Hit by a one-time provisioning of ₹2,277 crore, Grasim Industries, an Aditya Birla group company, reported a net loss of ₹1,300 crore in the September quarter against a net profit of ₹799 crore in the same period last year.

Attributing the provisioning to dilution of stake in its subsidiary Idea Cellular, Grasim said its holding in Idea Cellular reduced to 11.55 per cent from 23.13 per cent consequent to the merger of Vodafone India and Vodafone Mobile Services with Idea effective from August 31.

Consequent to reduction of the holding in Vodafone Idea, it has ceased to be an ‘Associate’ and a charge of ₹2,277 crore has been taken during the quarter due to fall in value of investment, it said in a statement.

Its income was up at ₹17,096 crore against ₹13,861 crore.

On a standalone basis, net loss was at ₹1,187 crore against a profit of ₹574 crore. Income was up at ₹5,400 crore (₹4,322 crore).

Net revenue from viscose business was up 23 per cent at ₹2,606 crore.

The viscose staple fibre production and sales volume was 1,37,000 tonnes and 1,36,000 tonnes. The share of the domestic sales in the overall sales rose to 84 per cent from 70 per cent, led by a robust demand, it said.

Caustic soda prices softened sequentially led by capacity restarts in China and Europe.

The overall demand for caustic soda is expected to remain stable going forward.

Revenue from caustic soda business rose 38 per cent to ₹1,612 crore and EBITDA increased 60 per cent to ₹456 crore driven by better realisation and higher sales volume.

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