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73	73	= Business Overview =
74	74
75		-== Viscose ==
	75	+Viscose
76	76
77		-"VSF demand in India witnessed a double digit growth for the second consecutive year. Grasim has been at the forefront of driving the VSF consumption in India with the Launch of LIVA in 2014. In FY19 the Company introduced Livaeco and Liva Home as an extension of the brand LIVA. VSF demand in India is expected to maintain its growth momentum and witness a high single digit growth for the next 2-3 years."{{footnote}}https://www.grasim.com/upload/pdf/grasim-annual-report-fy-2019.pdf{{/footnote}}
	77	+"VSF demand in India witnessed a double digit growth for the second consecutive year. Grasim has been at the forefront of driving the VSF consumption in India with the Launch of LIVA in 2014. In FY19 the Company introduced Livaeco and Liva Home as an extension of the brand LIVA. VSF demand in India is expected to maintain its growth momentum and witness a high single digit growth for the next 2-3 years."
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	79	+[[https:~~/~~/www.grasim.com/upload/pdf/grasim-annual-report-fy-2019.pdf>>url:https://www.grasim.com/upload/pdf/grasim-annual-report-fy-2019.pdf]]
	80	+
79	79	In FY19 ~~1 MTPA of capacity was added by VSF players in Asia taking the overall capacity to 7 MTPA. This is expected to create a demand supply imbalance in the shorter time frame.
80	80
81	81	VFY sales volume has increased substantially during the current year led by acquisitions of rights to operate and manage Century Rayon by the Company effective from 1st February 2018.
82	82
	85	+
83	83	During FY19 prices of Chinese VSF declined. On the other hand, global cotton and polyester prices witnessed an increase. In India, cotton prices experienced a double digit price increase owing to lower domestic production, depletion in the cotton reserves of China, and hike in the MSP (Minimum Support Price) of Indian cotton crop. Polyester prices globally have maintained an upward trend due to a spike in the crude oil prices.
84	84
85		-== Chemicals ==
86	86
	89	+Outlook
	90	+
	91	+The VSF business is slated to grow vigorously, expanding the market in India by partnering with the textile value chain. It will achieve better customer connect through its brand LIVA and related products, through a larger share of specialty fibre. VSF continues to be the fastest growing textile fibre globally. However, new capacities recently commissioned in Asia may create temporary demand supply mismatch and resultant pressure on prices.
	92	+
	93	+The global demand for VSF is likely to grow at a CAGR of 6-7% over the next 2-3 years, tad higher than the growth of competing fibres like cotton and polyester. The Asia-Pacific region is witnessing a healthy growth in the demand for this product. This is due to its special natural attributes and increased popularity in countries like India and China, which make it “a preferred fibre of choice”
	94	+
	95	+
	96	+Chemicals
	97	+
87	87	The global prices of caustic soda were volatile during the year led by multiple factors like:
88	88
89		-* Closure of alumina refinery in South America
90		-* There were limited environment related shutdown in China during the winter months to control pollution level and
91		-* Mandatory adherence to BIS guidelines in India.
	100	+•
92	92
	102	+Closure of alumina refinery in South America
	103	+
	104	+There were limited environment related shutdown in China during the winter months to control pollution level and
	105	+
	106	+Mandatory adherence to BIS guidelines in India.
	107	+
	108	+
93	93	In India, the prices remained firm during the year driven by stable demand conditions and slowdown in imports.
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95	95	Domestic consumption of caustic soda is expected to increase by 2-3% over the medium term on account of a strong demand from key consuming sectors such as textile, alumina, pulp and paper, and chemicals industries.
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97	97	The Company achieved a new milestone of 1 Million Tonne Sales of Caustic Soda this year, the first company in the Country to attain this record.
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	115	+
99	99	Over the years, the demand for chlorine remained firm with prices maintaining a stable trend. The Company is a global leader in the chlorine Value-Added Products (VAP) such as AICI3 and stable bleaching powder. In India, the company hold a leadership position in CP (ChlroParafin), PAC (Poly Aluminium Chloride) and PA (Phosphoric Acid).
100	100
101		-== Textiles ==
102	102
	119	+Outlook
	120	+
	121	+The Chemical business is witnessing expansion in both Chlor-alkali and specialty chemicals. The recent acquisition of Chlor-alkali business of KPR Industries Limited (plant under construction) is aimed at increasing the market share in the Eastern region of India, a caustic consumption hub. This, coupled with ongoing brownfield expansion projects at other sites and new product lines for specialty chemicals will lead to an upward swing in the business in the near future.
