MUMBAI : Despite the slump in Q1, activity levels are gradually normalising, Kumar Mangalam Birla, Chairman of the Aditya Birla group, told shareholders of Grasim on Monday. Citing the International Monetary Fund’s forecast that India’s GDP growth will rebound to 6% in FY22, Birla said he is confident in the country's long-term growth potential. As expected, we witnessed a contraction in economic growth in the first quarter on account of widespread shutdowns," Birla told shareholders. I remain confident that India’s long-term growth potential remains intact despite the covid setback," he addedFor FY20, Grasim reported consolidated revenue from operations of $11 billion ( ₹77,625 crore), while the consolidated EBITDA (earnings before interest, tax, depreciation, amortisation) stood at $2 billion ( ₹13,846 crore). “Across the businesses, our fixed costs have reduced by 35%, which amounts to savings of ₹256 crores compared to the FY20 quarterly average," Birla said.

Source: Mint September 14, 2020 12:33 UTC