INDIA: Apparel boosts Aditya Birla Nuvo Q2
- Q2 EBITDA up 25% to INR7.79bn
- Revenue rises 18% to INR53.42bn
- Apparel division helps growth
Indian conglomerate Aditya Birla Nuvo posted strong increases in second quarter earnings and revenues, helped in part by growth in the company’s apparel division.
The company’s Madura Fashion & Lifestyle business recorded sales of INR580m (US$11.8m), up 28%, in the three months to 30 September, driven by widespread sales growth for its Louis Philippe, Van Heusen, Allen Solly and Peter England brands.
Meanwhile, the company’s manufacturing division reported revenues up 25% to INR14.69bn, thanks to higher linen fabric volumes, higher agri-products trading and the passing on of a rise in production costs for carbon black, rayon, textiles and agri-business.
However, EBITDA fell 7% to INR1.9bn, impacted by lower volumes and a rise in production costs, straining profitability for the carbon black and insulators businesses.
“Aditya Birla Nuvo has strengthened its leadership position in financial services, telecom and fashion and lifestyle businesses,” said company managing director Dr Rakesh Jain.
“It has posted strong earnings even amidst the challenges of prevailing macro-economic environment that affected few businesses.”
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