Birla Corp Q2 profit at Rs 58.37 cr, revenue up 14% to Rs 2,285.8 crore

M P Birla Group firm Birla Corporation Ltd on Wednesday reported a consolidated net profit of Rs 58.37 crore for the second quarter ended September 2023.

It had posted a net loss of Rs 56.46 crore in the July-Septemer period a year ago, according to a regulatory filing from Birla Corporation.

Birla Corporation’s revenue from operations was up 14.3 per cent to Rs 2,285.83 crore during the quarter in comparison to Rs 1,999.83 crore in the corresponding period a year ago. Birla Corporation’s revenue from the cement business was at Rs 2,178.32 crore, up 16.17 per cent compared to Rs 1,875.02 crore a year ago in the September quarter. Its revenue from jute business was down 13.23 per cent to Rs 107.60 crore. The total income of Birla Corporation was Rs 2,313.23 crore, up 13.30 per cent over the year-ago period.

Shares of Birla Corporation Ltd on Wednesday settled at Rs 1,285.90 on BSE, down 0.16 per cent. Speaking on the occasion, Chairman Harsh V. Lodha said: “The Company has recorded steady progress in the last three quarters, recovering from the power and fuel cost shock of 2022, triggered by the Ukraine crisis. The results were achieved despite cement prices remaining flat and many of our core markets affected by heavy rains and other seasonal factors.

This vindicates our strategy and initiatives on multiple fronts. The ramp-up of Mukutban operations has been progressing as per plan notwithstanding the tepid market conditions in the region. We are well on track to meet our targets in the near term.”