Mumbai, Feb 11 (PTI) Diversified conglomerate Aditya Birla Nuvo has reported 8 per cent drop in consolidated net profit at Rs 252 crore in the third quarter ended December 2011 as against Rs 275 crore in the same period last fiscal. The bottom line was affected primarily due to higher depreciation and interest costs relating to 3G investments in the telecom business, the Aditya Birla Group company said in a release here today. Revenue went up by 25 per cent at Rs 5,715 crore as compared to Rs 4,564 crore in the same period last year. During the nine-month period ended December 31, net profit jumped by 36 per cent to Rs 720 crore and revenue by 22 per cent at Rs 15,824 crore. Commenting on the results, Rakesh Jain, Managing Director, said, "Aditya Birla Nuvo continues to post strong earnings despite the difficult macro-economic environment. While some of the businesses did get affected due to sector specific challenges, other businesses supported the overall earnings growth of the company." Sushil Agarwal, Whole Time Director and CFO said, "Amidst challenging market conditions, Aditya Birla Nuvo has strengthened its positioning in the financial services, telecom and fashion & lifestyle businesses." During the quarter under review, Birla Financial Services (ABFS) posted a consolidated revenue of Rs 1,558 crore and earnings before tax (EBT) at Rs 138 crore. During the nine months period, its revenue grew by 5 per cent to Rs 4,569 crore. ABFS is managing assets of about Rs 84,100 crore, making it one of the leading fund managers in the country, the release said. Birla Sun Life Insurance and Birla Sun Life Asset Management improved their market rankings to reach the 4th position during the year. (more)
