Aditya Birla Nuvo,a diversified business conglomerate, witnessed a growth of 42% in its net profit at Rs 304 crore for the quarter ended September 30 on the back of good growth across all its business segments.
The company, part of the Aditya Birla Group, posted a rise of 12% in its revenue at Rs 5,992 crore in during the quarter compared to Rs 5,349 crore during the corresponding period last year.
Rakesh Jain, managing director of Aditya Birla Nuvo, said, ”The challenging economic environment continues to affect growth in some of the sectors where the company operates. Despite this, the company has posted a strong growth in earnings.”
Aditya Birla Financial Services (ABFS), its financial services segment, posted a consolidated revenue of Rs 1,489 crore, a rise of 14%.
Another subsidiary Idea, the telecom major reported a 15% rise in its revenue at Rs 5,307 crore.
Total revenue by the fashion & lifestyle division of Aditya Birla Nuvo witnessed a growth of 9% to Rs 647 crore.
Regarding the Pantaloons transaction, the company in a statement said, “Post approval by the stock exchanges, the de-merger scheme has been filed with the Bombay High Court. In its hearing, the Court directed Pantaloon Retail India to hold its shareholders' meeting on December 6,” the company said.
In the IT-ITes segment, revenue of Aditya Birla Minacs grew 31% to Rs 628 crore.
The manufacturing segment witnessed a rise of 33% in its revenue to Rs 1,947 crore.
Higher urea sales volumes and growth in revenue from trading of imported fertilisers added to the top line as well as the bottom line.
In the textile space, the company is expanding its linen yarn capacity to 3,400 tonnes per annum from 2,300 tonnes per annum and linen fabric from 5.6 million meters to 8.3 million meters is planned at a capex of Rs 100 crore.
Shares of Aditya Birla Nuvo today closed 0.76% down at Rs 921.10 a share on the Bombay Stock Exchange.