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Aditya Birla Nuvo sees higher sales in branded garments business

30
Jul '09
Aditya Birla Nuvo reports results for the quarter ended 30th June 2009.

Aditya Birla Nuvo continues to move closer in the direction of achieving distinct strategic objectives across its businesses:
• Building momentum for achieving leadership in the Financial Services business;
• Regaining profitability in the BPO and the Garments businesses and
• Strengthening operations in the 'Value' (manufacturing) businesses.

As a result, almost all the businesses have outperformed competition while strengthening their positioning and earnings y-o-y as well as q-o-q.

• Higher net sales is supported by the Life insurance, Telecom and Garments businesses.
• Higher PBDIT is primarily driven by improved performance in the BPO and the Garments businesses coupled with lower new business strain in the Life Insurance business.

To strengthen balance sheet by reducing debt and interest costs, shareholders have approved equity infusion of Rs. 1,000 Crores through preferential allotment to promoters, in the EoGM held on 17th June 2009. A sum of Rs. 250 Crores has been received in June 2009 itself as 25% application money.

All the businesses are progressing well on the designed path of achieving profitable growth.

Garments : Revenues grew by 13% from Rs. 225.1 Crores to Rs. 255.1 Crores driven by higher sales in the branded garments business. Sales from retail channel grew by 23% supported by expanded retail space and growth in like to like store sales. The top-line growth could have been higher but for weak order flow in contract exports subsidiary due to global slowdown.

Loss before interest and tax at Rs. 45.1 Crores has been reduced significantly y-o-y from Rs. 56.9 Crores and q-o-q from Rs. 82.2 Crores, supported by rent-negotiation, exit from unviable stores, working capital management and manpower rationalisation efforts.

Textiles : Profitability of Jaya Shree textiles was impacted by usage of high priced stock due to fall in input prices. The business is focusing on increasing share of retail segment to enhance margins.

Aditya Birla Nuvo is well positioned to emerge stronger with the continuous pursuit of strategic initiatives. It is dedicated to ensure that 'Growth' businesses achieve 'path to profitability' faster. The investments made, specifically in the Financial Services, BPO and the Garments businesses, are endeavoured towards creating long term value for the shareholders.

Aditya Birla Nuvo Ltd


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