Birla Corporation, a part of the MP Birla Group, gained 3 percent in early trade on May 10 despite reporting a 24 percent year-on-year (YoY) decline in its consolidated net profit to Rs 85 crore in the quarter ended March 2023.The company had posted a net profit of Rs 111 crore in the same period of the previous year. At 10.36 am, the scrip was trading nearly 2 percent up on the NSE at Rs 1,010.Its revenue from operations, on the other hand, was up 9 percent YoY to Rs 2,463 crore during the quarter against a revenue of Rs 2,264 crore recorded in the same period last year. Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) dropped by 7 percent to Rs 323 crore as against Rs 346 crore in Q4FY22.Company's revenue from the cement segment stood at Rs 2,344 crore, while that from the jute segment was at Rs 119 crore. The sales volume in Q4FY23 came in at 4.44 million tonnes, up by 4.5 percent YoY. The company's capacity utilization stood at 89 percent, which was lower by 17 percent YoY in the quarter. Blended cement was also at 89 percent, while trade channel stood at 77 percent.“Despite sluggish demand in most key markets, the company’s consolidated cement sales by volume for the March quarter grew 4.5 per cent year-on-year to 4.44 million tonnes, a record high, and even with price remaining weak,” the company said in a filing.For FY23, Birla Corporation's net profit was down 90 percent to Rs 40.50 crore, compared to Rs 399 crore in FY22. Its consolidated revenue from operations in FY23 increased 16 percent to Rs 8,682 crore.The company's board has recommended a dividend of 25 percent, which is Rs 2.50 per share for 2022-23. The board also approved the issuance of Redeemable Non-Convertible Debentures worth up to Rs 200 crore on a private placement basis within a period of one year.Birla Corporation's consolidated net debt at the end of March stood at Rs 3,659 crore as against Rs 3,398 crore a year earlier. “The company is constantly working towards reducing its borrowing cost, renegotiating Rs 2,200 crore of term loans,” it said. Birla Corporation's market cap is up 10 percent in the last month.