Diversified firm Aditya Birla Nuvo on Friday reported a consolidated net profit of Rs 326.69 crore in January-March quarter down 1.48% from a year ago.
Net sales of the company during the quarter declined 9.1% from a year ago Rs 6,318.41 crore.
The results are not comparable due to demerger of the company’s branded apparel business Madhura into Pantaloons with effect from April 1, 2015, and the divestment of Aditya Birla Minacs Worldwide to a group of financial investors led by CX Partners and Capital Square Partners with effect from May 9, 2014, Aditya Birla Nuvo (ABNL) said in a statement.
According to Bloomberg consensus the company was expected to report profit of Rs 381 crore on revenue of Rs 6330 crore. The company’s EBITDA increased by 4.42% from a year ago to Rs 1133 crore.
During the quarter, company’s consolidated revenue from telecom services was Rs 2,201.12 crore, up 12.60%, while revenue from the life insurance business segment rose 11.76% to Rs 2,039.18 crore. Revenue from other financial services grew by 30% to Rs 989.9 crore.
For the full year, ABNL’s consolidated net profit was up 33.2% from a year ago to Rs 1,885.76 crore. In 2015-16 the company’s net sales fell 13% from year ago to Rs 22,695.86 crore.
In a separate filing, Aditya Birla said its board has “approved a proposal for increase in investment limits by RFPIs/ Flls from the existing 24% of the paid-up equity share capital to up to 30% of the paid-up equity share capital of the company”.
Shares of Aditya Birla Nuvo on Monday closed at Rs 1002.85 on the Bombay Stock Exchange, down 3.28% from its previous close.
