Higher expenses drag Birla Corp Q4 profit down 44% to Rs 59 cr

For 2016-17 fiscal year, the company's standalone net profit was up 28% to Rs 214 crore

Kolkata-based MP Birla Group company, Birla Corporation reported a 43.95 per cent decline in its net profit at Rs 59.15 crore for the fourth quarter ended March 31, 2017 on account of higher expenses.

The company had posted a net profit of Rs 105.54 crore during the corresponding quarter of the previous fiscal year. Its net sales during the quarter under review stood at Rs 1,065.12 crore as against Rs 1,009.05 crore in the year-ago period.

For the 2016-17 fiscal year, the company reported a standalone net profit of Rs 214 crore as compared to Rs 167.68 crore in the 2015-16 fiscal - up by 27.62 per cent.

It has recommended a dividend of Rs 6.50 per share for 2016-17. The Birla Corporation scrip closed 0.50 per cent down at Rs 769 on the BSE.