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Birla Corp unveils 26% rise in revenue to ₹2,204 Cr, net profit falls 56%

The M P Birla Group’s flagship firm Birla Corporation Ltd. stated on Saturday that rising energy, gas, and freight bills had brought about a fall in its consolidated net profit of 56.24 per cent, to Rs. 61.92 crore, for the quarter ended in June. In Q1FY22, the agency reported a net profit of Rs. 141.51 crore.

However, its working revenue elevated 26% to 2,203.76 crore throughout Q1FY23 as in contrast to 1,749.11 crore in Q1FY22. A achieve of 26.14 per cent YoY introduced the corporate’s complete revenue to 2,218.06 Cr in Q1FY23 from 1 758.41 Cr in Q1FY22.

Birla Corporation registered an “increase in revenue even amid tepid cement demand as the Company managed to ramp up capacity utilization (on a like-for-like basis) to 101 per cent”, the agency stated in an earnings assertion.

“Profitability, however, was dented by escalating power, fuel and freight costs. Costs of optimising Birla Corporation subsidiary RCCPL Pvt Ltd’s newly commissioned Mukutban plant in eastern Maharashtra also had a major impact on overall profitability, broadly in line with the management’s internal projections,” the corporate additional added.

Total bills for Birla Corporation have been 2,129.27 crore, up 35.61% from 1,567.83 crore in the identical interval final yr. Profit earlier than tax (PBT) for the agency fell by 59.52 per cent yr over yr to 77.14 Cr in Q1FY23 from 190.58 Cr in Q1FY22. It made 2,100.29 crore from cement and 103.19 crore from the jute sector. Sales quantity elevated 17.31% to 3.93 million tonnes, and capability utilisation was 88% in Q1FY23.

The shares of Birla Corporation Ltd. ended buying and selling on the NSE on Friday at Rs. 995.65, up 1.91 per cent from the earlier shut of Rs. 976.95. In the final 1 yr, the inventory has fallen 27.38% and on a YTD foundation, the inventory has fallen by 30.27% to date in 2022.  The firm’s main space of enterprise is the manufacturing of cement. The firm’s put in capability for cement is nineteen.5 million tonnes, for jute merchandise it has 52,631 metric tonnes, and for iron and metal casting it has 3,750 metric tonnes.

(With inputs from PTI)

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