Birla Corporation, MP Birla group flagship company, today reported 62.07% decline in net profit to Rs 26.15 crore for the second quarter of this fiscal.
It had reported a net profit of Rs 68.97 crore in the same previous corresponding period.
Turnover of the company, primarily a cement producer, increased marginally 5.10% at Rs 578.45 crore as compared to Rs 550.34 crore in the previous corresponding period.
The company said in a statement that overall economic slowdown affected the financial performance of the company.
The hike in lending rates by banks had affected growth in demand from the real estate sector.