Aditya Birla Group’s flagship Grasim Industries Ltd on Tuesday (March 4) said it has commenced commercial production at its Birla Opus Paints plant in Mahad, Maharashtra, effective today, March 4.
The facility has an installed capacity of 180 million litres per annum (MLPA) for water-based paint, 20 MLPA for distemper, and 30 MLPA for solvent-based paint.
With this, five out of Grasim’s six greenfield paint plants are now operational, bringing the total installed capacity of decorative paints under the Birla Opus brand to 1,096 MLPA. The production from this facility will cater to the growing demand in the domestic market.
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“With the commencement of commercial production at our Mahad plant as mentioned above, 5 out of our total 6 green-field plants have commenced commercial production and our installed capacity of decorative paints sold under the brand ‘Birla Opus’ has reached 1,096 Million Litres Per Annum (MLPA),” Grasim Industries said in a regulatory filing.
A red quarter
The company reported a net loss of ₹168.7 crore in the third quarter, significantly higher than the ₹74 crore loss estimated by a CNBC-TV18 poll. In the same period last year, the company posted a net profit of ₹236 crore.
However, its revenue increased by 26.9% to ₹8,120.3 crore from the previous year’s ₹6,400 crore. A CNBC-TV18 poll had predicted a revenue of ₹8,208 crore.
The company’s EBITDA (earnings before interest, tax, depreciation and amortisation) was down 48.2% in the December quarter at ₹270.6 crore against the previous year’s ₹522.6 crore. The Street had estimated an EBITDA of ₹378 crore.
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Shares of Grasim Industries Ltd ended at ₹2,393.85, up by ₹15.50, or 0.65%, on the BSE.
(Edited by : Shoma Bhattacharjee)
