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Aditya Birla Nuvo profit surges on investment income

Aditya Birla Nuvo profit surges on investment income
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First Published: Fri, Feb 11 2011. 03 19 PM IST
Updated: Fri, Feb 11 2011. 03 19 PM IST
Mumbai: Diversified firm Aditya Birla Nuvo Limited (ABNL) reported a surge in December-quarter net profit driven by profits from its investments across insurance, fashion and lifestyle and telecom units.
The company reported a consolidated profit after tax (PAT) increase for the quarter to Rs 275 crore from Rs 8 crore in the previous year. Revenues grew by 12% to Rs 4,563 crore.
“The investments made in the growth businesses viz., financial services, fashion & lifestyle and IT-ITeS businesses are now yielding consistent results’,” Rakesh Jain, managing director of Aditya Birla Nuvo said in a company release.
Aditya Birla Nuvo turned around its loss-making insurance business which made Rs 128.82 crore in the third quarter. However, other financial services fared worse. Profit in this segment fell 13% to Rs 20.41 crore.
Other businesses such as Carbon Black, Agri and allied activities, Rayon Yarn and Chemicals all showed a decline in profits for the third quarter.
The company operates through Aditya Birla Financial Services, Birla Sun Life Insurance, Birla Sun Life Asset Management, NBFC Aditya Birla Finance, Aditya Birla Private Equity, Idea Cellular, Madura Garments and Aditya Birla Minacs, which offers IT and IT enabled services.
At 3:18pm, company shares were up 4.1% at Rs 766.95, easing from the day’s high of as 6.5%.
Reuters also contributed to this story
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First Published: Fri, Feb 11 2011. 03 19 PM IST