Birla Corp on Wednesday reported a huge jump in net profit at Rs 95.14 crore for the third quarter (Q3) ended December 31, 2006, compared to a Rs 17.22 crore net in the earlier corresponding period. The higher profitability follows a 39.20 % rise in Birla Corp’s October-December gross sales revenue at Rs 464.40 crore (Rs 333.60 crore).
Company chairman R S Lodha attributed the improved performance to increase in the share of blended cement in the overall sales of cement, better realisation and reduction of power cost in the cement division.
Efforts to expand the cement capacity by 1.25Mt at its plants at Satna, Madhya Pradesh and Chanderia, Rajasthan, is progressing as per schedule, Mr Lodha added in a statement issued after the board meeting held in Kolkata on Wednesday.
Profit before interest, depreciation and tax in Q3 was Rs 145.95 crore compared to Rs 29.13 crore in the earlier corresponding quarter.
The earning per share (EPS) in the said Q3 was Rs 12.35 against Rs 2.24 in the previous corresponding period.
While interest cost during the quarter under review dipped to Rs 3.53 crore against Rs 3.66 crore in the previous corresponding quarter, depreciation costs was up at Rs 9.58 crore in October-December quarter compared to Rs 8.93 crore in the earlier corresponding period. Profit before tax stood at Rs 132.84 crore in the October-December period compared to Rs 16.54 crore in the corresponding previous quarter.
Segment-wise details of the Q3 results indicate profit before interest and tax from the company’s cement division rose to Rs 136.33 crore (Rs 24.68 crore). Loss before tax and interest from jute division was Rs 98 lakh crore in October-December quarter compared to a loss of Rs 1.96 crore in the earlier corresponding period.