Birla Corp Q2 net jumps over five-fold to Rs 88.34 cr

NEW DELHI: MP Birla Group cement and cement products player Birla Corporation on Tuesday reported over fivefold jump in consolidated net profit of Rs 88.34 crore in the September quarter.

The company had posted a consolidated net profit of Rs 16.29 crore in the corresponding quarter last fiscal, Birla Corporation said in a regulatory filing. Amid a slowdown in the core sector, the company said it has been able to grow its net profit helped by multiple factors, including higher realisation from sale of premium and blended cement and cost rationalisation.

Revenue from operation stood at Rs 1,626.86 crore as against Rs 1,464.52 crore in the same period last fiscal, it added.

Sales by volume were at 3.2 mt as against 3.07 mt in the year-ago period, up 4.1 per cent, the company said.

The firm said in the second quarter it sold 2.65 mt of cement through the more remunerative trade or retail, channels. Premium cement accounted for 41 per cent of sales through trade channel, compared to 37 per cent in the same period last year, the company added. MUMBAI: Mukesh Kumar Gupta and Raj Kumar have taken charge as new Managing Directors of LIC. Their appointment was notified by the Government on November 1, 2019.

Prior to taking over this charge, Mukesh Kumar Gupta was Executive Director (Personnel) and earlier to that he was Zonal Manager (I/C), Central Zone, Bhopal. His key postings include Executive Director (Bancassurancc & Alternate Channels), Director (Management Development Centre), Chief (Marketing), Regional Manager (Marketing), Western Zone, Mumbai. He has also held prominent positions such as Senior Divisional Manager of two Important Divisions viz Amritsar and Hyderabad.

Raj Kumar has varied experience and served the Corporation in important positions such as Executive Director (International Operations), Chief Executive Officer, LIC Mutual Fund Asset Management Ltd, Zonal Manager (I/C), Central Zone, Bhopal, Executive Director (HRD-OD), Executive Director (Estate & Office Services), Chief (Customer Relationship Management) and Chief (Personnel). He has also held prominent positions such Secretary (Personnel), Senior Divisional Manager (I/C) of Gorakhpur and Jaipur Divisions.

LIC already has two Managing Directors T C Susheel Kumar and Vipin Anand. With the appointment of Mukesh Gupta & Raj Kumar, LIC now has its full quorum of Managing Directors besides Chairman.