Grasim shares jump 3% even as Q3 PAT falls 41% YoY to Rs 899 crore
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Grasim shares rallied 3% to an intraday high of Rs 2,543.45 in early trade on the BSE even after the firm reported a 41% year-on-year (YoY) drop in its consolidated net profit at Rs 899 crore in the third quarter. Revenue from operations during the same period rose 9% YoY to Rs 34,793 crore. On a standalone basis, the company reported a net loss of Rs 168 crore. The profit growth was dragged down by higher interest and depreciation charges on account of investments in the building materials businesses. Consolidated EBITDA for the quarter wad down 9% YoY to Rs 4,668 crore, mainly due to lower realisations in the cement business and initial investments for building a strong consumer-facing paints business. Also Read: Stocks in news: Nykaa, Vodafone Idea, Apollo Hospitals, Hindalco, Lupin Segment wise, the Cellulosic Fibres reported revenue growth of 6% YoY to Rs 3,934 crore, while EBITDA declined by 18% YoY to Rs 331 crore, mainly due to hi...