India: Birla Corporation has earned a profit after tax of US$15.3m in the first quarter of the current financial year (ending 30 June 2012) against US$20.2m in the same quarter of the previous year. This represents a more than 24% drop year-on-year. Birla's net sales from operations for the quarter were US$118.5m.
Commenting on the results, Harsh V Lodha, chairman of the company, said that the profitability of the company continued to be affected due to the closure of limestone mining operations at its Chanderia units on account of an order from the high court of Jodhpur. It was also observed that higher coal and freight prices had caused reduced margins.