Aditya Birla Nuvo net up 73 times

Aditya Birla Nuvo, part of the Aditya Birla group, has posted 73 times increase in its consolidated net profit at Rs 104.79 crore for the quarter ended September compared with Rs 1.44 crore in the previous corresponding quarter.

The company’s consolidated net revenue during the period rose to Rs 4,494.59 crore from Rs 3,662.17 crore last year during the same quarter, up 22.73 per cent. Backed by positive performance in the life insurance and garments, the company managed to put a good quarterly show. Profit before interest and tax (PBIT) in the life insurance segment stood at Rs 22.48 crore against a loss of Rs 124.86 crore.

“Driven by growing size of in-force book, lower new business strain and better expense management, the insurance business achieved a net profit of Rs 20 crore against a loss of Rs 127 crore,” the company said.

The other segments including other financial services, telecom, fertilisers, textiles and carbon black remained in the positive territory at the PBIT level.

The basic earning per share stood at Rs 10.13 in the September quarter against Rs 0.15 last year. Rakesh Jain, managing director, Aditya Birla Nuvo, said, “Financial services, fashion & lifestyle and IT-ITes businesses have achieved the path to profitability and continue to grow in terms of top line as well as bottom line.”

On the Bombay Stock Exchange, the shares of the company closed this weak this week at Rs 817.40, down 0.73 per cent.