Aditya Birla Nuvo back in black, Q4 net at Rs 180 cr
Aditya Birla Nuvo, the Aditya Birla Group company, reported consolidated net profit of Rs 180 crore for the quarter ending March 31, 2010.autos Updated: May 07, 2010 21:54 IST
Aditya Birla Nuvo, the Aditya Birla Group company, reported consolidated net profit of Rs 180 crore for the quarter ending March 31, 2010. It had reported a consolidated net loss of Rs 146 crore for the same quarter last year.
Net profit of the company for year ended March 31, 2010 stood at Rs 154 crore as against Rs 435.7 crore loss in the last fiscal. However, the company said that due to acquisitions, disposals, stake changes, mergers, de-mergers in the company, the corresponding quarters are not comparable.
“Our thrust on profitable growth across the businesses has led to a turnaround of about Rs 600 crore at the bottom-line,” said Sushil Agarwal, chief financial officer of Aditya Birla Nuvo. Improved profitability in the manufacturing businesses and reduced losses in the life insurance, IT-ITeS and garments businesses led to earning growth for the company.
“The company has earmarked around Rs 350 crore for expansion in its various business, excluding fertilizers,” said Agarwal. The company board has proposed a dividend of Rs 5 per share on the face value of Rs 10 each for the fiscal.