Aditya Birla Nuvo sees a 50% increase in net profit, 10% raise in revenues

MUMBAI: Business group Aditya Birla Nuvo (ABNL) reported a net profit of Rs 397 crore, a 50% increase from same period last year in their June –end quarter. Its revenue grew by 10% to Rs 6820 crore and EBITDA was up by 31% to Rs 1671 crore, when compared on a like-to –like basis.

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 29% to $28.9 billion ( Rs 1, 73,170 Crore). Its consolidated revenue at Rs 2,022 crore registered a 22% rise and earnings before tax is up by 18% at Rs 260 crore, said the statement.

ABNL's Fashion & Lifestyle business, which is the largest branded menswear and womenswear player in India, had 14% jump in revenue to Rs1,321 crore. With over 10.8 million customers its , EBITDA increased by 37% to Rs 79 crore despite lower customer footfalls and higher discounting witness across the industry.

According to the statement, in the telecom business ,Idea's consolidated revenue jumped by 16% to Rs 8,795 Crore and EBITDA was up by 32% at Rs3,351 Crore, on the back of rise in minutes of use and data volumes. Idea ranks 3rd in India with an improved revenue market share of 18.2% up from 16.6% a year ago.

The release stated that for 2015-16, ABNL has earmarked a capital expenditure plan of about Rs 300 Crore. The Company also plans to fund the growth capital requirements of the Financial Services business to the tune of Rs 600 Crore. ABNL has recently forayed in the Solar Power business which will also require equity funding to bid for upcoming projects.