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Aditya Birla Nuvo net dips

Posted on Aug 12 2014 | IANS

Mumbai, Aug 12 : Multi-business line company Aditya Birla Nuvo Ltd (ABNL), reporting a dip in its first quarter net, Tuesday said it would invest Rs.500 crore on capital expenditure this fiscal.

In a statement here, ABNL said it has posted a consolidated revenue of Rs.6,207 crore and a net profit of Rs.264 crore for the first quarter of the current fiscal as against a revenue of Rs.5,744 crore and a net profit of Rs.331 crore logged during comparable period the previous year.

"For fiscal 2014-15, ABNL has earmarked a capital expenditure plan of around Rs.500 crore. The company plans to invest about Rs.350 crore in the Financial Services Business besides subscribing to the rights issue of Pantaloons. The cash flow from operations and proceeds from the divestment of Minacs will support the growth plans of ABNL," the statement said.

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