INDIA: Aditya Birla Nuvo H1 profits surge
Indian conglomerate Aditya Birla Nuvo saw first half net profit surge on rising sales.
The company, whose interests run from fashion and textiles through to financial services and telecoms recorded a 22% increase in net profit to reach INR5.71bn (US$104.2m).
Revenue grew 12% to INR113.14bn over the half.
The company's Madura Fashion and Lifestyle brand recorded a 7% increase in EBITDA to reach INR870m. Revenue grew 9% to INR11.71bn. Over the half, wholesale recorded a marginal increase in revenue, while the retail channel recorded 21% growth, driven by new store openings.
"The challenging economic environment continues to affect growth in some of the sectors where ABNL operates. Despite this, the company has posted a strong growth in earnings," said managing director Dr Rakesh Jain.
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