Friday, October 30, 2009

Aditya Birla Nuvo net dips by over 9 percent

Diversified company Aditya Birla Nuvo Friday said its net profit for the quarter ending Sep 30 fell 9.29 percent to Rs.59.2 crore compared to Rs.65.31 crore in the like quarter last fiscal.

The company's total income stood at Rs.1,249.18 crore in the second quarter, down 7.48 percent from Rs.1,350.26 crore in the corresponding period last year, Aditya Birla Nuvo said in a regulatory statement.

During the quarter under review, the group's logged a net profit of Rs.1.44 crore, whereas it had incurred a net loss of Rs.104.6 crore in the quarter ended Sep 30, 2008.

Total group income was at Rs.4,953 crore, up from Rs.3,669 crore in the corresponding quarter of 2008-09.

Aditya Birla Nuvo's earnings improved in the quarter owing to improved profitability of its business process outsourcing, rayon and carbon black business, and reduced losses from its life insurance and garments businesses.

"As a result, net profit improved considerably even after absorbing higher depreciation consequent to expansion in the telecom business," a company statement said.
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