The Hindu Business Line : Aditya Birla Nuvo net up at Rs 62.26 crore

Mumbai May 3 Aditya Birla Nuvo has posted a 9.86 per cent increase in net profit at Rs 62.26 crore (Rs 56.67 crore) for the quarter ended March 31, 2007. Net income increased by 12.69 per cent to Rs 859.65 crore (Rs 762.82 crore).

For the full year, the turnover has risen by 29 per cent to Rs 3,420.5 crore (Rs 2,642.05 crore), while the net profit increased by 20.35 per cent to Rs 224.97 crore (Rs 186.93 crore).

On a consolidated basis, the turnover has gone up 65 per cent to Rs 8,258 crore (Rs 5,006.9 crore). Net profit grew by 37.75 per cent to Rs 281.2 crore (Rs 204.1 crore).

Rights Issue

The board has decided to treat the interim dividend of Rs 5.50 per equity share for 2006-07 as the final dividend. The board also approved the amalgamation of Aditya Birla Insulators Ltd (ABIL) with the company effective April 1, subject to requisite approvals

During the year, the company had raised Rs 777.2 crore through a rights issue lifting the equity capital of the company from Rs 83.5 crore to Rs 93.3 crore. The proceeds are being used for repayment of debt and for investments in Idea. "About Rs 300 crore has been set aside for our garment business and we want to expand our retail presence in a big way," said Mr Adesh Gupta, Whole-Time Director and Chief Financial Officer. The company plans to invest Rs 1,090.8 crore in the next three years with Rs 666.7 crore being invested this fiscal.

Shares of the company rose 0.48 per cent to close at Rs 1,150 on the BSE.