Birla Corp Sept quarter net drops 48%

Birla Corporation, the flagship company of M P Birla Group, today reported 48.18 % drop in net profit at Rs 41.58 crore for the second quarter ended September 30, due to rise in expenses.

The company's net profit in the corresponding quarter of last fiscal stood at Rs 80.24 crore, the company said in a filing to BSE.

The total income from operations of the company, however, went up to Rs 720.99 crore, over Rs 636.12 crore in the same period of the last fiscal, it said.

Birla Corporation's total expenses increased to Rs 683.28 crore in the July-September period, over Rs 542.43 crore in the corresponding quarter of the previous financial year, it added.

Birla Corporation, which produces products such as cement and auto trims, would invest Rs 2,500 crore over a period of three years to augment cement production capacity, according to a senior official of the company.

Shares of the company closed at Rs 214 apiece, down 1.04 % on the BSE.