AB Nuvo Q4 Profit Falls 12% on One-time Ex­pense

The Economic Times - - Companies - OUR BUREAU

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

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