Login To Trade  |  About IIFL
  • NIFTY  7942.7  58.9 0.75%
  • SENSEX 26128.2  169.57 0.65%
Aditya Birla Nuvo Ltd

BSE: 500303 | NSE: ABIRLANUVO ISIN: INE069A01017
Market Cap: [Rs.Cr.] 27,185.03 Face Value: [Rs.] 10
Industry: Textiles - Manmade

Watchlist +
Management Discussions

Indian Economy: Promising Outlook

India’s GDP is estimated to grow at 7.4% in fiscal 2014-15 vis--vis 6.9%recorded in the previous year. There was a noteworthy improvement across variousparameters. Control on price rise continued and remarkable downfall in inflation was notedled by benign global commodity prices. WPI inflation, at -2.33% in March 2015, touched itslowest level since past nine years. CPI inflation eased to 5.17% in March 2015 afterstarting the year with 8.6% in April 2014. Year-on-year growth in Index of IndustrialProduction (IIP) was encouraging at 2.8% compared to negative growth in the previous year.The moderation in inflation prompted the RBI to cut interest rates to spur economicgrowth. The Consumer confidence index reported by Nielson touched its 4-year high level.It rose from 121 in the fourth quarter of 2013-14 to 129 in the third quarter of2014-2015.

Structural reforms to boost investments remained high on the Government’s agenda.It started with increasing FDI cap to 49% in defence production, to 100% in railwayinfrastructure and then raising FDI cap in insurance sector from 26% to 49%. TheGovernment is expected to beat its fiscal deficit target of 4.1% of GDP, supported by thecoal and spectrum auctions. The Indian Rupee remained relatively stable and the CurrentAccount Deficit (CAD) contracted.

With all the above positive indicators, the Indian economy is becoming a favourabledestination for investment. Though the capex cycle and consumer spend on the ground is yetto pick up, the prospects of a stable macro-economic environment has boosted foreignequity inflows in the Country. Net equity inflows from Foreign Institutional Investors(FIIs) grew by 33% to USD 18 billion. Net equity inflows from mutual funds were USD 6.9billion as compared to net outflow of USD 3.5 billion in the previous year.

The World Bank and the International Monetary Fund forecast India’s GDP to grow at7.5% in 2015 to become the world’s fastest growing economy, ahead of China. A stablegovernment, RBI’s inflation focus and benign global commodity prices are expected tobe the key contributing factors. Furthermore, new initiatives viz. ‘Make inIndia’, ‘Digital India’ along with a host of financial inclusion measuresare expected to help accelerate India’s economic development.

Aditya Birla Nuvo Limited: Progressing in line with its vision and mission

Aditya Birla Nuvo Limited (‘ABNL’ or ‘the Company’), is a USD 4.4billion conglomerate having a leadership position across its Financial Services, Fashion& Lifestyle, Telecom, Linen and Manufacturing businesses.

Guided by its vision "To be a premium conglomerate building leadership inbusinesses and creating value for all the stakeholders", ABNL has transformeditself from a small manufacturing company in 2000 to become one of the largestconglomerates in India today. During this transformational journey, ABNL identified growthopportunities in the promising sectors and invested close to USD 2 billion to build andsustain its leadership position in these sectors.

Well recognised for its market leadership and cost management in the industrialbusinesses till late nineties, the Aditya Birla Group today has a successful and markedpresence in the consumer centric service sector space through ABNL. Having promoted andcreated more than 20 marquee brands, ABNL, touches the lives of more than 160 millionIndians and meets their needs for life assurance, investment, financing, fashion, digitalcommunication and agri products.

During fiscal 2014-15, the Company continued to progress in line with its mission:

• Investing in the promising sectors

• Building leadership position in businesses

• A platform to drive synergy of resources

• Delivering best value to all the stakeholders

• To be a responsible corporate citizen

Investing in the promising sectors

ABNL augmented its bouquet of offerings in the Financial Services business withcommencement of Housing Finance business operations in October 2014 under Aditya BirlaHousing Finance Limited. It has also signed an MoU in October 2014 with MMI Holdings Ltd.,a leading South African Insurance based Financial Services Group, to enter the HealthInsurance sector in India.

