BackAditya Birla Nuvo slips in the red in Q4
Aditya Birla Nuvo slips in the red in Q4
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Mumbai: The flagship of the Aditya Birla Group, Aditya Birla Nuvo Ltd, reported a loss of Rs21.9 crore in the fourth quarter (Q4) against a net profit of Rs82.2 crore last year.
For the fiscal year that ended on 31 March, the net profit dropped 46%, largely due to higher losses in its life insurance activities and growing share of new businesses. Its consolidated net profit for the year stood at Rs150.8 crore against Rs280.9 crore in the previous year. Consolidated revenues grew 45% to Rs12,134 crore, driven by 54% and 94% revenue growth in telecom and life insurance, respectively.
In life insurance, the net loss increased during the year to Rs445.3 crore from Rs139.7 crore. In business process outsourcing, the net loss widened to Rs88.9 crore.
On a stand-alone basis, the company’s net profit rose 13% for the March quarter to Rs70.5 crore. For the fiscal year, the firm’s net profit was Rs243.1 crore, up 8% from Rs225 crore the previous year.
During Q4, stand-alone revenues rose 32% to Rs1,130.8 crore. Full-year stand-alone revenues grew 15% to Rs3,924.2 crore.
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