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AB Nuvo net profit zooms

Staff Correspondent

Recommends 50 p.c. dividend

MUMBAI: Aditya Birla Nuvo Ltd. (ABN), formerly Indian Rayon and Industries Ltd., has reported a significantly improved performance for the year ended March 31, 2006 with net profit shooting up by 225 per cent to Rs. 190.67 crore from Rs. 58.72 crore in the previous year. The company's consolidated turnover for the year was Rs. 4,759.36 crore, up by 49 per cent over last year's Rs. 3,189.11 crore and positioning the company in the $1 billion plus league.

The board of directors has recommended a dividend of 50 per cent (40 per cent) for 2005-06. Revenues from its subsidiaries and associates rose to Rs. 2,148.95 crore (Rs. 1,328.26 crore) and ABN's share in profit of joint ventures and subsidiaries jumped from minus Rs. 55 crore to a positive Rs. 13.74 crore mainly driven by the BPO (business process outsourcing) and the telecom business. ABN's operating profit was higher at Rs. 485.87 crore (Rs. 224.42 crore).

The company has chalked out a capex plan amounting to Rs. 942.50 crore over the next three years.

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