ABNL has also made an application to the RBI for obtaining license for setting-up a"Payments Bank", in accordance with the Guidelines for ‘Licensing ofPayments Bank’ issued by RBI on November 27, 2014. As per the proposed structure,ABNL will be the Promoter of the Payments Bank, holding 51% of its equity capital. IdeaCellular Limited ("Idea"), an Aditya Birla Group Company, where ABNL is thelargest promoter shareholder, will be holding the balance 49% of equity capital in theproposed Payments Bank. The equity participation of Idea in the proposed Payments Bank maybe increased up to 60%, subject to regulatory approvals, as applicable.

Building leadership position in businesses

The Company continued to invest in its businesses to fortify its leadership position.The business-wise highlights are as follows:

3 Aditya Birla Financial Services (‘ABFS’)

• A significant non-bank financial services player having a diversified portfoliowith 10 lines of businesses, including planned foray in the health insurance sector.

• Ranks among the top 5 fund managers in India, excluding LIC.

• Funds under management at USD 27.5 billion1 (Rs 164,940 Crore), grewyear-on-year by 35%.

• Lending book in the NBFC business reached USD 3 billion (Rs 17,550 Crore) mark– registering a 52% year-on-year growth.

• Revenue at USD 1.3 billion (Rs 7,926 Crore) rose year-on-year by 19% andEarnings before Tax at USD 141 million (Rs 849 Crore) surged by 17%.

• Trusted by over 6 million customers and anchored by 11,000 committed employees,ABFS has a strong nationwide presence through more than 1,350 branches / touch points andover 140,000 agents / channel partners.

3 Fashion & Lifestyle (Madura and Pantaloons)

• ABNL’s Fashion & Lifestyle business is the largest branded apparelplayer in India selling two branded apparels every second.

• Madura is the # 1 branded menswear player in India and Pantaloons is the # 1branded womenswear retailer in India.

• Trusted by a large 10.8 million loyalty customer base.

• Revenue at USD 910 million (Rs 5,450 Crore) grew year-on-year by 15% and EBITDAat USD 89 million (Rs 532 Crore) soared by 32%.

• Largest retail network in the fashion space with 1,869 exclusive brand outlets /stores spanning 4.8 million square feet and 6,000+ additional points of sale.

• Expanding market presence with addition of retail stores as well as scaling itsown online presence through Trendin.com.

3 Telecom (Idea Cellular)

• Idea is the 6th largest mobile telecommunications company in the world (based onoperations in a single country) in terms of the number of subscribers (Source : GSMA,December 2014)

• It ranks 3rd in India in terms of revenue market share which grew from 16.1% to17.5%2 in the previous year.

• Largest revenue market share gainer in India between 2009 and 2014

• A large customer base of 157.8 million subscribers as on 31st March 2015.

• Idea is a USD 11 billion company by market cap (Rs 66,200 Crore as on 31st March2015)

• Its consolidated revenue at USD 5.3 billion (Rs 31,527 Crore) grew year-on-yearby 19% and EBITDA at USD 1.9 billion (Rs 11,281 Crore) surged by 32%.

• Strong cash profit generation3 at USD 1.4 billion (Rs 8,482 Crore), 32% upyear-on-year.

• Idea has a strong balance sheet to support its growth plans, with standalone3Net Debt to EBITDA at 1.31 times as on 31st March 2015.

3 Divisions (Jaya Shree, Agri, Rayon and Insulators):

• Combined revenue at USD 901 million (Rs 5,405 Crore) grew year-on-year by 9% andEBITDA at USD 102 million (Rs 615 Crore) increased by 11%.

• Jaya Shree is a leading Linen Yarn and Fabric player in India. To tap sectorgrowth opportunities, Jaya Shree is targeting to double its linen yarn capacity.

• Indo-Gulf is the 8th largest and one of the most energy efficient urea plants inIndia.

• Indian Rayon is among the top two manufacturers and the largest exporter of VFY.

• Aditya Birla Insulators is India’s largest and world’s 4th largestmanufacturer of insulators.

A platform to drive synergy of resources

- The standalone balance sheet has been the growth engine for ABNL and a platform todrive synergy of capital resources.

- ABNL has invested about USD 1 billion to fund the growth capital requirements of itsbusinesses over the past six years. Long term strategic investments account for more than70% of ABNL’s standalone capital employed as on 31st March 2015.

- Despite this, ABNL continues to command a healthy financial position, with standaloneNet Debt to EBITDA at 3 times and Net Debt to Equity at 0.42 times as on 31st March 2015,led by steady cash flow from operations, dividend income and release of capital fromdivestment of sub-scale businesses.

