Mumbai, May 15: Aditya Birla Nuvo Ltd's net profit plummeted 42 per cent to Rs 170 crore in the three months ended March 31, 2012 from Rs 294 crore in the year-ago period.
The plunge in profits was attributed to a large tax liability provisioning of Rs 104 crore and costs related to 3G investments in its telecom business. Revenues for the conglomerate grew 15 per cent in the fourth quarter of the last fiscal to Rs 5,994 crore from Rs 5,215 crore in the same period of the previous year.
"The rise in depreciation and interest costs primarily related to 3G investments in the telecom business has constrained net profit," the company said in a statement.
