Aditya Birla Nuvo posts Rs 180 cr net profit in Q4 FY'10

MUMBAI: Diversified Aditya Birla Nuvo today said it earned a net profit of Rs 180 crore for the fourth quarter ended March 31, 2010, on improved profitability in the manufacturing businesses coupled with reduced losses in life insurance and IT-ITeS segments.

The company had reported a loss of 146 crore in Q4 FY 09. "The company's earnings growth was driven by improved profitability in the manufacturing businesses coupled with reduced losses in the life insurance, IT-ITeS and garments businesses," Aditya Birla Nuvo's Managing Director Rakesh Jain told reporters here.

Led by improved earnings and equity infusion by promoters, the balance sheet has been strengthened, Jain said.

The company also registered a net profit of Rs 155 crore in FY 10 while it had a loss of Rs 436 crore in FY'09.

The company's consolidated sales jumped to Rs 15,505 crore in FY'10 against Rs 14,315 crore in the previous year.

The net sales stood at Rs 4,478 crore in Q4 FY 10 as compared to Rs 4,124 crore in the same period last year.

The revenue of its garments business grew by 12 per cent to Rs 1,251 crore spurred by a 15 per cent growth in sales from the retail channel. Higher sales along with cost optimisation and rightsising measures supported the turnaround of garment business, Jain said.