For fiscal 2015-16, the standalone balance sheet will support investments to the tuneof Rs 600 Crore in the Financial Services businesses, largely to fund the growth capitalrequirements of the NBFC and Housing Finance businesses. The capital expenditure guidancefor the standalone businesses stands at around Rs 300 Crore.

- While fulfilling these capital requirements, the Company is committed to keeping thisgrowth engine healthy and future-ready.

Delivering best value to all the stakeholders

As a conglomerate, ABNL constantly evaluates its capital allocation strategy andreviews its business portfolio, with the objective of delivering the best value to all thestakeholders over the long run.

Exit from sub-scale businesses to ensure greater focus on other businesses

• Given the multiple growth opportunities and ensuing capital commitment of ABNLtowards other businesses, your Company divested the IT-ITeS business with effect from 9thMay 2014 at an Enterprise Value of USD 260 million subject to working capital adjustments.

• Earlier in the previous year 2013-14, the Company had divested the Carbon Blackbusiness with effect from 1st April 2013 at an enterprise value of Rs 1,451 Crore subjectto working capital adjustments.

• The divestment proceeds have supported the growth plans of the Company,strengthened its balance sheet and enabled greater focus on the core businesses.

Consolidation of branded apparels businesses to unlock value for the shareholders

• To capitalise on its large market presence in the branded fashion space inIndia, your Company has announced consolidation of its branded apparels businesses underits listed subsidiary – Pantaloons Fashion & Retail Ltd. ("PFRL"),through a composite scheme of arrangement ("Scheme"). As part of the Scheme,Madura Fashion, the branded apparel retailing division of ABNL and Madura Lifestyle, theluxury branded apparel retailing division of Madura Garments Lifestyle Retail CompanyLimited ("MGLRCL") – a subsidiary of ABNL, will be demerged from respectivecompanies into PFRL. Pursuant to demerger, new shares will be issued by PFRL to therespective shareholders of the transferor companies directly.

• This consolidation will create India’s largest pure play branded apparelsCompany by bringing Madura – India’s #1 branded menswear player and Pantaloons– India’s #1 branded womenswear retailer, together.

• The move will unlock value for the shareholders by giving them an opportunity toparticipate in the promising fashion space directly.

• The transaction is subject to the necessary statutory and regulatory approvalsincluding approvals of the respective High Courts, the Stock Exchanges, SEBI, therespective Shareholders and lenders / creditors of each of the companies.

• The appointed date of the Scheme will be 1st April 2015.

• The combined entity will have the largest retail network in fashion space in theCountry.

• The consolidation will also enable tapping of operational synergies on variousfronts such as sourcing, real estate and technology platforms.

• The sound Balance Sheet of the combined entity will act as a strong enabler forfuture growth.

Refer page 30 for transaction details.

To be a responsible corporate citizen

As a responsible corporate citizen, the vision of the Company is to contribute activelyto the social and economic development of the communities, to build a better andsustainable way of life for the weaker sections of the society and to adopt best businesspractices for sustainable development; thereby balancing its economic growth withenvironmental and societal interests.

The initiatives taken by the Company in these areas are spelt out in detail in theSocial and Environment Report Section of the Annual Report.

Driven by Power of Five Values


Acting and taking decisions in a manner that is fair and honest. Following the higheststandards of professionalism and being recognised for doing so. Integrity for us means notonly financial and intellectual integrity, but encompasses all other forms as aregenerally understood.


On the foundation of Integrity, doing all that is needed to deliver value to all thestakeholders. In the process, being accountable for our own actions and decisions, thoseof our team and those in the part of the organisation for which we are responsible.


An energetic, intuitive zeal that arises from emotional engagement with theorganisation that makes work joyful and inspires each one to give his or her best. Avoluntary, spontaneous and relentless pursuit of goals and objectives with the highestlevel of energy and enthusiasm.


Thinking and working together across functional groups, hierarchies, businesses andgeographies. Leveraging diverse competencies and perspectives to garner the benefits ofsynergy while promoting organisational unity through sharing and collaborative efforts.


Responding to internal and external customers with a sense of urgency. Continuouslystriving to finish before deadlines and choosing the best rhythm to optimiseorganisational efficiencies.

Sound earnings growth

The Company posted a strong growth in earnings during 2014-15. Most of the businessesare competitively well placed and are contributing to the earnings growth.

