Birla Corporation annual turnover at Rs 2,955 crore for FY 2012-13

KOLKATA: Birla Corporation, the flagship company of the M P Birla group, posted a higher net profit of Rs 270 crore for the year ended March 31, 2013, compared to Rs 239 crore net in the previous year. Turnover in the said year was up at Rs 2,955 crore over Rs 2,557 crore recorded the previous year.

The company's board of directors, which approved the audited financial results for financial year 2012-13 on Monday, has also recommended a final dividend of Rs 4.50 per share, in addition to the interim dividend of Rs 2.50 per share. The total outgo on account of dividend, including taxes, for 2012-13 works out to Rs 62.91 crore.

Explaining the company's annual performance, Birla Corporation chairman Harsh V. Lodha said, the company had achieved its highest ever cement production and despatches at 64.44 lakh tons and 64.67 lakh tons, respectively during the year under review. Even the Chanderia unit could achieve the highest ever cement production at 25.48 lakh tons and sales at 25.03 lakh tons during the year, despite suspension of its mining operations.

In spite of the high cost of energy, fuel and freight, the company was able to achieve better profitability on the back of higher production and better realisation. The company could have achieved even better results but for the continued suspension of captive mining operations at Chanderia plants, Mr Lodha added.

He further said, "purchase of limestone and clinker at substantially higher cost at Chanderia severely dented margins. The unit procured about 23 lakh tons of limestone and about 3.5 lakh tons of clinker and continued plant operations. The increase in the cost of production was partially mitigated, though, by way of increase in the sale of blended cement during the year which stood at about 93% of the total cement production."