Aditya Birla Nuvo reports 56% surge in Q2 net at Rs452 crore

Aditya Birla Nuvo has reported a 56 per cent surge in its fiscal second quarter net profit at Rs452 crore and a 26 per cent year-on-year increase in earnings before interest, taxes, depreciation and amortization at Rs1,516 crore from Rs1,200 crore in the year-ago quarter.

Revenue for the July-September 2014-15 quarter stood at Rs6,597 crore against Rs6,492 crore in the year-ago quarter.

For the half-year ended 30 September 2014, net profit of the company stood at Rs716 crore, a 15 per cent increase from Rs621 crore in the previous year period. EBDTA for H1FY15 rose 18 per cent to Rs2,368 crore from Rs2,788 crore in the year-ago period.

Revenue for the first half rose 5 per cent year-on-year to Rs 12,804  crore from Rs12,237 crore in H1 of 2013-14.

Excluding IT-ITeS business, which was divested with effect from 9 May 2014, the quarterly revenue of Aditya Birla Nuvo (ABNL) grew year on year by 15 per cent, EBITDA rose by 34 per cent and net profit surged by 75 per cent.

Aditya Birla Financial Services (ABFS) ranks among the top 5 fund managers (excluding LIC) in India. Its funds under management grew 28 per cent to $23.1 billion (Rs138,886 crore). Its consolidated revenue at Rs1,775 crore registered a 16 per cent growth and earnings before tax surged by 49 per cent to Rs237 crore. ABFS expanded its product coverage by foraying into the housing finance business. ABFS has signed an MoU with MMI Holdings Ltd, a leading South African insurance based financial services group, to enter the health insurance business in India as its tenth line of business.

Among the private life insurers, the new business premium market share of Birla Sun Life Insurance grew from 7.3 per cent to 7.7 per cent during the half year. Birla Sun Life Asset Management (BSAMC) improved its market share from 9.56 per cent to 9.69 per cent. In terms of domestic equity AUM, BSAMC moved two places up to rank 5th in the industry. Its AUM grew 30 per cent year-on-year to Rs110,233 crore. The lending book of Aditya Birla Finance expanded by 64 per cent to about Rs13,550 crore. The broking and the wealth
management businesses posted profitable growth with improved market volumes.

The company's fashion and lifestyle business continued to expand its customer reach, further strengthening its leadership position. During the quarter, 108 stores were opened nationwide to reach 1,852 stores, spanning 4.5 million square feet. Its revenue rose by 17 per cent to Rs1,892 crore.