Aditya Birla Nuvo on Friday announced the financial results for the third quarter ended December 31, 2010. The company?s consolidated net profit during the quarter stood at Rs 274.85 crore against Rs 8.19 crore in the corresponding quarter last year. Its consolidated net sales during the quarter grew to Rs 4,514.73 crore as compared to Rs 4,053.16 crore in Q3 FY 2010. The company noted that standalone and consolidated financial results for the quarter and year to date under review are not comparable with that of the corresponding previous periods since there have been acquisitions, disposals, stake changes, mergers, de-merger in the company and its subsidiaries and joint ventures. Rakesh Jain, MD, Aditya Birla Nuvo, said, ?The investments made in the growth businesses viz., financial services, fashion and lifestyle and IT-ITeS businesses are now yielding consistent results. This reflects the strength of ABNL?s diversified business model and growth strategy which will continue to be pursued to further strengthen ABNL?s leadership positions across all the businesses?. Shares of Aditya Birla Nuvo were up 3.87% to close at Rs 765.25 on the BSE on Friday. During the quarter, Aditya Birla Financial Services (ABFS?s) revenues stood at Rs 1,460 crore, EBITDA at Rs 182 crore and net profit at Rs 151 crore. The revenues of Idea Cellular rose by 26% to Rs 3,953 crore driven by a strong growth in total minutes of use (MoU). Meanwhile, its garment business Madura Garments has posted a 60% growth in revenue at Rs 504 crore. Quarterly revenues in its IT/ITES business grew year on year by 14% to Rs 428 crore and EBITDA extended by 29% to Rs 40 crore. The debt for the company as on December 31 stood at Rs 2,992 crore, including a working capital loan of Rs 946 crore.
HPCL net touches Rs 211.03 crore
Hindustan Petroleum Corporation on Friday reported a nearly seven-fold jump in net profit at Rs 211.03 crore for the third quarter ended December 31, 2010. The company had posted a net profit of Rs 31.40 crore in the October-December quarter last fiscal, HPCL said in a filing to the BSE. Income from company operations also grew to Rs 33,902.50 crore in the December quarter from Rs 27,661.93 crore in the year-ago period.
Piramal Healthcare net slides to Rs 60.3 crore
Piramal Healthcare (PHL) posted a net profit of Rs 60.3 crore for the third quarter ended December 31, 2010, compared to Rs 136.09 crore in the previous corresponding quarter. However, both quarters are not strictly comparable since in May, PHL sold its domestic formulations business to Abbott for $3.8 billion, including an upfront consideration of $2.2 billion which was paid in?September 2010. Also, in June, PHL sold its shareholding in its subsidiary Piramal Diagnostic Services to Super Religare Lab for Rs 600 crore.
Aban Offshore profit dips 22%to Rs 57.52 cr
Aban Offshore has posted a drop of 21.83% in its net profit at Rs 57.52 crore for the quarter ended December 31, 2010 as compared to Rs 73.59 crore in the same quarter last fiscal. Total income has decreased from Rs 328.86 crore to Rs 298.12 crore.
Pipavav reports net profit of Rs 2.6 crore
Integrated ship-building facility Pipavav Shipyard on Fridday reported a net profit of Rs 2.6 crore for the quarter ending December 31, 2010. The company, however, had reported a net loss of Rs 39.82 crore for the October-December period last fiscal.
Mindteck (India) profit falls 33%
Bangalore based IT solutions and products firm Mindteck (India) registered a 33% fall in net profits for the third quarter ended December 31, with PAT standing at Rs 1.8 crore compared to Rs 2.7 crore in the corresponding quarter last fiscal.