Aditya Birla Nuvo clocks in net profit of 9.4%

MUMBAI: Business group Aditya Birla Nuvo (ABNL) reported a net profit of Rs 397.53 crore, up by 9.4% when compared to the same period last year. The group’s EBIDTA rose by 18% to Rs 1598 crore pushed by performance of their telecom and financial services.

Amongst the key highlights, the conglomerate in its presentation said that Sun Life will raise its stake in Birla Sun Life Insurance (BSLI) from 26% to 49%. The group firm will sell 437 million shares in BSLI for the 23% stake for Rs 1664 crore and the transaction is expected to complete within the next 2-3 months.

The business-wise split shows that Aditya Birla Financial Services (ABFS), which ranks among the top 5 fund managers in India (excluding LIC) has a diversified portfolio with 10 lines of businesses. Its assets under management (AUM) grew by 26% to Rs 1.86 lakh crores.

In their telecom business, group company Idea cellular saw a 12% increase in revenue and 9% rise in EBIDTA on year on year basis. The company said, ‘growth was driven by subscriber additions and expansion of voice minutes and data volumes. Lower voice and data realised rates coupled with higher operation expenses on account of network rollouts and subscriber growth have put pressure on margin’.