Aditya Birla Group's Grasim Industries saw its profits decline for the fifth consecutive quarter, as subdued prices in its chemicals and textiles businesses took a toll.

In the three months ended September 30, the company's standalone net profit plunged nearly 18% to 7.95 billion rupees ($95.50 million) compared to the same period last year.

Grasim's standalone profit excludes the results of its subsidiaries, including Ultratech Cement and Aditya Birla Capital.

The company's viscose staple fibre (VSF) business, its largest segment, bore the brunt of the downturn, as prices for the key material used in various clothing products faltered. This caused revenue from the segment to dip to 38.89 billion rupees from 39.03 billion rupees a year ago, despite a 24% increase in sales volumes.

Marking the fourth straight quarterly decline, the VSF segment accounted for 60.4% of Grasim's total revenue.

Grasim's overall revenue slipped 4.5% to 64.42 billion rupees, its second consecutive quarterly decline.

""Given the macroeconomic conditions, demand in global consuming markets like the U.S. and Europe remains subdued, although the festive season led to an uptick in domestic demand. Domestic prices remained under pressure due to the softening of international VSF prices,"" the company stated.

Grasim also grappled with falling prices in its second-largest segment, the chemicals business, weighed down by chemical products it manufactures such as caustic soda. This led to a nearly 27% revenue drop, despite a 3% increase in sales volumes.

While caustic soda prices have started to rebound from their first-quarter lows, analysts anticipate benefits only from the third quarter of fiscal 2024.

Last month, Grasim's subsidiary Ultratech Cement surpassed second-quarter revenue estimates, while its diversified financial services arm, Aditya Birla Capital, reported an earlier profit surge.

The company approved capital expenditure (capex) of 1.44 billion rupees for various businesses and has authorized a rescheduling of spending for previously approved capex, entailing an additional outlay of 1.38 billion rupees in the current fiscal year.

The revised capex budget for fiscal 2024 stands at 59.29 billion rupees, the company added.

Grasim's foray into the paints sector under the 'Birla Opus' nameplate is slated for the fourth quarter of fiscal 2024.

Ahead of its quarterly results, Grasim's shares closed 0.9% lower. They have risen 11.9% so far this year.