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Journalism of Courage
Birla Corporation,M P Birla group flagship company,today reported 62.07 per cent decline in net profit to Rs 26.15 crore for the second quarter of this fiscal.
It had reported a net profit of Rs 68.97 crore in the same previous corresponding period.
Turnover of the company,primarily a cement producer,increased marginally 5.10 per cent at Rs 578.45 crore as compared to Rs 550.34 crore in the previous corresponding period.
The company said in a statement that overall economic slowdown affected the financial performance of the company.
The hike in lending rates by banks had affected growth in demand from the real estate sector.
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