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Grasim Industries, an Aditya Birla Group firm, reported a consolidated net loss of Rs 1,299.86 crores for the July-September quarter of FY19 on account of an exception item related to the merger of Vodafone with Idea Cellular. The company had earlier posted a net profit of Rs 799.03 crores during the same quarter period of the previous fiscal.
Grasim Industries said in a BSE filing, that its revenue from operations stood at Rs 16,795 crores, rising 23.76 per cent, during the said quarter as against Rs 13,570.45 crores of the corresponding quarter preceding year.
The company in its regulatory filing stated that, with the merger of Vodafone India with Idea Cellular into Vodafone Idea Limited, Idea’s share in the profit of VIL has not been consolidated with effect from August 31 2018.
The company added, “The exceptional item of Rs 2,003 crore represents the difference between book value and fair value of Vodafone Idea Ltd as on August 30, 2018. This has been charged to the Profit and Loss Account, consequent to Vodafone Idea Ltd ceasing to be an Associate.”
Grasim Industries total expenses in Q2FY19 stood at Rs 15,460.72 crores. Its revenue from cement business was reported at Rs 8,151.46 crore (posting a 20% rise), whereas revenue from viscose staple fibre (VSF) stood at Rs 2,605.82 crore as against Rs 2,119.94 crore in Q2FY18.
The share price of Grasim Industries dropped by as much as 7.35% to Rs. 811.95 at the time of writing this report.
