New Delhi: Cement maker Birla Corporation on Friday reported over four-fold rise in standalone net profit to Rs 115.66 crore for the quarter ended March 31, 2016.
The flagship firm of the M P Birla Group had clocked a net profit of Rs 28.46 crore in the year-ago period, it said in a regulatory filing.
Total standalone income, however, fell by 9 per cent to Rs 866.60 crore in January-March of last fiscal from Rs 797.15 crore during the same quarter of 2014-15 fiscal.
In a separate filing, the firm said: “Board of Directors of the Company at its meeting held on May 6, 2016 inter alia, has approved issuance of Non-Convertible Debentures up to nominal value of Rs 1000 crore on private placement basis.”
The firm has also declared a dividend of Rs 6 per share.
For the entire 2015-16, Birla Corp’s net profit was lower at Rs 157.35 crore against Rs 175.44 crore in 2014-15. Total income was marginally higher at Rs 3,274.99 crore from Rs 3,209.89 crore during the same period.
In February this year, Birla Corp announced that it will acquire Anil Ambani-led Reliance Infrastructure’s cement business for Rs 4,800 crore.
Reliance Infra’s cement arm has a capacity of 5.08 million tonne per annum (MTPA) at Maihar, Madhya Pradesh and Kundanganj, Uttar Pradesh and a grinding unit of 0.5 Mtpa at Butibori, Maharashtra.
Cement constitutes over 90 per cent of the Birla Corp’s revenues and it has a total operational cement capacity of 10 MTPA with units in Rajasthan, Madhya Pradesh, Uttar Pradesh and West Bengal.