Aditya Birla Nuvo Q3 net soars to Rs 274.85 crore

Mumbai, Feb 11 (PTI) Riding high on the cash flowsgenerated by its telecom, fashion and lifestyle and financialservices businesses, Aditya Biral Nuvo (ABNL) has posted awhopping 3,255.92 per cent increase in net profit at Rs 274.85crore in Q3 FY 11 from Rs 8.19-crore a year-ago.

The company''s net sales for the three-month periodended December 31 increased 11.38 per cent at Rs 4,514.73crore as against Rs 4,053.16 crore reported in Q3 FY 10.

"Cash inflows generated by our three businesses -telecom, financial services, and fashion and lifestyle, haveaided in improving the bottomline as compared to the profitsgenerated in Q3 last fiscal," ABNL Managing Director RakeshJain told reporters here today.

Investments made in growth businesses, includingfinancial services, fashion and lifestyle and IT-ITeS are nowyielding consistent results, Jain said.

The company''s telecom (Idea Cellular), fashion andlifestyle (Madura Garments) and IT-ITeS businesses posted agrowth of 26 per cent, 60 per cent and 14 per cent inrevenues, respectively.

"Strong growth in total Minutes of Use (MoU) resultedin an increase in the revenue of the telecom business to Rs3,953 crore. The revenues of Madura Garments increased to Rs504 crore on account of strong sales growth across thechannels and brands (Louis Philippe, Van Heusen, AllenSolly and Peter England)," Jain said.

The Group is targeting its 3G roll-out within the nextfew months in 11 service areas where it has won the spectrum.

"We are pursuing long-term arrangements with select qualityoperators for other service areas," he said. .