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India's Grasim posts Q2 revenue fall on weak need for paints

India's Grasim Industries reported a lower secondquarter adjusted earnings on Thursday, dragged down by bad demand in its paints department due to higherthanusual monsoon rains.

The business, which also has chemicals and yarns companies, reported an earnings before remarkable items of 7.71 billion rupees ($ 91.4 million) in the three months ending Sept. 30, down 3% from a year back.

Grasim's standalone numbers leave out incomes of its units UltraTech Cement and Aditya Birla Capital.

The business's paints department, released earlier this year under the Birla Opus brand name, has harmed its margins as the business continues to buy business.

Additionally, paint makers saw weak need as the nation saw above-average monsoon rainfall throughout the quarter, which affected sales.

Grasim's profits rose about 18% to 76.23 billion rupees for the quarter.

Its overall expenses surged 26% to 78.65 billion rupees, causing Grasim's margins on revenues before interest, tax, devaluation and amortization to agreement to 18% from 19% a year earlier.

Rivals Asian Paints, Berger Paints India and Kansai Nerolac Paints, all experienced a depression in revenue, harmed by muted demand due to heavy monsoons.

(source: Reuters)