Birla Corporation said that it has permanently closed the manufacturing establishment at its unit namely, Auto Trim Division, Gurgaon w.e.f. 1st September, 2022.
The company said that there is no binding agreement entered for sale of the Unit-Auto Trim Division, Gurgaon.
The unit had contributed Rs 6 lakhs income amounting to 0.06% of the total income of the company during the financial year 2021-22.
The unit contributed Rs (18.32) lakh to the overall net worth of the company during the financial year 2021-22.
"There has been no production activity carried out in the said Unit since November 2007, hence it has been decided to close the same. The said closure does not have any material and adverse effect on the operations of the company, Birla Corporation said in a statement.
Birla Corporation, the flagship Company of the MP Birla Group, has interests in cement and jute.
The company's consolidated net profit declined 56.24% to Rs 61.92 crore despite 25.99% rise in sales to Rs 2,203.76 crore in Q1 FY23 over Q1 FY22.
The scrip had advanced 0.44% to end at Rs 975.60 on the BSE yesterday.
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