Birla Corporation, the flagship company of the M P Birla Group, today reported an over two-fold jump in standalone net profit at Rs 58.43 crore for the second quarter ended September 30, 2016.
The firm had clocked a net profit of Rs 23.20 crore in the year-ago period, it said in a BSE filing.
However, total standalone income of the firm fell by 4 per cent to Rs 886.75 crore in July-September quarter this fiscal from Rs 927.14 crore during the same quarter in 2015-16.
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Its total expenses were lower at Rs 843.28 crore from Rs 899.46 crore during the period under review.
The firm has completed the acquisition of Reliance Infra's cement business during the September quarter.
"Pursuant to the share purchase agreement, the company has acquired 100 per cent shares of Reliance Cement Company Pvt Ltd (RCCPL) from Reliance Infrastructure on August 22, 2016 for an enterprise value of Rs 4,800 crore," it said.
A sum of Rs 2,161 crore has been paid/deposited towards purchase consideration of shares till September 30, 2016, which may be further based on terms and conditions of the agreement, it added.
"Consequent to the said acquisition of shares, RCCPL has become a wholly owned subsidiary of the company," it said.
In February this year, Birla Corp had signed a definitive Share Purchase Agreement with Reliance Infrastructure to acquire its entire cement business for Rs 4,800 crore.
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