India: Birla sees Q4 profit rise to US$17m

Birla Corporation has released its earnings figures for the three months to 31 March 2016, during which time the firm achieved a profit of INR1.16bn (US$17.4m), up fourfold on a year earlier, the Hindu reports.

Revenue for the quarter rose by nine per cent to INR8.7bn (US$131m). Full-year earnings saw total income rise by two per cent to INR32.7bn (US$492m), while profits were down 10.3 per cent at INR1.57bn (US$24m).

Chairman, H V Lodha, said that both the cement and jute divisions performed well during the quarter under review owing to higher production and improved operational efficiency. Results would have been better had cement prices not remained subdued, he added.

Birla is also in the process of acquiring Reliance Infrastructure Ltd’s cement business. This will increase Birla’s cement production capacity from 9.8Mta to 15.4Mta.