Diversified company Aditya Birla Nuvo today reported 56.79 per cent decline in consolidated net profit to Rs 305.15 crore in the first quarter ended on June 30, 2016.
The company had posted a net profit of Rs 706.23 crore in the April-June quarter of 2014-15.
Total income from operations was up marginally at Rs 3,194.36 crore during the period under review as against Rs 3,188.22 crore of the corresponding quarter of the previous quarter, Aditya Birla Nuvo (ABNL) said in a BSE filing.
“… net profit at Rs 305 crore de-grew year-on-year due to reduction of ABNL’s share in Idea’s net profit by Rs 148 crore. Net profit of Idea Cellular declined from Rs 855 crore to Rs 220 crore due to rise in interest and amortisation costs pertaining to the spectrum acquired in the earlier years,” ABNL said.
ABNL’s revenue from life insurance segment was down 0.74 per cent to Rs 1,060.30 crore as against Rs 1,068.23 crore of Q1 of FY 2015-16.
Income from other financial services was up 43.32 per cent to Rs 918.48 crore during the quarter as against Rs 640.82 crore of the corresponding quarter previous fiscal.
Textiles segment revenue was down 14.70 per cent to Rs 351.59 crore in the quarter under review as against Rs 412.19 crore in the year ago period.
Similarly, revenue from agri-business was down 25.41 per cent to Rs 500.96 crore in the quarter under review as against Rs 671.66 crore in year ago period.
While Rayon Yarn was up 4.84 in April-June quarter to Rs 257.66 crore as against Rs 245.76 crore of the corresponding quarter previous fiscal.
Revenue from insulators was down 20.28 per cent to Rs 120.12 crore as against Rs 150.69 crore of the April-June quarter of FY 2015-16.
Shares of ABNL today settled at Rs 1,565.70 at BSE, up 3.50 per cent from previous close.