Aditya Birla Nuvo Q4 net profit rises 88.28% to Rs 331.63 cr

MUMBAI: Aditya Birla Nuvo reported a fourth quarter profit of Rs 331.63 crore, up 88 per cent from Rs 176.13 crore during the corresponding quarter, helped by strong performance at its financial services, telecom and apparels businesses.

Aditya Birla Nuvo is part of the Aditya Birla Group. Its businesses include

financial service, insurance, brokerage, fashion, lifestyle, telecom and insulators.

The company sales fell 1.3 per cent from a year ago to Rs6,957.36 crore from Rs 7,049.56 crore during the quarter.

Employee benefit costs fell 40 per cent to Rs 581.28 crore, while other income rose 37 per cent to Rs 131.87 crore.

The company will incur about Rs 300 crore as capital expenditure for the current financial year and invest Rs 600 crore in the financial services business, the release stated.

The board approved a dividend of Rs 7 a share.