Aditya Birla Nuvo net profit rises 24 percent in FY14-15
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“On a like-to-like basis, that is excluding IT-ITeS business which was divested from May 9, 2014, the year on year revenue growth was 14 percent," the Aditya Birla Group company said in a statement. Fashion and lifestyle division -- Madura and Pantaloons, during 2014-15 also posted strong growth in earnings despite weak customer footfalls and higher promotions and discounting trends across the industry. The revenue from this segment rose by 15 percent at Rs 5,450 crores and its EBITDA increased 32 percent to Rs 532 crores.
Kumar Mangalam Birla-led Aditya Birla Group recently announced merger of its two retail arms, the Aditya Birla Nuvo-owned fashion retailing business with Pantaloons Fashion & Retail. The merger has led to the launch of Rs 12,000 crores (around two billion dollars) branded apparel entity called Aditya Birla Fashion & Retail (ABFRL).