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