Latest News | Birla Corp Q4 Profit Down 55.4% to Rs 111.08 Cr, Net Sales Up 6%

New Delhi, May 11 (PTI) M P Birla group firm Birla Corporation Ltd on Wednesday reported a 55.44 per cent decline in its consolidated net profit to Rs 111.08 crore in the fourth quarter ended on March 31, 2022, on account of credit adjustments.

It had posted a net profit of Rs 249.33 crore in the January-March quarter a year ago, Birla Corporation said in a BSE filing.

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However, its revenue from operation was up 6.17 per cent to Rs 2,264.21 crore during the quarter under review compared to Rs 2,132.61 crore in the year-ago quarter.

Birla Corporation's total expenses were at Rs 2,141.92 crore, up 12.23 per cent in Q4/FY22 as against Rs 1,908.49 crore.

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"While profit before tax for the March quarter at Rs 153.18 crore was lower by 14.8 per cent, the net profit at Rs 111.08 crore was down 55.5 per cent year-on-year, due to one-off credit adjustment of Rs 124.98 crore in income-tax expense in the previous year," it said.

Its revenue from the cement segment was at Rs 2,150.01 crore during the quarter, up 6.17 per cent from Rs 2,024.91 crore.

Similarly, revenue from the jute segment was up 5.92 per cent at Rs 114.15 crore from Rs 107.76 crore in Q4/FY21.

For the fiscal year ended March 31, 2022, Birla Corporation's consolidated net profit was down 36.74 per cent at Rs 398.59 crore. It had logged a net profit of Rs 630.14 crore in 2020-21.

Revenue from operation was at Rs 7,461.22 crore in 2021-22, higher by 9.95 per cent than Rs 6,785.45 crore in the previous year.

In FY22, Birla Corporation has recorded a 6.2 per cent volume growth with 14.22 million tons.

"Birla Corporation has in FY2021-22 achieved its highest ever cement sales by volume, overcoming unprecedented challenges such as cost pressure, sluggish demand and disruptions owing to the Covid-19 pandemic," it said.

The company is primarily engaged in the manufacturing of cement as its core business activity. It has a significant presence in the jute goods industry as well.

The board of the Kolkata-Headquartered company has also recommended a dividend of Rs 10 per share for the financial year 2021-22.

Besides, it also approved to issue of Secured Redeemable Non-Convertible Debentures aggregating up to Rs 200 crore on a private placement basis in one or more tranches, within a period of one year.

Shares of Birla Corporation Ltd on Wednesday settled at Rs 960.55 on BSE, down 1.89 per cent from the previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)