Birla Corporation’s consolidated net profit jumped 127 per cent to ₹193 crore from ₹84.95 crore in the March quarter. Lower power and fuel costs balanced the dull price of the construction material during the quarter because of unusually weak market conditions, the company said.
Consolidated revenue for the fourth quarter stood at ₹2,682 crore, marking a 6.8 per cent growth over ₹2,511 crore in the same period last year.
Realisation from cement in the March quarter fell marginally by 1.6 per cent year-on-year to ₹5,178 per tonne.
Birla Corporation mentioned that after a steady ramping up of the Mukutban unit in Maharashtra, its cement division achieved a capacity utilisation of 97 per cent for the March quarter.
IDBI Bank net rises
IDBI Bank on Saturday reported a 44 per cent jump in net profit at ₹1,628 crore in the March quarter of 2023-24. In comparison, the bank had posted a net profit of ₹1,133 crore in the year-ago period.
Total income rose to ₹7,887 crore, up from ₹7,014 crore in the January-March period of 2022-23. For 2023-24, net profit grew 55 per cent to an all-time high of ₹5,634 crore. In 2022-23, the profit was at ₹3,645 crore.
