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HomeMarketResultsBirla Corporation posts Rs 56.46 crore consolidated net loss in Q2

Birla Corporation posts Rs 56.46 crore consolidated net loss in Q2

MP Birla group flagship, Birla Company, posted a consolidated web lack of Rs Rs 56.46 crore within the July-September quarter on the again of value escalation. The corporate had recorded a web revenue of Rs 85.55 crore within the year-ago interval.

The corporate stated profitability was impaired by a pointy improve in energy and gas prices, which couldn’t be handed on to shoppers within the seasonally weak monsoon quarter. Total value within the September quarter was up 20 per cent year-on-year and 5 per cent sequentially.

The online loss, the corporate stated, was after a number of years. The bottomline was additionally impacted by greater curiosity and depreciation prices on account of the Mukutban unit in Maharashtra, which was arrange at an funding of Rs 2,744 crore.

The three.9 million tonne (mt) unit began business manufacturing in April and augmented the corporate’s manufacturing capability to twenty mt. Within the present monetary yr, the Mukutban plant is anticipated to supply round 1 mt of cement.

clocked in an 11.4 per cent improve in gross sales quantity in Q2FY23 at 3.64 mt. Whole earnings in Q2 stood at Rs 2,041.58 crore, up 19.3 per cent from the year-ago interval.

Management change

The board on Tuesday authorised the appointment of Sandip Ghose as the corporate’s whole-time director from December 1 to December 31, 2022, and because the managing director and efficient January 1, 2023, for a interval of three years, topic to the approval of shareholders. The corporate knowledgeable that Arvind Pathak was stepping down as managing director and on account of private causes. Pathak, the corporate stated, was instrumental in charting a highway map for aggressive development and took a number of initiatives to enhance effectivity.

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