Aditya Birla Nuvo Q1 Net Down 20% to Rs 264 Crore

Diversified firm Aditya Birla Nuvo today reported 20.41 per cent decline in consolidated net profit at Rs 263.7 crore for the quarter ended June 30 on higher finance costs related to lending activity of subsidiaries.

It had reported a net profit of Rs 331.33 crore in the April-June quarter of 2013-14 fiscal, Aditya Birla Nuvo Ltd (ABNL) said in a BSE filing.

ABNL's net sales during the first quarter of 2014-15 rose 7.86 per cent to Rs 6,126.56 crore from Rs 5,679.69 crore in the year-ago period.

During the quarter, finance costs due to lending activity of subsidiaries were at Rs 235.52 crore as against Rs 165.86 crore in the corresponding period a year ago.

Its consolidated Q1 revenue from branded apparels and accessories was Rs 1,154.71 crore, an increase of 17.58 per cent, while consolidated revenue from textiles grew by 19.73 per cent at Rs 374.58 crore.

Revenue from telecom services was Rs 1,879.47 crore, an increase of 13.82 per cent, while revenue from life insurance business segment contributed Rs 1,068.04 crore, an increase of 19.31 per cent.

The firm's consolidated revenue from other financial services increased by 23.98 per cent to Rs 588.25 crore.

ABNL shares were trading 0.29 per cent down at Rs 1,416.30 apiece during afternoon trade on the BSE.