Diversified company Aditya Birla Nuvo, part of the Aditya Birla group, slipped into red as its life insurance business incurred higher losses thereby offsetting the comparatively better performances made in other divisions.The over Rs 12,000-crore Birla firm posted a consolidated net loss of Rs 28.3 crore for the quarter ended June 30 as against a net profit of Rs 94.7 crore in the corresponding quarter last year. The company, which have its operations in sectors such as telecom, insurance, textiles and BPO, recorded net sales of Rs 3,228.30 crore, up 48 per cent, as compared to Rs 2,184.1 crore last year.
"The fall in net profit was largely due to higher loss in the life insurance business," the company said in a statement.
Source: Business Standard, The Tribune, Deccan Chronicle
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