Idea’s Woes Drag Aditya Birla Nuvo’s Q3 Net Down 35%

The Economic Times - - Companies: Pursuit Of Profit - Our Bureau

Mum­bai: Aditya Birla Nuvo’s net profit in the third quar­ter de­clined 35% as the di­ver­si­fied con­glom­er­ate’s tele­com busi­ness, Idea Cel­lu­lar, was hurt by in­tense com­pe­ti­tion from new en­trant Reliance Jio In­fo­comm.

The com­pany, a part of the $41-bil­lion ap­parel-to-ce­ment Aditya Birla Group, has busi­ness in­ter­ests in mo­bile tele­phony, fi­nan­cial ser­vices, tex­tiles and ap­parel, car­bon black, fer­tilis­ers and in­su­la­tors. Its net profit for the quar­ter was .₹ 206.2 crore, com­pared with .₹ 318 crore in the year-ago pe­riod. Rev­enue rose 8% to .₹ 3,387.7 crore, helped by its fi­nan­cial ser­vices busi­nesses. The fi­nan­cial ser­vices busi­ness ex­panded 27% to .₹ 2,417 crore and its earn­ings be­fore tax by rose 19% to .₹ 278 crore.

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