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Birla Corporation on Thursday reported a net profit of Rs 320 crore for the year to March 31, 2011, down from Rs 557 crore in the previous year.
According to the Chairman, Mr H.V. Lodha, the profitability of the company was affected because of pressure on prices and also because of the rising coal and fuel costs and other inputs.
Significant increase in capacities in the industry and poor demand from institutional buyers, including the Government, compounded the situation, a company note said.
The board of the company recommended a final dividend of Rs 3.5 (35 per cent) a share.
The company said that it applied to the pollution control authorities for a fresh proposal for increasing the capacity at its Chanderia unit by 1.5 million tonnes per annum (mtpa), which will extend the total capacity to 10.8 mtpa from the slated 2011-12 target of 9.3 mtpa at the completion of the on-going expansion plans.
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