Business Daily from THE HINDU group of publications
Thursday, Jan 31, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Jan 31, 2008 ePaper | Mobile/PDA Version |
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Corporate Results
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Diversified AV Birla Nuvo net down 45% Our Bureau Mumbai, Jan 30 Diversified company Aditya Birla Nuvo said its consolidated net profit for the third quarter of the fiscal dipped 45 per cent, as expenditure on its life insurance and BPO expansion continued to drag down the bottomline. The company has reported a net profit of Rs 30.2 crore for the quarter, against Rs 55.3 crore for the same period last year. “We opened 202 branches and will open 250 more for our insurance business by March this year, which increases the expenditure. But this is not a cause for worry,” said Mr Adesh Gupta, Chief Financial Officer. The BPO business, whose net loss at Rs 38.2 crore widened because of the weakening dollar and cost increases, will break even in the next six months, according to Mr Gupta. The company’s net income from operations increased 58 per cent to Rs 3,661.6 crore (Rs 2,316 crore). The telecom segment primarily offset the losses in the other sectors, posting a jump of 108 per cent in net profit to Rs 236.7 crore (Rs 113.8 crore). The company’s standalone net profit for the quarter rose 59 per cent to Rs 84 crore (Rs 52.7 crore). The company is also bullish on expansions in Madura Garments and plans to bring more international brands to India this year, said Mr Gupta. The profitability of the garment business was affected by pre-launch expenses on stores of the company’s subsidiaries, said a company release. The company’s scrip closed on Wednesday at Rs 1,922.15, down 3.79 per cent from the previous day’s close of Rs 1,997.80. More Stories on : Diversified
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