Birla Corp profit in September quarter rises 152%
- Indian Oil to invest Rs70,000 crore to expand refining capacity
- PNB-Nirav Modi fraud: Nexus between diamond traders and stock market brokers under scanner
- NTPC eyes 100% equity in some JVs with state utilities, stressed assets
- Maharashtra allows privatisation of cooperative spinning mills, powerloom societies
- Pakistan borrows $500 million from China
Kolkata: MP Birla Group company Birla Corp. Ltd Tuesday said its net profit in the September quarter had grown 152% year-on-year to Rs58.43 crore (from Rs23.2 crore a year ago) thanks to cost rationalization and a surprise Rs13 crore cash profit from the jute division.
The cement maker’s revenue, however, declined 3.5% from a year earlier to Rs882.5 crore.
After a short spurt in the June quarter, demand for cement contracted in the September quarter, the company said in a statement.
During the quarter, Birla Corp. concluded the purchase of Reliance Cement Co. Pvt. Ltd with which its production capacity goes up to 15.5 million tonnes (mt) from 10 mt.