Aditya Birla Nuvo Q1 net loss at Rs 35 crore
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MUMBAI: Aditya Birla Nuvo, the diversified company of the Aditya Birla group, on Wednesday, said its consolidated net loss in the first quarter
widened to Rs 35.3 crore, compared with a loss of Rs 28.3 crore in the previous year, due to slower sales in some businesses.
The company that has interests in garments, life insurance, telecom, among others, saw its sales grow 3.7% in the same period to Rs 3,214.30 crore.
In a statement issued on Wednesday, Aditya Birla Nuvo said it posted higher net sales in the life insurance, telecom and garments businesses, while the BPO and garments business were able to boost operating profit.
Referring to specific businesses, Aditya Birla Nuvo said in life insurance, under Birla Sun Life, renewal premiums surged by 64% to Rs 526.9 crore, driven by high persistency.
Lower strain of new business premium reduced the net loss from Rs 146.8 crore to Rs 111.1 crore. In stockbroking, a new business that Aditya Birla Nuvo is confident about, net profit of Apollo Sindhoori grew from Rs 2.1 crore to Rs 2.7 crore, due to improved volumes. The Aditya Birla private equity fund has been successfully launched and “is getting encouraging response,” said Nuvo.
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