Aditya Birla Nuvo’s net profit for the quarter ended June 2012 increased five per cent to Rs 267 crore. The company’s net profit for the corresponding quarter of last year was Rs 253 crore.

The firm’s financial services arm, Aditya Birla Financial Services (ABFS), grew its top line by two per cent to Rs 1,364 crore. ABFS contributes to nearly one-fourth of the firm’s total revenue.

The company said that fee and agency-based businesses such as life insurance, mutual funds and broking continued to remain under pressure. However, the lending business continued to grow.

The asset base of Birla Sun Life Insurance grew eight per cent to Rs 21,583 crore. The average assets under management of the mutual fund business grew nine per cent to Rs 71, 868 crore. The NBFC book size more than doubled this quarter to Rs 4,250 crore.

The AB Nuvo scrip on the BSE was up 1.5 per cent and closed at Rs 789.60.

(This article was published on August 6, 2012)
XThese are links to The Hindu Business Line suggested by Outbrain, which may or may not be relevant to the other content on this page. You can read Outbrain's privacy and cookie policy here.