AB Nuvo Q4 profit up 25%

Led by good growth in its financial services, fashion and lifestyle, information technology, agri-business and carbon black business, Aditya Birla Nuvo, part of Aditya Birla Group, said on Monday that its net profit had risen 25% at Rs 224 crore in January-March 2011 as against Rs 180 crore in the same quarter the previous year. Financial services on solid ground

Led by good growth in its financial services, fashion and lifestyle, information technology, agri-business and carbon black business, Aditya Birla Nuvo, part of Aditya Birla Group, said on Monday that its net profit had risen 25% at Rs 224 crore in January-March 2011 as against Rs 180 crore in the same quarter the previous year.

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For the full year 2010-11, the net profit surged by 385% to Rs 742 crore against Rs 155 crore in 2009-10.

"The company's consistent improvement in operating and financial performance year after year is an outcome of enhanced focus on profitable growth across the businesses," said Rakesh Jain, managing director, Aditya Birla Nuvo. "We are committed to maintain this trend of superior performance while creating value for all the stakeholders."

"Driven by strong persistency, the renewal premium of Birla Sun Life Insurance (BSLI) surged by 41% to 3,597 Crore," he added.

The average book size of Aditya Birla Finance, the NBFC arm, more than doubled year-on-year to around Rs 1,800 crore. ABFL disbursed about Rs 5,000 crore loans for IPO financing.

Financial services on solid ground