Aditya Birla Nuvo returns to profit of Rs 149 cr in Q1

Driven by strong growth in its financial services segment, diversified business group Aditya Birla Nuvo, today posted a net profit of Rs 149 crore in the quarter ended June 30, 2010.

The company had a loss of Rs 35 crore in the corresponding quarter last fiscal, Aditya Birla Nuvo said in a filing to the Bombay Stock Exchange.

During the quarter, net income of the company increased by 18.45 per cent to Rs 3,852 crore, from Rs 3,252 crore registered in the same period last fiscal.

The group's biggest growth driver during the period was the life insurance segment, which grew by 17.23 per cent to a revenue of Rs 1,095 crore.

During the period, while revenue of its telecom segment witnessed a growth of 15 per cent to Rs 926 crore, its IT and ITeS business declined by 1 per cent to Rs 390 crore.

The company said its fashion and lifestyle segment saw a growth of 36 per cent to Rs 348 crore, while the manufacturing business stood at Rs 970 crore during the quarter.