FCC

Birla Corporation's Q1 FY24 Net Profit Declines by 3.57%

2023-08-11

Birla Corporation, a prominent name in the cement industry, has reported a 3.57% dip in its net consolidated profit for the first quarter of the fiscal year 2023-24. The profit after tax stood at Rs 597.1 million in Q1 FY24, compared to Rs 619.2 million in the corresponding quarter of the previous fiscal. Despite the dip in profit, the company's net consolidated total income experienced growth, reaching Rs 24.24 billion in Q1 FY24, a 9.31% increase from Rs 22.18 billion in the same quarter last year. The company's net worth as of June 30, 2023, was Rs 50.84 billion, with a debt-equity ratio of 0.81 and a net profit margin of 2.53%. During this quarter, RCCPL, a wholly-owned subsidiary, acquired 100% equity share of Sanghi Infrastructure M.P. Birla Corporation also achieved a capacity utilisation of 91% for the quarter, with a 21% sequential rise in dispatches from its Mukutban plant. The company faced challenges with soft prices impacting core markets, but power and fuel costs per ton for cement production fell 19% year-on-year.