Aditya Birla Nuvo Q2 net doubles to Rs 214 cr

Aditya Birla Nuvo Ltd today reported a two-fold jump in its consolidated net profit to Rs 214.25 crore for the second quarter ended September 31, 2011, on the back of robust growth across its various businesses.

The Kumar Mangalam Birla-led group's holding company had a net profit of Rs 104.79 crore in the year-ago period, it said in a statement.

Its net revenues increased to Rs 5,285.90 crore in the second quarter of current fiscal, from Rs 4,495.23 crore in the year-ago period.

"Aditya Birla Nuvo has strengthened its leadership position in financial services, telecom and fashion and lifestyle business," the company's MD Rakesh Jain said.

 

"It has posted strong earnings even amidst challenges of prevailing macro-economic environment that affected few business. This only reflects the strength of its conglomerate model," he added.

In the fashion and lifestyle segment, the company posted a 24% year-on year surge in revenue at Rs 594 crore, while revenues rose by 19% to Rs 481 crore in IT and ITes sector. The manufacturing segment revenue expanded by 25% to Rs 1,469 crore.

The group's financial services arm --Aditya Birla Financial Services-- saw a 4% rise in revenue.

Cheering the smart quarterly numbers, the stock went spurted by 4.48% to settle at Rs 947.20 a piece on the BSE.

However, on a standalone basis, Aditya Birla Nuvo's net profit fell to Rs 91.94 crore in the quarter under review from the Rs 119.58 crore in the year-ago period.

The company's standalone net sales grew to Rs 2,006.79 crore from the Rs 1,606.37 crore in the corresponding quarter of the preceding year.