Aditya Birla Nuvo Apr-Jun qtr net up 5.5% at Rs 267
Company had posted a net profit of Rs 253 in the corresponding quarter last year
Diversified business conglomerate Aditya Birla Nuvo today reported 5.53% increase in its consolidated net profit for the quarter ended June 30 at Rs 267 crore on account of robust growth in all segments.
The company had posted a net profit of Rs 253 in the corresponding quarter last year, Aditya Birla Nuvo said in a statement.
The consolidated revenue during the first quarter also went up by 11.43% to Rs 5,323 crore from Rs 4,777 crore in the year-ago period, it added.
Commenting on the results, Aditya Birla Nuvo Managing Director Rakesh Jain said: "While industry growth has moderated in few of the sectors where ABNL operates, the company continues to outperform in most of its businesses".
In the financial services segment, Aditya Birla Financial Services (ABFS) posted a consolidated revenue of Rs 1,364 crore.
"With funds under management in excess of Rs 94,600 crore, ABFS continued to strengthen its market positioning across key parameters," Aditya Birla Nuvo said.
Telecom company Idea, in which Aditya Birla Nuvo has 25.3% stake, witnessed a rise of 22% in revenue to Rs 5,501 crore in the first quarter.
"Revenue of Madura Fashion & Lifestyle grew by 8% to Rs 524 crore," the company said.
Expansion of stores led to 18% sales growth in the retail channel, which stands expanded to 1,167 exclusive brand outlets across 1.7 million square feet, it added.
In the IT and ITeS segment, revenue of Aditya Birla Minacs grew 27% to Rs 599 crore on account of favourable forex movement, it added.
The Manufacturing segment contributed with a revenue of Rs 1,503 crore, up 8%.
"Textiles and rayon businesses posted their highest ever quarterly earnings. Sales volume and profitability in the carbon black and insulators businesses were affected year on year due to dumping from China," Aditya Birla Nuvo said.
The maintenance shutdown in the agri-business for 20 days, which was planned during the quarter, constrained urea sales volume and profitability, it added.
Shares of Aditya Birla Nuvo today closed 1.45% up at Rs 789.60 apiece on the BSE.