Financial Daily from THE HINDU group of publications
Friday, Oct 28, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 28, 2005 |
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Corporate Results
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Diversified Aditya Birla Nuvo Q2 net up 56 pc Our Bureau
Mumbai , Oct. 27 INDIAN Rayon and Industries Ltd, rechristened as Aditya Birla Nuvo Ltd, reported a 56 per cent increase in its second quarter net profit at Rs 38.59 crore from Rs 24.67 crore in the year-ago period. Turnover grew by 20.8 per cent to Rs 563.04 crore from Rs 466.03 crore. Profitability and sales moved up on account of robust growth in most of its divisions - garments, carbon black, textiles and insulators. The outlook for viscose filament yarn remains challenging while it is positive for textiles, garments and carbon black. The garments division's revenue grew by 29 per cent to Rs 163.30 crore. Operating profit moved up by 23 per cent despite higher retailing cost and high discount levels prevailing in the sector. The rayon division's revenues increased by 8 per cent to Rs 96.23 crore. Carbon black division recorded its best ever performance; revenues moved up by 20.6 per cent to Rs 113.39 crore. Textiles division reported 11.5 per cent growth in earnings. Strong demand in transmission helped the insulator division in achieving 32 per cent volume growth. Shares of Indian Rayon moved up Rs 3.25 to Rs 593.25 on the BSE.
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