Need to Know | Aditya Birla Nuvo net profit drops 38% on investments, expenses

Need to Know | Aditya Birla Nuvo net profit drops 38% on investments, expenses

Bangalore: Aditya Birla Nuvo Ltd, the new age business division of the Kumar Mangalam Birla led Aditya Birla Group, posted a 38% drop in net profit, at 7.78 crore for the quarter ended 30 September, compared with 6.66 crore for the year- ago quarter. Total income of the company was ,000.5 crore for the quarter, which was up by 43%, compared with 2,106.01 crore over the same quarter last fiscal. The company is focusing mainly on three business areas—telecom, life insurance and business process outsourcing. The low growth in net profit was attributed to heavy investments and other expenditure, which included accelerating growth in telecom business, regaining market share in the insurance business and building capacities in outsourcing. Staff writer

Mumbai: Drug firm Glenmark Pharmaceuticals Ltd on Wednesday posted a market-beating 87% rise in quarterly consolidated net profit on higher revenues from the US and Latin American markets.

Net profit for the September quarter stood at Rs75.13 crore, while revenue grew nearly 52% to Rs375 crore. “Given the recent deals that we did, which will all reflect in the Q3 numbers (and) some of the recent approvals we got in the US business, one can expect very very strong numbers for Q3 and Q4," said Glenmark’s managing director Glenn Saldanha. On Tuesday, Glenmark said it agreed to sell some marketing rights for its experimental pain treatment drug to US-based Eli Lilly for an upfront payment of $45 million. (Rs176.85 crore). Reuters

New Delhi: Bharat Petroleum Corp., India’s third biggest state-run refiner, reported an 18% fall in second quarter profit, as government compensation for selling fuels at prices below cost didn’t make up for the revenue lost.

Net income fell to Rs1,038 crore in the three months ended 30 September, from Rs1,259 crore in the year-ago period.

Sales in the quarter fell 5% to Rs25,170 crore. Bloomberg

Kolkata: Power utility CESC Ltd reported on Wednesday that net profit in the quarter to September rose by a third, helped by lower transmission losses and optimal capacity utilization.

The utility company reported a quarterly net profit of Rs93 crore—up 9% from the year-ago period, on a total income to Rs760 crore. Reuters

Hyderabad: Aurobindo Pharma Ltd officials said second quarter net profit grew 85% to 00.92 crore, as revenue grew by 33.5%, to 640.81 crore. The company said its active pharmaceutical ingredients sales rose by 22.35% to 26.17 crore, while revenue from finished dosages went up by 62.97%, at 214.64 crore. Staff writer

Bangalore: State owned Canara Bank has posted a 11% rise in its second quarter earnings on the back of strong growth in other income and recovery from non-performing assets,even as its net interest income and net interest margin fell.

The bank’s net profit for the quarter ended 30 September grew to Rs402 crore, from Rs362 crore in the year-ago period. Staff Writer