Aditya Birla Nuvo’s consolidated revenue in December 2015 quarter declined 16 per cent to Rs 5,584 crore, while net profit rose 8 per cent to Rs 398 crore.
However, after adjusting the impact of demerger of Madura Garments Lifestyle Retail Company for the corresponding period last year, the company’s sales and net profit grew over 5 per cent and around 10 per cent, respectively.
Among the various businesses, non-banking financial services and telecom had put up a good show.
The company’s assets under management in financial services business increased 26 per cent year-on-year to Rs 1.85 lakh crore, while lending business, including housing, jumped 51 per cent to Rs 23,442 crore.
In telecom business, revenue market share increased to 18.5 per cent in December 2015 quarter compared with 17.2 per cent in the same quarter last year. Minutes of use and data volumes also grew at a robust rate. However, the margin was under pressure due to lower realisations and operational capex.
The company has announced plans especially for financial services. Sun Life’s 23 per cent stake purchase in insurance business will be completed in the next 2-3 months. The company’s private equity is likely to launch its third fund soon.
The company’s payments bank venture will be launched in the second half of FY17. It is also awaiting IRDA approval for health insurance business.
Idea’s 4G footprint will cover 10 circles by June and 12 circles on completion of transaction for transfer of “Right to Use” spectrum with Videocon. The company has ventured into solar energy through 51:49 per cent joint venture with Abraaj Group.