Aditya Birla Nuvo back in black

Written by fe Bureau | Mumbai | Updated: Aug 1 2010, 05:16am hrs
Aditya Birla Nuvo, part of the Aditya Birla Group, on Friday said it registered a net profit of Rs 149 crore for the first quarter ended June 30, 2010, against a net loss of Rs 35 crore in the corresponding quarter last year.

The companys revenue during the quarter stood at Rs 3,852 crore, up 18% compared to Rs 3252 crore in Q1 FY 2010. AB Nuvos EBIDTA surged 66% to Rs 556 crore during the quarter.

The companys financial services business led to growth in top line as well as the bottom line. Moreover, fashion and lifestyle (branded apparels and accessories) and manufacturing businesses also contributed significantly to its earnings.

Aditya Birla Financial Services reported 19% growth in its combined assets under management (AUM) to Rs 83,633 crore with revenue growth of 23% to Rs 1,277 crore. The financial services business reported a net profit (including life insurance) of Rs 54 crore against a loss of Rs 100 crore in the corresponding quarter of the preceding year.

AB Nuvos shares on Friday slipped marginally by 0.35% and closed at Rs 772.35 on the Bombay Stock Exchange.

Given the thrust on profitable growth and guided by distinct strategies, all our businesses continue to perform well and contribute to the earnings growth. We remain confident of creating value for all stakeholders by capturing the growth potential in all our businesses, said Sushil Agarwal, CFO, Aditya Birla Nuvo.