Aditya Birla Nuvo returns to profitable ways

Aditya Birla Nuvo, a diversified company that is part of the Aditya Birla Group, has returned to profit in the quarter ended 30 June due to higher growth in the manufacturing and financial services sectors.

The company, which has interests in garments, textiles, telecom and information technology enabled services (ITES), said its consolidated net profit in the April-June period was Rs149 crore compared with a loss of Rs35 crore in the year-ago period. Revenue during the period grew 18 per cent to Rs3,852 crore.

Financial services was the largest contributor to the growth with a 32 per cent share of the total revenue, followed by the manufacturing sector which accounted for 25 per cent and by telecom with 24 per cent, the company said in a statement from Mumbai.

Aditya Birla Financial Services, part of Aditya Birla Nuvo, saw its combined assets under management grow by 19 per cent to Rs83,633 crore, while revenue surged 23 per cent to Rs1,277 crore. The financial services company posted a net profit of Rs54 crore against a loss of Rs100 crore last year.

''The presence of Aditya Birla Nuvo in financial services, telecom, IT-ITES, fashion and lifestyle and manufacturing sectors makes it a large eco-system positioned to capitalise on growth opportunities across the economy,'' said managing director Rakesh Jain.

In telecom, Idea Cellular's wireless revenue market share grew to 12.6 per cent from 11.7 per cent.