commerce Business</h3>Birla Pivot has received strong customer feedback for its private label tiles launched in the market. Plans are now afoot for the private label launch of ply and doors. The business crossed the milestone of a monthly run-rate of Rs.100 Cr. The Company is working towards a financial credit program for MSME vendors for their working capital requirements through suitable lending partner.&nbsp;<h3>Capex and Projects</h3>The capex for the quarter stood at Rs.1,425 Cr., of which Rs.1,088 Cr. was for the Paints Business. The Company successfully doubled Speciality Chemicals (epoxy polymers and curing agents) capacity to 246 KTPA in Dec’23. The groundbreaking ceremony of Lubrizol CPVC resin project at Vilayat was done in Oct’23.&nbsp;<h3>Sustainability</h3>Grasim’s Viscose business achieves #1 ranking in Canopy’s Hot Button Report 2023 for its commitment to conserving Ancient and Endangered Forests and promoting circular solutions. The Company has achieved the highest rating of 'Dark Green Shirt' for the fourth consecutive year. Further promoting circular solutions in the fashion industry, the company has made the first shipment of its Lyocell fibre, produced with recycled cotton for use in textile value chain in Turkey. The initial response has been very encouraging and a repeat order has been received. Viscose Kharach plant in Gujarat has successfully commissioned CAP (Carbon-disulphide adsorption) plant and CS2 recovery system from exhaust gases achieving the EU-BAT status.We have maintained a share of renewable power at 11% in Q3FY24, compared to 8% in FY23. The Company continues to focus on reducing freshwater withdrawal using 47% of the total water requirement from recycled water.&nbsp;<h3>Cement Subsidiary - UltraTech Cement Limited (UltraTech)</h3>Cement Sales volume was up by 6% YoY and 1% QoQ at ~27.32 MTPA. Consolidated Net Sales was at Rs.16,740 Cr. compared to Rs.15,521 Cr. over the corresponding period of the previous year. Profit after tax for the quarter at Rs.1,777 Cr. is up by 68% YoY.The Company has successfully completed its first phase of 19.9 mtpa of capacity expansion. Work on the second phase of 22.6 mtpa announced in Jun’22 is in progress and will start commissioning during Q4FY24 itself, ahead of schedule. For the third phase of growth of 21.9 mtpa announced in October 2023, major orders to key technology suppliers have already been placed and civil work has commenced on a few locations.24% of the Company’s power requirements are met through green power sources. During Q3FY24, the Company commissioned an additional 26 MW of solar power taking its capacity of renewable power to 455 MW in addition to Waste Heat Recovery Systems of 264 MW.&nbsp;<h3>Financial Services Subsidiary – Aditya Birla Capital Limited (ABCL)</h3>Consolidated Revenue and PAT grew by 27% and 39% YoY to ₹8,800 Cr. and Rs.736 Cr. respectively. The overall lending portfolio (NBFC and HFC) increased to Rs.1,15,139 Cr. as of Dec’23, up 34% YoY and 6% sequentially. The total AUM (AMC, life insurance and health insurance) grew by 13% YoY to Rs.4,10,444 Cr.The Company has integrated Udyog Plus with the ABG ecosystem to provide channel financing to their vendor partners. Udyog Plus has clocked disbursements of about Rs.180 Cr. till date with the ABG ecosystem contributing more than 60% of the business. The total AUM of Udyog Plus reached Rs.100 Cr. as of 31st December 2023.&nbsp;<h3>Clean Energy Solutions Subsidiary – Aditya Birla Renewables Limited (ABReL)</h3>ABReL reported revenue of Rs.92 Cr. for Q3FY24 improving by 32% YoY. Quarterly EBITDA stood at Rs.46 Cr. ABReL commissioned new capacity of 17 MWp taking the total capacity to 872 MWp as on 31st December 2023.</div>