Birla Corp posts Rs 56.4-crore net loss in Q2, appoints new MD & CEO

MP Birla group flagship, Birla Corporation, posted a consolidated net loss of Rs Rs 56.46 crore in the July-September quarter on the back of cost escalation. The company had recorded a net profit of Rs 85.55 crore in the year-ago period.

The company said profitability was impaired by a sharp increase in power and fuel costs, which could not be passed on to consumers in the seasonally weak monsoon quarter. Overall cement production cost in the September quarter was up 20 per cent year-on-year and 5 per cent sequentially.

The net loss, the company said, was after several years. The