AB Nuvo Q4 Profit Falls 12% on One-time Expense
Aditya Birla Nuvo has reported 11.7% decline in consolidated net profit at .` 176 crore for the fourth quarter ended March 31, 2014. A one-time expense of .` 107 crore pulled down the net profit. The company’s revenues for the fourth quarter increased 2% to .` 7,112 crore because of rising revenues from financial services, lifestyle and telecom businesses. The company reported a 42% rise in net profit at .` 283 crore before non-recurring gain/ loss (one-time expense) for the fourth quarter, said a company release. Non-recurring gain includes a gain of .` 24 crore on slump sale of carbon black business, loss of .` 19 crore on impairment of goodwill relating to broking and wealth management business, said the release.
There was also a one-time interest cost of .` 88 crore on redemption of compulsory convertible debentures due to divestment of ITes business, the release added. While the company reported a 7.9% increase in net profit at .` 1,143 crore for the full year ended March 31, 2014, its revenues for the full year rose by 2% to .` 25,893 crore. The annual revenue for the financial service business grew by 4% to .` 6,640 crore during the quarter. “With funds under management of $20.4 billion, Aditya Birla Finanial Services ranks among the top five fund managers (excluding LIC),” said Rakesh Jain, MD, Aditya Birla Nuvo. The lifestyle business launched one store per day to reach 1,750 stores. This year it has added 300 stores, said the release.
The revenues for the fourth quarter rose 2% to 7,112 crore due to rising revenues from financial services, lifestyle and telecom businesses