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Aditya Birla Nuvo LimitedMANAGEMENT DISCUSSION AND ANALYSIS18,1882010-11 FinancialServicesConsolidated Revenue Walk (` Crore)+262 +1,015 +432 +390TelecomFashion &LifestyleConsolidated EBITDA soared by 21% to ` 3,259Crore. The Financial Services, Telecom andFashion & Lifestyle businesses posted robust21%, 32% and 46% growth in EBITDArespectively. Operating EBITDA of the IT-ITeSbusiness grew by 16%. Earnings of the CarbonBlack and Insulators businesses were impactedadversely due to dumping from China. However,manufacturing businesses maintained EBITDA+1,555 -121,840IT-ITeS Manufacturing Elimination 2011-12year on year, led by strong earnings growth inthe Textiles, Agri and VFY businesses.Consolidated depreciation grew by 16% to` 1,092 Crore largely in the Telecom business onaccount of 2G and 3G network expansion coupledwith the amortisation of 3G spectrum fee.Consolidated EBIT rose by 24% from ` 1,745Crore to ` 2,167 Crore.MANAGEMENT DISCUSSION AND ANALYSIS(` Crore)Segmental EBIT as per Accounting Standard (“AS”) - 17 2011-12 2010-11Financial Services 541 396Life Insurance 461 304Other Financial Services 1 81 92Telecom 2 534 354Fashion & Lifestyle 125 63IT-ITeS 111 125Manufacturing 610 640Segmental EBIT as per AS - 17 1,922 1,578Add: Net Unallocated Income / (Expenses) (7) 2Add: Finance Costs related to NBFC 3 201 112Add: Consolidated Interest Income (Excluding Interest Income of NBFC) 3 51 52Consolidated EBIT 2,167 1,745Note 1 : Other financial services include Asset Management, NBFC, Private Equity, Broking, Wealth Management and General InsuranceAdvisory businesses. Being a 50:50 joint venture, Asset Management business has been consolidated at 50% as per AS 27.Note 2 : Represents ABNL’s share in Idea’s revenue. Being a joint venture, Idea has been consolidated at ~25.3% as per AS 27Note 3 : In accordance with AS-17 on ‘Segment Reporting’, finance costs of NBFC are reduced from segment EBIT, hence, added back to arriveat Consolidated EBIT. In accordance with AS-17, interest income (excluding interest income of NBFC) is not included in segment EBIT,hence, added back to arrive at Consolidated EBIT.Annual Report 2011-2012 15