Aditya Birla Nuvo Q3 net rises 7% to Rs 368 crore

New Delhi: Diversified firm Aditya Birla Nuvo today reported 6.62 percent rise in consolidated net profit at Rs 368.14 crore for the quarter ended December 2014.

It had reported a net profit of Rs 345.27 crore in the October-December quarter of 2013-14 fiscal, Aditya Birla Nuvo Ltd (ABNL) said in a BSE filing.

ABNL’s net income during the third quarter of 2014-15 increased marginally by 1.11 percent to Rs 6,539.35 crore from Rs 6,467.50 crore in the year-ago period.

Its consolidated Q3 revenue from branded apparels and accessories increased 9.53 percent to Rs 1,349.22 crore as against Rs 1,231.82 crore in the same quarter last fiscal.

The company’s revenues from textiles segment grew 1.43 percent to Rs 336.20 crore from Rs 331.46 crore earlier while those from telecom services increased 11.66 percent to Rs 1,864.61 crore during Q3 as against Rs 1,669.76 crore in the same period of previous fiscal.

While, revenues from life insurance business segment also increased 24.30 percent to Rs 1,222.40 crore during the quarter under review as against Rs 983.38 of the same quarter last fiscal.

Similarly, consolidated revenues from agri-business segment which includes fertiliser, agro-chemicals and seed also increased by 10.66 percent to Rs 834.57 crore during the quarter under review as against Rs 754.16 crore in Q3 of FY 2013-14.

However, revenues from rayon yarn decreased 7.03 percent to Rs 204.20 crore during Q3 as against Rs 219.65 crore in the same period of previous fiscal.

Besides, ABNL has applied for payment bank license in accordance with RBI guidelines.

“ABNL will be the promoter of the proposed bank, holding 51 percent of its equity capital. Idea Cellular will hold the balance 49 percent which may be increased to 60 percent if permitted from time to time with regulatory approvals,” the company said in a statement.

Talking over the outlook, the company said:" For fiscal 2014-15, ABNL has a capital expenditure and investment plan of about Rs 900 crore towards funding of growth capital requirement in financial service business. Of this, a sum of Rs 327 crore has been incurred in the first nine months."

Shares of the company ended the day 2.2 percent lower at Rs 1,705 per scrip on the BSE.

PTI