Aditya Birla Nuvo profit drops on tax provision

Mumbai: Aditya Birla Nuvo Ltd (ABNL), the holding company for the Aditya Birla Group’s interests ranging from financial services and telecom to apparel, posted a 42.17% year-on-year decline in net profit for the quarter ended 31 March, hit by an exceptional one-time loss.

The loss of Rs104 crore was on account of provisions made by the company in anticipation of a tax liability, which is being contested in the Supreme Court and where the final hearing is pending.

The company recorded revenue of Rs5,994 crore in the March quarter, up 15% year-on-year, with businesses such as telecom, fashion and lifestyle, agri-business and information technology aiding top line growth.

Financial services, excluding life insurance, and fashion and lifestyle were the two business segments that witnessed substantial rise in operating profits during the quarter.