Grasim Industries Limited announced that the company will be shifting focus towards growing two new businesses of paint and building materials going forward, while already investing Rs1,979 crore as capital expenditure (capex) in the paint business in fiscal year 2023, said Kumar Mangalam Birla, Chairman Grasim Industries Limited at its 76th Annual General Meeting (AGM).
“Your company has embarked on a transformational growth phase with the incubation of two new high-potential growth engines—paints and B2B e-commerce for building materials. In FY23, your company executed its largest ever capital expenditure investing Rs 4,307 crore including Rs1,979 crore toward the paints business," he added.
Birla added that the company is progressing well in the paint business. The project work is progressing as per plans at all the six sites, and commissioning of plants will start in phases from Q4FY24. The state-of-the-art R&D facility is fully operational.
The other business the company is hoping to grow in is the B2B e-commerce business for building materials, Birla Pivot is now operational and catering to customers in Madhya Pradesh, Maharashtra, and Delhi
Birla believes that the company’s established businesses will be in the consolidation phase, while the newly identified growth engines will create a powerful impact for it. The company recorded year-on-year growth of 23% in consolidated revenues from operations, reaching an all-time high of Rs1,17,627 crore. Consolidated EBITDA increased to Rs 20,478 crore.
