M P Birla Group firm Birla Corporation today reported a decline of 85.06 percent in standalone net profit to Rs 2.09 crore for the third quarter ended December 31, on account of decline in cement sales in key markets due to liquidity crunch.
The company had posted a net profit of Rs 13.99 crore in the October-December period a year ago, Birla Corporation said in a BSE filing.
Birla Corporation's total income from operations during the quarter under review was down 8.07 percent to Rs 848.93 crore, as against Rs 923.47 crore in the corresponding quarter last fiscal.
The company's cement production was down 10.79 percent to 17.51 lakh tonnes in the quarter compared with 19.63 lakh tonnes in the year-ago period.
"The drop in volumes was contributed primarily by the affect of demonetisation in the key markets of North and Central India where the company's operations are concentrated," it said.
Total expenses of the company were down 8.33 percent to Rs 827.36 crore during the quarter against Rs 902.64 crore in the year-ago period.
Its revenue from cement segment declined 10.22 percent to Rs 754.45 crore during the quarter as against Rs 840.35 crore of the corresponding period last year.
However, jute segment was up 12.40 percent to Rs 75.12 crore as against Rs 66.83 crore.
Shares of Birla Corporation today settled at Rs 744.80 on BSE, down 0.23 percent from previous close.
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