Birla Corp March qtr net down 54.14 pc at Rs 63.04 cr

NEW DELHI: Cement and jute maker Birla Corporation today posted 54.14 per cent decline in net profit at Rs 63.04 crore for the quarter ended March 31, 2011 on account of higher expenses.

For the same quarter last year, the company's net profit was Rs 137.50 crore, the company said in a filing to the Bombay Stock Exchange (BSE).

The company's net sales increased 11.05 per cent at Rs 77.44 crore in the quarter ended March 31, 2011, against Rs 69.73 crore in the same quarter last fiscal.

For the quarter under review, the company's total expenditure was Rs 520.92 crore, compared to Rs 442.59 crore in the three months period ended March 31, 2010.

The firm's board of directors has recommended a final dividend of Rs 3.50 (35 per cent) per share.

Along with interim dividend of Rs 2.50 per share, the total dividend pay out for 2010-11 will be Rs 6 per share.

Birla Corporation's scrip closed at Rs 358.65, down 1.21 per cent from the previous close on the BSE.