Birla Corporation posts Rs.68.97 crore Q2 net profitOctober 26th, 2010 - 8:01 pm ICT by IANS
Kolkata, Oct 26 (IANS) Birla Corporation Limited, the flagship company of the M.P. Birla Group, posted profit (after tax) of Rs.68.97 crore in the second quarter of financial year 2010-11, against Rs.152.05 crore in the corresponding quarter last year.
Turnover for the quarter was Rs.550.34 crore against Rs.556.31 crore posted during corresponding quarter last fiscal, a company statement said here Tuesday.
Profitability of the company declined due to lower clinker production on account of shutdown of the plants for capacity expansion, regular maintenance activities, lower cement realisation, increased use of outsourced clinker owing to non-availability of clinker from the company’s own plant, it said.
Commenting on the results, company chairman Harsh V. Lodha highlighted that the cement industry, in general, had suffered pressure on prices as well as in demand in the quarter.
Increased supplies, on account of new capacities, compelled companies to sell at lower prices. This affected realisation in the central and eastern marketing regions of the company’s Satna and Durgapur units.
The bunching of capacities may continue impacting cement prices in the foreseeable future. But the increased thrust by the government on the infrastructure projects and the expected demand boost in the housing and retail sectors may partly offset the situation, the statement said.
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