Aditya Birla Nuvo Limited (ABNL), a USD 4 billion conglomerate, said it has reported robust earnings growth as net its profit surged by 70% to Rs 253 crore in Q1 FY 12 as against Rs 149 crore in the same period last year.
The company's revenue also grew by 24% from Rs 3,857 crore to Rs 4,767 crore.
"Aditya Birla Nuvo continued its profitable growth journey having strengthened market positioning and delivered robust growth across its businesses. We remain focused to capture opportunities across the businesses to achieve the next higher level of growth," Aditya Birla Nuvo's Managing Director, Rakesh Jain, said in a statement.
Aditya Birla Financial Services (ABFS) has strengthened its position as a significant non-bank financial services player, it said. During the quarter, ABFS posted consolidated revenue at Rs 1,330 crore, a growth of 4% over the previous year. Earnings before tax grew 2.5 times from Rs 78 crore to Rs 177 crore. Its combined Assets under Management (AUM) stood at Rs 92,259 crore (about USD 20.5 billion).
The closing book size of Aditya Birla Finance (ABFL), the NBFC arm, rose year-on-year by 77% to around Rs 1,975 crore. Revenue more than doubled to Rs 60 crore in line with growth in book size. Earnings before tax at Rs 10 crore remained flat due to increase in the cost of funds, it said.
Source: www.moneycontrol.com
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