Aditya Birla Nuvo Q1 net up 24% at Rs Rs 331.33 cr

Aditya Birla Nuvo Ltd (ABNL) today reported 24.16 percent increase in net profit at Rs 331.33 crore for the first quarter ended June 30, 2013, driven by strong performance from all its business verticals.

The company had reported net profit of Rs 266.84 crore in the same quarter a year ago.

Aditya Birla Nuvo's net sales during the quarter under review were at Rs 5,680.14 crore, an increase of 8.11 percent as against Rs 5,253.58 in the corresponding period last year, the company said in a BSE filing.

"Amidst the challenging marco-economic scenario, ABNL has posted strong earnings growth. The company is competitively well positioned in most of its business," the company said in a statement.

During the quarter, revenue from branded apparels and accessories were at Rs 982.06 crore, an increase of 87.41 percent while revenue from textiles grew marginally by 2.84 percent at Rs 312.84 crore.

Revenue from telecom was at Rs 1,651.23 crore, an increase of 18.57 percent.

Life insurance business segment contributed Rs 895.16 crore to the revenue, a decline of 17.75 percent while revenue from other financial services increased by over two fold to Rs 474.47 crore.

During the quarter, revenue from IT/ITES grew by 9.17 percent at Rs 657.55 crore. Overall expenses in the quarter were at Rs 5,053.23 crore, an increase of 5.95 percent compared with Rs 4,769.4 crore in the same quarter last year.

Shares of Aditya Birla Nuvo closed at Rs 1,127.15 apiece at the end of yesterday's trade, up 0.80 percent from the previous day's close on the BSE.