Aditya Birla Nuvo net jumps to R105 crore

Led by the growth in financial services, fashion and lifestyle and manufacturing, Aditya Birla Nuvo, part of Aditya Birla Group, posted a net profit of R105 crore in July- September quarter as against R1 crore in the same quarter previous year.

The company is also eyeing entry into banking sector through its subsidiary Aditya Birla Financial Services (ABFS), which will apply for the banking licence. Explaining the factors behind growth, Rakesh Jain, MD, Aditya Birla Nuvo said, “Company’s thrust on profitable growth across the businesses has led to strong results.”

Revenue of ABFS surged by 27% to R1,619 crore.