	122	+
	123	+
	124	+Textiles
	125	+
103	103	Grasim’s textiles business has Linen and Wool as the popular product lines. Grasim Textiles business for FY 2018-19, reported a Revenue of ` 1,501 Crore and EBITDA of ` 139 Crore.
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105	105	The company's Linen business maintained its leadership in the Linen Market with ~~45% market share in linen fabric (Pure Linen category) and ~~45% in linen yarn. The retail arm of the business, under the brand “Linen Club” is one of the largest single brand franchise network in India. It added 28 new ‘Linen Club’ EBOs, during FY 2018-19, with a total count of 200 EBOs. Besides fabrics, Linen Club Stores also offer wide range of Linen Apparel. Further, during the year, linen business ventured into intimate blend fabrics and apparels by launching two new brands “Mazury”  and “Cavallo” respectively. Cavallo is supplied through E-Commerce channels.
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111	111	Grasim has brands rights for the “SOKTAS”, “Giza House” and “Excellence by SOKTAS” brands in key territories including India, Bangladesh and Nepal.
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113		-== Insulators ==
	136	+The general business outlook remains positive in view of the overall demand condition.
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	138	+
	139	+Insulators
	140	+
115	115	The demand growth for insulator industry is being driven by power generation, transmission and distribution. The business generated Revenue of ` 434 Crore and EBITDA of ` 22 Crore for FY 2018-19.
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117	117	The Insulator industry may continue to remain subdued due to lack of investment in the power sector in the Country.
118	118
119		-== UltraTech Cement Ltd. (A subsidiary of the Company) ==
120	120
	146	+UltraTech Cement Ltd. (A subsidiary of the Company)
	147	+
121	121	India’s cement sector witnessed an encouraging double digit demand growth in FY19 highest since FY10. India’s cement industry is a vital part of its economy, providing employment to more than a million people, directly or indirectly. The demand growth was driven by Infrastructure projects, low cost housing and performance of the Industrial and commercial sector. The overall demand phase is expected to maintain positive momentum in the months ahead. Increase in demand will facilitate greater capacity utilization.
122	122
123	123	UltraTech was a beneficiary of the strong demand growth. The consolidated sales volume registered an increase of 17% on YoY basis to ~~76mtpa (FY19). The Consolidated Net Revenue in FY19 witnessed a growth of 21% to ` 37,379 Crore and EBITDA increased by 7% to ` 7,226 Crore.
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125	125	The Board of Directors of UltraTech had approved a Scheme of Demerger amongst Century Textiles and Industries Limited (Century) and UltraTech and their respective shareholders and creditors (the Scheme). In terms of the Scheme, Century would demerge its cement business into UltraTech.
126	126
127		-== Aditya Birla Capital Ltd. (A subsidiary of the Company) ==
128	128
	155	+Aditya Birla Capital Ltd. (A subsidiary of the Company)
	156	+
129	129	The Aditya Birla Capital reported a strong Financial Performance. The Revenue and Net Profit after Tax for FY19 increased to ` 15,032 Crore and ` 566 Crore up by 65% and 37%.
130	130
131	131	The NBFC Lending book (Including housing finance) expanded 23% YoY to ` 63,119 Crore (FY19) The Average Assets Under Management at ` 2,65,109 Crore (FY19) is up 6% YoY.
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134	134
135	135	In the Health Insurance business, Gross written premium increased to ` 497 Crore (FY19), almost doubled as compared to the previous year.
136	136
137		-= Financial Highlights =
138	138
	166	+Financial Highlights
	167	+
	168	+
139	139	On February 10, 2020; Grasim Industries Limited announced its unaudited financial results for the quarter and Nine months ended 31st December 2019
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	171	+
141	141	Consolidated Revenue for the nine months ended 31st December 2019 stood at `57,724 Cr. recording a growth of 5%. Consolidated PBT at ` 6,387 Cr. recorded a growth of 23% YoY. Revenue and EBITDA for the quarter, however, remained largely flat.
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143	143	[[https:~~/~~/www.bseindia.com/xml-data/corpfiling/AttachHis/058d9115-fda0-4c29-b7d2-b6949b69a8f2.pdf>>url:https://www.bseindia.com/xml-data/corpfiling/AttachHis/058d9115-fda0-4c29-b7d2-b6949b69a8f2.pdf]]