Aditya Birla Nuvo reports June-qtr profit

Aditya Birla Nuvo reports June-qtr profit

Mumbai: Diversified Aditya Birla Nuvo on Friday reported April-June profit that beat analyst estimates on improved earnings in financial services, lifestyle and manufacturing businesses. Its consolidated net profit for the quarter ended 30 June was at Rs1.49 billion compared with a net loss of Rs350 million in the year-ago quarter. The firm’s consolidated revenue grew 18% to Rs38.52 billion.

A Reuters poll of brokerages had expected a net profit of Rs483 million on a net sales of Rs31.8 billion.

The financial services business of the group was the largest contributor to the consolidated revenue during the quarter with 32% share, followed by the manufacturing contributing 25% and telecom having a share of 24%, it said.

Financial services business also led the contributions to the group’s profits during the quarter, followed by fashion and lifestyle business and manufacturing, the firm said.

Shares in the firm were trading up 1.18% to 784.20 in a Mumbai market that was down 0.38%.