Manufacturing accelerates in Q2FY24, growth may continue this fiscal
For the survey, as many as 79 per cent respondents reported a higher production level in Q2 FY24 compared to the year-ago period.
Birla Corporation Limited, the flagship company of M P Birla Group, has reported the consolidated post-tax profit at Rs 58.37 crore at the end of the second quarter of the Financial Year 2024.
Total income of the company during the second quarter increased 13.3 per cent at Rs 2313.23 crore as against Rs 2041.58 crore in the similar period of the previous year, Birla Corporation said in a regulatory filing on Wednesday.
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Birla Corporation’s debt-equity ratio for the Q2FY24 stood at 0.75, the company said.
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The operating margin of the company during the second quarter of the current fiscal stood at 12.88 per cent as compared to 4.78% in the similar previous period.
During the first quarter of the current financial year, the company, primarily a cement manufacturer, stood at Rs 59.71 crore.
Recently, Birla Corp’s board approved setting up a greenfield cement grinding unit at Prayagraj in Uttar Pradesh.
It aims to enhance its cement grinding capacity from 9.81 million tonne per annum to 11.2 million tonne with the establishment of a 1.4 million tonne greenfield unit.
On Wednesday, Birla Corporation stock price went up by 0.19 per cent. The stock closed at 1287.95 per share.
The company has expected almost 15 per cent growth in volume terms in FY24, backed by steady investments in the infrastructure sector and with government projects catching speed.
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