Birla Corporation Q1 results: Net profit rises over 2-fold to Rs 142 cr

New Delhi: M P Birla group firm Birla Corporation Ltd on Thursday reported an over two-fold increase in its consolidated net profit at Rs 141.51 crore in the first quarter ended June 2021. It had posted a net profit of Rs 65.77 crore in the April-June quarter a year ago, Birla Corporation said in a BSE filing.

Its revenue from operation was up 43.13 per cent to Rs 1,749.11 crore during the quarter under review as against Rs 1,221.97 crore in the year-ago period.

This was helped by "better management of the lockdown this year, both by the company and the administration, helped mitigate the effects of restrictions imposed in the areas of operations of the company relative to last year", said Birla Corporation in a post earning statement.

Birla Corporation's total expenses were at Rs 1,567.83 crore, up 35.56 per cent in Q1/FY2021-22, as against Rs 1,156.49 crore.

Its revenue from cement during the April-June quarter was at Rs 1,655.86 crore.

"Birla Corporation Ltd sold 3.35 million tonnes of cement in the June quarter, registering a growth of 38.4 per cent over last year, but sales by volume were 8 per cent lower than the pre-pandemic levels in Q1 FY2019-20," it added.

Commenting on the results, Birla Corporation chairman Harsh V Lodha said: "The company has exhibited resilience in posting a strong quarter in the midst of significant challenges. Demand for cement barring the seasonal monsoon remains strong, somewhat undeterred by the pandemic and its impact on the Indian economy."

Shares of Birla Corporation Ltd on Thursday settled at Rs 1,387.80 on BSE, up 1.86 per cent from the previous close.