Kesoram FY17 Q1 net profit at Rs 9 crore

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B K Birla group company Kesoram Industries today reported a net profit of Rs 9.49 crore for the first quarter ended June 2016, against a loss of Rs 160.45 crore in the corresponding period last year.

Kesoram has halved its long-term debt burden from sale proceeds of Haridwar tyre asset at Rs 2,200 crore, resulting in lower interest payout of Rs 89.32 crore during the quarter, as against Rs 172.88 crore in the same period of 2015-16, the company said in a statement.

Net sales during the quarter under review were down to Rs 975.5 crore against Rs 1,070.84 crore in the corresponding period of the previous fiscal.

Kesoram reported lower profit from its cement operation at Rs 27.63 crore during the first quarter of FY2016-17 against Rs 89.67 crore profit in the same period last year.

Tyre profit was marginal at Rs 57 lakh during the quarter while, in the corresponding period last year it posted a loss of Rs 57.74 crore, the statement added.