 "Birla Corporation Q1 net falls 53% to Rs 66 crore, revenue suffers too")
MP Birla group's flagship company Birla Corporation Ltd on Friday reported a 53 per cent fall in its net profit to Rs 66 crore for the first quarter of the current financial year.
It had posted a net profit of Rs 141 crore in the year-ago period, the company said in a statement.
The company's revenue was also down by around 35 per cent year-on-year to Rs 1,241 crore during the period under review.
The Kolkata-headquartered firm said that the results show the impact of the severe disruptions in key markets in the wake of the coronavirus pandemic.
The construction activities in urban areas have been affected due to substantial reduction in workforce, it said.
Its cash profit declined by 44 per cent to Rs 172 crore in the first quarter of the 2020-21 fiscal as compared to Rs 305 crore in the year-ago period.
The company's Ebitda (earnings before interest, taxes, depreciation, and amortisation) also fell by 37 per cent to Rs 252 crore during the April-June period as against Rs 402 crore in the corresponding quarter last year.
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