• Posted consolidated revenue at Rs 26,516 Crore (2% 3 y-o-y) andconsolidated EBITDA at Rs 5,798 Crore (18% 3 y-o-y). On a like-to-like basis, i.e.,excluding IT-ITeS business which was divested w.e.f. 9th May 2014, revenue and EBITDAgrowth was 14% and 25% respectively.

• Consolidated Net Profit surged year-on-year by 24% to Rs 1,416 Crore. ExcludingIT-ITeS business and before one-off items, like-to-like growth in net profit was 39%.

Consolidated Profit and Loss Account (Rs Crore)

2013-14 2014-15
Revenue 25,892 26,516
EBITDA 4,927 5,798
Less: Depreciation and Amortisation 1,609 1,703
Earnings Before Interest and Tax (EBIT) 3,318 4,095
Less: Finance Costs related to NBFC 742 1,105
Less: Other Finance Costs 809 652
Earnings Before Tax and Exceptional Items 1,767 2,338
Add: Exceptional Gain/(Loss)1 5 (13)
Earnings Before Tax 1,772 2,325
Less: Tax Expenses 550 833
Less: Minority Interest and Share of (Profit)/Loss of associates 79 76
Consolidated Net Profit 1,143 1,416

Note1 : In 2014-15, Exceptional loss of Rs 13 Crore pertains to the divestment ofMinacs, the IT-ITeS business, w.e.f. 9th May 2014. Exceptional items in 2013-14 includeloss of Rs 19 Crore on impairment of goodwill relating to investments in the broking &wealth management businesses and gain of Rs 24 Crore on the divestment of the Carbon Blackbusiness

Consolidated Revenue - Segmental

2013-14 2014-15
Financial Services1 6,637 7,926
Fashion & Lifestyle2 4,759 5,450
Telecom3 6,669 7,467
IT-ITeS4 2,898 283
Divisions5 4,979 5,405
Inter-segment Elimination (50) (16)
Consolidated Revenue 25,892 26,516

Consolidated revenue of ABNL grew year-on-year to Rs 26,516 Crore despitedivestment of IT-ITeS business w.e.f. 9th May 2014.

• Revenue of the Financial Services business surged by 19% to Rs 7,926 Crore ledby the NBFC and the Life Insurance businesses. Revenue of NBFC business soared by 48% toRs 1,776 Crore driven by 52% year-on-year growth in its lending book. Revenue of LifeInsurance business grew by 12% to Rs 5,267 Crore led by the group new business and renewalpremium growth.

Revenue of Asset Management business increased by 19% to Rs 596 Crore on the back ofgrowth in AUM.

• Fashion & Lifestyle business posted 15% growth in revenue at Rs 5,450 Crore.Led by retail stores expansion and a 20% revenue growth in wholesale channel,Madura’s total revenue rose by 16% to Rs 3,735 Crore. Revenue of Pantaloons Fashion& Retail Ltd. grew by 11% to Rs 1,851 Crore. Retail stores expansion and like-to-likegrowth of 5.5% contributed.

Consolidated EBIT - Segmental (Rs Crore)

Segment EBIT as per Accounting Standard ("AS")-17 2013-14 2014-15
Financial Services1 725 814
Fashion & Lifestyle2 199 261
Telecom3 952 1,305
IT-ITeS4 181 (16)
Divisions5 430 494
Segment EBIT as per AS - 17 2,487 2,857
Add: Unallocated Income / (Expenses) (Net) 19 78
Add: Finance Costs related to NBFC6 742 1,105
Add: Consolidated Interest Income (Excluding Interest Income of NBFC)6 70 55
Consolidated EBIT 3,318 4,095
Note1: Financial Services include NBFC, Life Insurance, Asset Management, Housing Finance, Private Equity, Broking, Wealth Management, Online Money Management & General Insurance Broking businesses. In accordance with AS-17 on ‘Segment Reporting’, finance cost of NBFC business is reduced from Segment EBIT.
Note2: Represents Branded Apparels & Accessories business (Madura Fashion & Lifestyle and Pantaloons Fashion & Retail Limited).
Note3: Represents ABNL’s share in Idea Cellular’s earnings. Being a joint venture, Idea has been consolidated at ~25.3% till 10th June 2014, at 23.63% till 23rd July 2014 and at ~23.3% thereafter as per AS - 27.
Note4: Divested w.e.f 9th May 2014
Note5: Divisions include Jaya Shree, Agri, Rayon and Insulators.
Note6: In accordance with AS-17 on ‘Segment Reporting’, finance cost of NBFC business is reduced from segment EBIT, hence, added back to arrive at Consolidated EBIT. In accordance with AS-17, interest income (excluding interest income of NBFC business) is not included in segment EBIT, hence, added back-to-arrive at Consolidated EBIT.

