Aditya Birla Nuvo Ltd has reported a 70 per cent growth in net profit to Rs 253 crore in the first quarter ended June 30, 2011 against Rs 149 crore in the same period last year.
The company’s revenue also grew 24 per cent from Rs 3,857 crore to Rs 4,767 crore.
“Aditya Birla Nuvo continued its profitable growth journey having strengthened market positioning and delivered robust growth across its businesses.
We remain focused to capture opportunities across the businesses to achieve the next higher level of growth,” the company Managing Director, Mr Rakesh Jain, said in a statement here.
Aditya Birla Financial Services has strengthened its position as a significant non-bank financial services player, it said. During the quarter, ABFS posted a consolidated revenue of Rs 1,330 crore, a growth of 4 per cent over the previous year.
Earnings before tax grew 2.5 times from Rs 78 crore to Rs 177 crore. Its combined Assets under Management (AUM) stood at Rs 92,259 crore (about $20.5 billion).
The closing book size of Aditya Birla Finance, the NBFC arm, rose year-on-year 77 per cent to around Rs 1,975 crore. Revenues more than doubled to Rs 60 crore in line with the growth in book size. Earnings before tax at Rs 10 crore remained flat due to increase in the cost of funds, it said.
Aditya Birla Private Equity is targeting the first closure of “Sunrise Fund” — its second private equity fund in August 2011, the company said.
The company’s telecom arm Idea’s net profit de-grew from Rs 201 crore to Rs 177 crore in Q1 FY 12. With the introduction of 3G services, additional expenses of amortisation of 3G spectrum fee (Rs 66 crore) and charging of related interest cost (Rs 123 crore) have impacted profits, the company said.
Its fashion & lifestyle arm, Madura Fashion & Lifestyle, the largest premium branded apparel player in India, achieved a robust 39 per cent year-on-year growth in revenue at Rs 484 crore. Madura posted a strong 39 per cent volume growth despite the rise in apparel prices.
Apparel prices were increased to pass on the rise in cotton prices and levy of excise duty. Its EBITDA grew 27 per cent to Rs 24 crore in Q1 FY 12.
In the textiles business, strong volume growth in the linen segment and improved realisation across all the segments augmented earnings growth. A 32 per cent volume growth and higher power sales in the carbon black business also contributed to the growth.