Allied Industry

Birla Corp’s net profit jumps over 3 fold to Rs 94 crore

NEW DELHI: Cement maker Birla Corporation has reported an over three-fold jump in its standalone net profit to Rs 94.33 crore for the quarter ended June 30, 2016.

The flagship firm of the M P Birla Group had posted a net profit for the period of Rs 24.95 crore in the year-ago period, Birla Corporation said in a filing to BSE today.

This year’s June quarter net profit in terms of percentage stands at 278 per cent.

The net sales (net of excise duty) also increased to Rs 893.57 crore as against Rs 766.27 crore in the year-ago period.

The total expenses increased to Rs 801.17 crore as compared to Rs 757.28 crore in the corresponding quarter of previous fiscal and the revenue from the cement segment during the quarter increased to Rs 833.32 crore over Rs 712.46 crore in the year-ago period, it said.

Last month, the company acquired 44.50 lakh shares of Birla Ericsson Optical Ltd for a consideration of Rs 12.46 crore.

The firm further said that it has also entered into share purchase agreement with Reliance Infrastructure Ltd for acquisition of its entire cement business for an enterprise value of Rs 4,800 crore.

“Necessary steps are being initiated to complete the acquisition formalities,” the filing said.

Birla Corporation Ltd deals in products ranging from cement to jute goods, PVC floor covering, as well as auto trims.

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