• In the Telecom business, Idea Cellular registered a 19% growth in the top-lineat Rs 31,527 Crore (ABNL’s share: Rs 7,467 Crore).

A strong 16% rise in total minutes of use, more than 100% growth in data volumes and a3% higher average realisation per minute contributed.

• The combined revenue of the divisions grew by 9% to Rs 5,405 Crore led by volumeand realisation growth in the linen and the insulators businesses coupled with passthrough of rise in natural gas prices in the Agri business.

Consolidated EBITDA rose by 18% from Rs 4,927 Crore to Rs 5,798 Crore. TheFinancial Services, Telecom and Fashion & Lifestyle businesses were the majorcontributors.

Consolidated depreciation grew by 6% to Rs 1,703 Crore, largely in Idea Cellular andPantaloons. Idea’s depreciation was higher on account of network expansion andreduction in estimated useful life of core network equipments. Depreciation in Pantaloonswas up by 68% due to accelerated depreciation charged on account of stores renovation andplanned stores closures.

Consolidated EBIT surged by 23% from Rs 3,318 Crore to Rs 4,095 Crore.

• Segment EBIT of Financial Services business grew by 12% to Rs 814 Crore drivenby the expansion of the lending book in the NBFC business and AUM growth in the AssetManagement business.

• Fashion & Lifestyle business registered a 31% rise in segment EBIT at Rs 261Crore. Madura posted 26% growth in EBIT led by top-line growth and margin expansion.Pantaloons recorded 180 basis points expansion in EBITDA margin, however, being in theinvestment phase, it reported a loss at segment EBIT level owing to accelerateddepreciation.

• In the Telecom business, segment EBIT surged by 46% to Rs 5,508 Crore(ABNL’s share: Rs 1,305 Crore) led by robust growth in voice and data usage, scalebenefits and cost efficiency.

• Segment EBIT of Divisions, combined together, rose by 15% to Rs 494 Crore. Thelinen segment of Jaya Shree Textiles posted higher profitability led by expansion. AtIndo-Gulf, improved energy efficiency, higher fixed cost reimbursement as per theGovernment policy and increased sales of pesticides augmented earnings. At Indian Rayon,profitable growth in the VFY segment was offset by lower Caustic Soda volumes owing tomaintenance shutdown in the power plant and the softening of ECU realisation. At AdityaBirla Insulators, higher volumes and an increase in realisation, mainly to pass on therise in operating costs, contributed to the earnings growth.

Finance costs related to the NBFC business increased by 49% in line with the growth inthe NBFC lending book.

Other finance costs declined from Rs 809 Crore to Rs 652 Crore mainly due to divestmentof the IT-ITeS business.

In the previous year 2013-14, one-time interest cost of Rs 88 Crore [mainly relating toearlier years and pertaining to compulsory convertible debentures (‘CCDs’)issued by Minacs, the IT-ITeS Subsidiary, in 2010] was charged to the Consolidated Profit& Loss Account on account of the redemption of the CCDs owing to the divestment ofIT-ITeS business.

Tax expenses increased mainly on account of improved profitability in the Telecom andthe NBFC businesses. In the previous year 2013-14, tax expenses were net of Rs 41 Croretax credit recognized pursuant to the divestment of the Carbon Black business w.e.f. 1stApril 2013.

ABNL’s consolidated Net Profit expanded by 24% from Rs 1,143 Crore to Rs 1,416Crore.

On a normalised basis, consolidated Net Profit (excluding IT-ITeS business and beforeone-off items) surged by 39%.

Consolidated balance sheet

Net worth increased by Rs 1,682 Crore to Rs 12,871 Crore mainly on account of profitearned during the year. Total debt (excluding borrowings related to NBFC and HousingFinance businesses) increased from Rs 10,893 Crore to Rs 11,299 Crore mainly due toPantaloons which raised debt during the year to fund its losses, capex and working capitalrequirements. Borrowings related to the NBFC and Housing Finance businesses grew to Rs14,686 Crore in line with the growth in lending book. Net fixed assets, Goodwill and NetWorking Capital are lower year-on-year owing to the divestment of the IT-ITeS business.

