Companies

Idea Cellular pulls down Aditya Birla Nuvo net by 21%

Our Bureau Mumbai | Updated on January 12, 2018


Aditya Birla Nuvo net profit was down 21 per cent in the December quarter at ₹206 crore against ₹262 crore logged in the same period last year, largely due to lower contribution by its subsidiary Idea Cellular.

Its consolidated revenue was up by eight per cent at ₹3,388 crore, while EBITDA surged by 22 per cent to ₹955 crore driven by profit from financial services business.

The asset under management of non-bank financial services business was up 24 per cent at ₹229,500 crore. Its quarterly revenue grew 27 per cent to ₹2,417 crore and earnings before tax was up by 19 per cent to ₹278 crore. Aditya Birla Finance lending book expanded 34 per cent to ₹29,852 crore with gross NPA at 0.69 per cent and net NPA at 0.33 per cent. It reported average return on equity of 16.6 per cent per annum.

Birla Sun Life Insurance’s new business premium market share was at 7.7 per cent. During the quarter, its individual new business premium rose by 61 per cent and the total new business doubled year-on-year.

ABNL divisions’ combined quarterly revenue from manufacturing linen, urea, viscose filament yarn and insulators was down 15 per cent at ₹1,217 crore due to the pass through of reduction in natural gas prices in the agriculture business, coupled with lower volumes in textile and insulator businesses.

The quarterly EBITDA at ₹128 crore was lower by 33 per cent due to shortage of liquidity in the trade channel post demonetisation. EBITDA of Indian Rayon was down at ₹55 crore (₹65 crore).

The company has received the Competition Commission of India and stock exchanges approval for merger of ABNL with Grasim. It has filed application with the National Company Law Tribunal. The transaction is expected to be completed in the first half of next fiscal.

The company’s scrip was up one per cent at ₹1,467 on Tuesday.

Published on February 14, 2017

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