Grasim Industries reports 34% rise in Q2 FY24 net profit

Grasim Industries, a component of the Aditya Birla Group, announced a significant increase of 34.11% in its net consolidated profit for the quarter concluding on September 30, 2023. The profit after tax for Q2 FY24 reached Rs 20.24 billion, contrasting with the Rs 15.09 billion reported in the corresponding quarter of the previous fiscal.As stated by the company, its net consolidated total income for Q2 FY24 reached Rs 305.05 billion, marking a growth of 9.98% compared to the Rs 277.37 billion recorded in the corresponding quarter of the preceding year.On October 16, 2023, the board of directors of the company deliberated and sanctioned the proposal to raise funds through a Rights Issue of Equity Shares with a face value of Rs 2 each. This initiative is targeted at eligible equity shareholders, with the intention to generate an amount not surpassing Rs 40 billion.In the course of the quarter, the company executed the transfer of 78,582 equity shares to the option grantees from the Grasim Employee Welfare Trust. This action was taken in response to applications received under the Employee Stock Option Scheme — 2018.