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Birla Corporation Ltd today reported over 26 per cent increase in net profit at Rs 72.63 crore for the fourth quarter ended March 31, 2013, compared with Rs 57.46 crore in the same period in the previous year.
The company’s turnover during the quarter increased marginally by four per cent at Rs 768 crore compared with Rs 739 crore in the year-ago period.
The M.P. Birla group company has reported a PAT for FY13 at Rs 270 crore against Rs 239 crore in FY12.
It recommended a final dividend of Rs 4.5 a share of Rs 10 each. With an interim dividend of Rs 2.5, the combined payout for FY13 will be 70 per cent.
Pracheta Majumdar, a Non-Executive Director of the company has been appointed as whole-time director designated as Chief Management Advisor by the Board on Monday.
Harsh V. Lodha, Chairman of the company, in a note said that Birla Corporation achieved its highest-ever cement production and despatches at 64.44 lakh and 64.67 lakh tonnes, respectively.
“Even the Chanderia unit (in Rajasthan) could achieve the highest-ever cement production at 25.48 lakh tonnes and sales at 25.03 lakh tonnes during the year, despite suspension of its mining operations,” Lodha added.
The mining operations at the unit remained suspended throughout the year owing to an order of Jothpur High Court.
The Supreme Court allowed mining through mechanical means, but without blasting, for four weeks till April 14 for the Central Building Research Institute, Roorkee, to study the impact of the mining activity on the Chittorgarh Fort. The institute, which was to submit its report on April 29, sought more time.
Green nod
The company said that environmental clearance has been obtained for expansion of cement capacity at Chanderia by a further 1.5 million tonnes along with the setting up of a 50-MW captive power plant. “These projects will be implemented once relief is granted by the apex court in its mining matter,” the company added.
The company has also been allotted the Bikram coal block in Shahdol district, Madhya Pradesh, for captive use.
The mining plan has been approved and administrative approval of mining lease has been granted by the Union Ministry of Coal. Forest and environment clearance are, however, awaited.
Jute unit
The jute division of the diversified company, which was under “suspension of work” from April to mid-October 2012, was reopened after a tripartite agreement on productivity and manning norms.
During the Q4, the unit has turned around and generated cash profit. The new norms and modernisation of the plant were expected to cut down operational costs of the division and make it viable, the company said.
The stock on Monday closed at Rs 266 on the BSE, up 2.76 per cent.
jayanta.mallick@thehindu.co.in
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