Birla Corp consolidated net profit doubles to Rs 141.5 cr in Q1; revenue up

PTIUpdated: Thursday, August 05, 2021, 05:14 PM IST
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Birla Corp sold 3.35 million tonne of cement in the June quarter, registering a growth of 38.4 per cent over last year/ Representational Image | Pixabay

Overcoming pandemic-related disruptions, Birla Corporation Limited on Thursday reported a consolidated net profit of Rs 141.5 crore in the first quarter ending June 2021, which is 115 per cent higher over the corresponding quarter of the previous year but sharply lower than the March FY'21 quarter.

Net revenue for the quarter at Rs 1,749 crore represents a growth of nearly 41 per cent over the last year's corresponding period.

In the March quarter, sales were at Rs 2,132 crore with a net profit of Rs 249 crore.

The company in a statement said EBITDA rose 40.1 per cent year-on-year to Rs 353 crore.

The cement major sold 3.35 million tonne 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 of Q1 of 2019-20.

The company said it continues to rationalise operating costs with a sharp focus on plant efficiency, fixed costs and logistics to overcome cost pressure.

"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. With the commissioning of Mukutban project in Maharashtra now clearly in sight, the company will embark on the next phase of growth to enhance its capacity to 25 million tonne," Birla Corporation Chairman Harsh V. Lodha said.

The company had revised capex at Mukutban to Rs 2,744 crore, up from Rs 2,450 crore for a 3.90 million tonne greenfield integrated cement plant. It includes a 40 MW captive power plant and a 10.60 MW waste heat recovery system.

The revised expansion of the Uttar Pradesh grinding unit is scaled down to 0.7 million tonne, which will reduce investment by Rs 154 crore, the company said.

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