Aditya Birla Nuvo Q1 net down 20% to Rs 263.7 crore

Company had reported a net profit of Rs 331 crore in the April-June quarter of 2013-14 fiscal

Diversified firm Aditya Birla Nuvo today reported 20.41% decline in consolidated net profit at Rs 263.7 crore for the quarter ended June 30 on higher finance costs related to lending activity of subsidiaries.

It had reported a net profit of Rs 331.33 crore in the April-June quarter of 2013-14 fiscal, Aditya Birla Nuvo Ltd (ABNL) said in a BSE filing.

ABNL's net sales during the first quarter of 2014-15 rose 7.86% to Rs 6,126.56 crore from Rs 5,679.69 crore in the year-ago period.

During the quarter, finance costs due to lending activity of subsidiaries were at Rs 235.52 crore as against Rs 165.86 crore in the corresponding period a year ago.

Its consolidated Q1 revenue from branded apparels and accessories was Rs 1,154.71 crore, an increase of 17.58%, while consolidated revenue from textiles grew by 19.73% at Rs 374.58 crore.

Revenue from telecom services was Rs 1,879.47 crore, an increase of 13.82%, while revenue from life insurance business segment contributed Rs 1,068.04 crore, an increase of 19.31%.

The firm's consolidated revenue from other financial services increased by 23.98% to Rs 588.25 crore.

ABNL shares were trading 0.29% down at Rs 1,416.30 apiece during afternoon trade on the BSE.