On A Consolidated Net Loss of Rs 1,300 Crore, Grasim Industries Tanked Over 7 Per Cent
On Thursday, it was seen that the shares of Grasim Industries tanked over 7 per cent morning on a consolidated net loss of Rs 1,300 crore for the September quarter.
The loss is because of an exceptional item related to the merger of Vodafone with Idea Cellular.
The company had reported a net profit of Rs 799.03 crore in the same quarter last year.
The scrip was 7.41 per cent down at Rs 812 at around 10.20 am while the BSE Sensex was up 30 points at 35,171 at around the same time.
The company also stated that 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 ceasing to be an Associate.
Consolidated revenue from operations increased 23.76 per cent to Rs 16,795 crore during the period under review against Rs 13,570.45 crore in the same quarter last year.
With merger of Vodafone India with Idea Cellular into Vodafone Idea Ltd (VIL), Idea’s share in profit of VIL has not been consolidated with effect from August 31, the company said.