How were the results of Birla Corporation and is it a good buy at this price?

Birla Corp saw its net profits for the fourth quarter fall by 2.3% at Rs.128 crore. The company has a net margin of just about 7% and we may see traction in the coming quarters as the fixed costs of its new capacity get absorbed. The company has shown higher EBITDA on better sales realizations. However, the stock is quoting near to its lows and is stiffly priced even at these levels. Its P/E is substantially higher than industry average. One has to be careful in buying this stock at current prices.