Kolkata, May 25 (IANS) Kesoram Industries on Wednesday reported a 2.7 percent rise in its net profit to Rs.348.88 crore for continuing operation in the quarter ended March 31, 2016, as compared to Rs.339.67 crore in the year-ago period.
Its total income from operations stood at Rs.1,062.59 crore in the quarter under review, down 5.8 percent from Rs.1,128.46 crore in corresponding quarter last year.
The BK Birla Group company’s revenue from tyre business stood at Rs.509.40 crore in the January-March quarter as compared to Rs.544.62 crore in year-ago period. Its revenue from cement in the quarter was Rs.550.42 crore, down from the Rs.580.65 crore in the year ago quarter.
“The company reported a profit after tax of Rs.137.12 crore on income from operations of Rs.4,100.29 crore in 2015-16 against a loss of Rs.366.68 crore on income from operations of Rs.4,617.55 crore in the previous year (2014-15),” a company’s statement said.
In 2015-16, the city based diversified company made a profit of Rs.385.78 crore from the sale of Hindustan Heavy Chemicals and Spun Pipe division and it made a profit of Rs.369 crore from the sale of long-term investments.
The company had divested its tyre manufacturing subsidiary Cavendish Industries to JK Tyre for Rs.2,195 crore. Sale proceeds were utilised to retire its debt.
It made a profit of Rs.409.20 crore from sale of the subsidiary in 2014-15, the company said.