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Business EconomyPosted at: May 25 2016 8:15PM


Kesoram Industries reported profit Rs 348.88 cr in Q4

Kolkata, May 25 (UNI) Kesoram Industries Limited today announced a net profit of Rs 348.88 crore in the quarter 4 of the fiscal year of 2015-16 due to profit from sales of assets of a subsidiary and tide over expenditure.
Disclosing this at a media conference here, company's director and chief financial officer Tridib Kumar Das said, Kesoram made a profit Rs 137.12 crore (after tax) on income from operations of Rs 4,100.29 crore against a loss of Rs 366.68 crore on income from operations of Rs 4,617.55 core in the previous year.
Kesoram Industries Limited, a B K Birla Group of company, planned to invest Rs 300 core for its tyre factory at Balasore, Odisha, in the current year for expanding manufacturing of radial tyres.
Already Rs 500 crores were invested for making the state of art facility at the Balasore tyre manufacturing facility, which has around 70 per cent utilisation capacity right now. Efforts were given to make passenger car radial tyres, which have huge demands. Besides this, the company would also import tyre from China
for trading.
The company also transferred March, 31, 2016, its Rayon Business to a separate entity, Cygnet Industries Limited (Cygnet), which is now wholly owned subsidiary.
The transfer will serve to fortify Kesoram's balance sheet, said Mr Das.
Mr Das said the company would go in major way for its tyre and cement manufacturing units in coming years.
Kesoram's cement business, which markets cement in south and western parts of the country under Birla Shaki brand, performed well during during the last fiscal selling higher volumes by penetrating newer market despite slack demands and considerable pricing pressure.
He said several measures have been taken over the past two years to enable the company return to profit and reinforce its balance sheets have begun to show positive results.
One of the measures was Kesoram's tyre manufacturing subsidiary, Cavendish Industries Limited (Cavendish) was divested and proceeds were utilised to pay debt. The company has about a debt of Rs 5,500 crore upto March 31,2016.
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