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Business conglomerate Aditya Birla Nuvo on Friday posted a massive increase in its consolidated net profit for the quarter ended December 2010 at Rs 274.85 crore.
In the same period last fiscal, the company’s net profit stood at Rs 8.19 crore.
The company’s consolidated net sales for the three-month period ended December, 2010 increased 11.38 per cent at Rs 4,514.73 crore, compared to Rs 4,053.16 crore in the same period of 2009.
“The investments made in the growth businesses viz., Financial Services, Fashion & Lifestyle and IT-ITeS businesses are now yielding consistent results,” Aditya Birla Nuvo MD Mr Rakesh Jain said in a statement.
The group has subsidiaries and joint ventures including Birla Sun Life Insurance, Aditya Birla Minacs, Aditya Birla Finance, Aditya Birla Capital Advisors, Madura Fashion and Lifestyle, Idea Cellular and Birla Sun Life Asset Management.
Aditya Birla Nuvo’s shares closed today at Rs 765.25 a share on the Bombay Stock Exchange, up 3.87 per cent from the previous close.
“Aditya Birla Money and Aditya Birla Money Mart, subsidiaries of the company, have borne one-time loss of Rs 103.24 crore on account of certain trades of their clients,” the filing said.
In case of life insurance business, net revenues include earlier year’s credit related to reinsurance premium of Rs 20.42 crore, the statement added.
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