Lending book of the NBFC and Housing Finance businesses, combined together, has grownto Rs 17,700 Crore. Housing Finance business, which commenced its operations in October2014, has a lending book of Rs 142 Crore as on 31st March 2015.

Cash Surplus and Current Investments are higher on account of surplus funds with IdeaCellular. Idea raised debt funds for payment of upfront spectrum fee towards spectrum wonin March 2015 auctions, however, major part of fee was paid in April 2015.

A report on Business-wise performance and outlook follows.

Consolidated Balance Sheet

March 2014 March 2015
Net Worth 11,189 12,871
Total Debt 10,893 11,299
NBFC Borrowings (including Housing Finance) 9,647 14,686
Minority Interest 778 802
Deferred Tax Liabilities (Net) 504 485
Capital Employed 33,012 40,142
Life Insurance Policyholders’ Funds
(Including Funds for Future Appropriation) 23,557 28,839
Total Funds Employed 56,569 68,981
Net Fixed Assets (including Capital Advances & CWIP) 13,045 12,342
Goodwill 4,982 3,973
Long term Investments 410 408
Life Insurance Investments 24,764 30,147
Policyholders’ Investments 23,435 28,595
Shareholders’ Investments 1,329 1,552
NBFC Lending Book (including Housing Finance) 11,550 17,700
Net Working Capital 730 165
Cash Surplus & Current Investments1 1,089 4,246
Total Funds Utilised 56,569 68,981
Book Value per Equity Share (`) 860 989
Net Debt2/EBITDA (x) 2.3 1.5
Net Debt2/Equity (x) 0.9 0.5

Note1: Include cash, cheques in hand, remittances in transit, balances with banks,fertilisers bonds and current investments. Note2: Total Debt (excluding NBFC borrowings)less Cash Surplus & Current Investments.


Sector Overview

India has a diversified financial services sector, which is undergoing rapid expansion.The sector comprises commercial banks, insurance companies, non-banking financialcompanies, cooperatives, pension funds, mutual funds and other smaller financial entities.The financial sector in India is predominantly a banking sector with commercial banksaccounting for more than 60% of the total assets held by the financial system.India’s services sector has always served the country’s economy well, accountingfor about 57% of the gross domestic product (GDP).

At close to 30%, India has the 2nd highest savings rate as percentage of GDP among thetop 10 largest economies in the world (Source: World Bank). However, over 95% per cent ofhousehold savings are invested in bank deposits and only 5% in other financial assetclasses. Innovative and customised products are expected to shift bank deposits to theseasset classes. Two-thirds of India’s population lives in rural areas where financialservices have made few inroads so far. Rural India, however, has seen steady rise inincomes creating an increasingly significant market for financial services. The Governmentof India has introduced reforms to liberalise, regulate and enhance the financial servicessector. Financial inclusion drive from RBI has expanded the target market to semi-urbanand rural areas. Credit, insurance and investment penetration is rising in rural areas.Jan Dhan Yojana launched by Prime Minister will be helpful in increasing the penetrationof financial services in country. Besides this, favourable demographics viz., a large andgrowing youth population, an expanding middle class and

Futures & Options Quote
Expiry Date :
1,374.10    [25.25] ([1.80]%)
Instrument: FUTSTK
Expiry Date: 31-Jul-2014
Open Price: 1,394.55
Average Price: 1,376.58
No. of Contracts Traded: 2,723
Open Interest: 7,08,250
Underlying: ABIRLANUVO
Market Lot: 250
Previous Close: 1,374.10
Day's High | Low: 1,395.85 | 1,365.65
Turnover (Cr.): 93.71
Open Int. Change: -4,23,500 ([37.42]% )
Key Information

Key Executives:

Kumar Mangalam Birla , Chairman

Rajashree Birla , Director

P Murari , Director

B R Gupta , Director

Company Head Office / Quarters:

Indian Rayon Compound,
Phone : Gujarat-91-2876-245711/248401 / Gujarat-
Fax : Gujarat-91-2876-243220 / Gujarat-
E-mail : abnlsecretarial@adityabirla.com
Web : http://www.adityabirlanuvo.com


Sharepro Services India P Ltd
Samhita Complex,Plot No 13 AB,Saki Naka Andheri(E),Mumbai-400072

Fund Holding
Mon Tue Wed Thu Fri Sat Sun
22 23 24 25 26 27 28