Birla Corp reports 14% revenue growth in 2QFY24

Birla Corp has reported revenue of INR22,858.3m (US$274.5m) in the 2QFY24 ended 30 September 2023. This marks a 14.3 per cent YoY increase. Net profit in the 2QFY24 came in at INR583.7m, compared to a loss of INR564.6m in the same period a year earlier. The rise in profit has been attributed to a number of factors, including cost initiatives and optimisation of the power and fuel mix, according to the company. Cement sales over the same three-month period advanced by 14.8 per cent YoY to 4.18Mt.

Birla has ramped up production at its Mukutban plant with full-scale operation of its captive limestone mines now underway, significantly reducing production costs at the works. The company has also approved a 1.4Mt greenfield grinding unit at Prayagraj in Uttar Pradesh. According to BusinessLine (The Hindu), the project marks an investment of INR4000m and construction is due to begin “almost immediately”.