Diversified firm Aditya Birla Nuvo today reported a 35.15 percent decline in consolidated net profit at Rs 206.23 crore for the third quarter ended December 31, 2016, impacted by loss-making telecom arm Idea Cellular.
The company had reported a net profit of Rs 318.02 crore in the October-December quarter a year-ago, Aditya Birla Nuvo Ltd (ABNL), the holding company of Aditya Birla Group said in a BSE filing.
ABNL's total income from operation during the quarter under review was up 8.11 percent to Rs 3,387.70 crore as against Rs 3,133.50 crore of the corresponding quarter.
"Net profit at Rs 206 crore de-grew year-on-year due to the reduction of ABNL's share in Idea's net profit by Rs 242 crore. Net profit of Idea Cellular has been impacted due to free voice and mobile data services by the new entrant in the sector coupled with higher interest and amortisation costs," the company said in a statement.
It further added: "Idea's quarterly consolidated revenue de-grew by 4 percent to Rs 8,663 crore and EBITDA declined sharply by 24 percent to Rs 2,166 crore, impacted by the free offerings by the new entrant along with minor effects of demonetisation." Total expenses in Q3/FY 2016-17 was up 4.71 percent to Rs 2,603.06 crore as against Rs 2,485.92 crore.
ABNL's revenue from insurance was up 18.33 percent to Rs 1,183.28 crore during the quarter under review as against Rs 999.91 crore.
Income from other financial services was up 42.64 percent to Rs 1,001.69 crore during the quarter as against Rs 702.21 crore of the corresponding quarter previous fiscal.
Textiles segment revenue was down 15.36 percent to Rs 285.98 crore in the quarter under review as against Rs 337.89 crore in the year ago period.
Similarly, revenue from agri-business was down 18.05 percent to Rs 565.81 crore in the quarter under review as against Rs 690.47 crore in year-ago period.
Rayon Yarn was down 5.67 in the October-December quarter to Rs 243.63 crore as against Rs 258.30 crore of the corresponding quarter previous fiscal.
Revenue from insulators was down 16.50 percent to Rs 121.34 crore as against Rs 145.32 crore of the April-June quarter of FY 2015-16.
In a separate filing, the Gujarat-based ABNL informed that its board has approved appointment of Shriram Jagetiya as the manager of the company.
Shares of ABNL were trading at Rs 1,459.05 on BSE during afternoon, up 0.84 percent from previous close.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
