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Birla Corp profit surges 66.10% to Rs 255.70 crore in FY19; board declares dividend of Rs 7.50 per share

Birla Corporation's net profit slipped 2.23 per cent to Rs 128.19 crore in January-March period as compared to Rs 131.12 crore in the same quarter last year

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 3, 2019  | 22:08 IST
Birla Corp profit surges 66.10% to Rs 255.70 crore in FY19; board declares dividend of Rs 7.50 per share
Birla Corporation's board has declared a dividend of Rs 7.50 per share for the financial year 2018-19

Birla Corporation, a flagship company of the MP Birla Group, has reported 66.10 per cent growth in consolidated net profit at Rs 255.70 crore for the financial year ended March 31, 2019, as compared to Rs 153.95 crore in the last fiscal, helped by all-round improvement in performance.

"Consolidated revenue from operations climbed 10.27 per cent to Rs 6,548.73 crore in FY19 from Rs 5,938.93 crore in FY18," Birla Corporation said in a filing to the Bombay Stock Exchange.

The operating profit (EBIDTA) of the Kolkata-headquartered company grew 18.10 per cent to Rs 1,027.08 crore versus Rs 869.64 crore in previous year, on the back of growth in sales and better realisation.

On the quarterly basis, cement maker's net profit slipped 2.23 per cent to Rs 128.19 crore in January-March period as compared to Rs 131.12 crore in the same quarter last year. The company, however, mentioned that net profit for the March quarter rose by 11 per cent year-on-year "after adjusting for one-off deferred tax credit in the corresponding period of the previous year".

In January-March quarter, revenue grew 13.44 per cent to Rs 1,872.76 crore from Rs 1,650.81 crore in the year ago period. The EBIDTA stood at Rs 333.95 crore in Q4FY19 versus Rs 290.09 crore in Q4FY18, registering a growth of 15.12 per cent.

Also Read: HUL FY19 profit surges 16% to Rs 6,060 crore despite weak rural demand

In the quarter till March, blended cement contributed to 92 per cent of the company's sales by volume, the company said.

The company's board has declared a dividend of Rs 7.50 per share for the financial year 2018-19. In a seprate development, the board has recommended the re-appointment of Shailaja Chandra as the independent director of the company for a second term of five years effective from February 5, 2020 subject to approval of the shareholders at the ensuing Annual General Meeting of the company.

Looking forward, the company expects cement demand to remain buoyant amid momentum in mega infrastructure projects and revival in the real estate sector. Due to continuing focus on rural and affordable housing, as also initiatives such as smart cities, the management expects favourable market conditions going forward, it added.

Birla Corporation shares closed trade at Rs 557.50 a piece, down 3.19 per cent, on the BSE on Friday.

Edited by Chitranjan Kumar

Also Read: Tata Chemicals profit halves to Rs 1,386.85 crore in FY19, revenue rises 9.19%

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