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Business News/ Companies / Aditya Birla Nuvo Q2 net profit up 2.3%
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Aditya Birla Nuvo Q2 net profit up 2.3%

Net profit, including those of its units, rose to `290.15 crore in the three months ended 30 September from `283.73 crore a year earlier

Revenue grew 0.89% to `6,492.6 crore. The fashion and lifestyle business recorded a revenue growth of 17% to `1,613 crore from a year earlier.Premium
Revenue grew 0.89% to `6,492.6 crore. The fashion and lifestyle business recorded a revenue growth of 17% to `1,613 crore from a year earlier.

Mumbai: Aditya Birla Nuvo Ltd (ABNL) reported a 2.3% increase in net profit for the quarter ended 30 September as its telecom and clothing businesses drove performance.

Net profit, including those of its units, rose to 290.15 crore in the three months ended 30 September from 283.73 crore a year earlier, the company said in a statement on Wednesday.

Revenue grew 0.89% to 6,492.6 crore. The fashion and lifestyle business recorded a revenue growth of 17% to 1,613 crore from a year earlier.

At its Madura Fashion and Lifestyle unit, revenue rose by 30%, led by growth in wholesale channels, retail store expansion and a 7% rise in like-to-like retail store sales. Like-to-like growth rate is a measure of sales in stores that have been open for at least a year.

The company’s telecom business, Idea Cellular Ltd, registered a 19% increase in revenue.

Aditya Birla Financial Services had 107,959 crore in funds under management, with consolidated revenue of 1,526 crore and earnings before tax of 159 crore.

The company will focus on “new product offerings and strengthening sales relationships to gain market share besides focusing on distribution reach, persistency and expense management in the life insurance business," it said in an investor presentation.

It will also expand linen capacity and focus on the high margin linen fabric retail segment in the textiles business unit.

At 1.28pm, the stock of ABNL was trading at 1,182.15 a share on BSE, up 0.84% from its previous close, while India’s benchmark Sensex index rose 0.22% to 20,327.35 points.

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Published: 13 Nov 2013, 02:44 PM IST
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