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MANAGEMENT’S DISCUSSION AND ANALYSISMANAGEMENT DISCUSSION AND ANALYSISAditya Birla Nuvo LimitedMANAGEMENT DISCUSSION AND ANALYSIS1,578+1452010-11 FinancialServicesSegmental EBIT Walk (` Crore)+181TelecomThe Financial Services, Telecom and Fashion &Lifestyle businesses were the major contributorsto the growth in the bottom-line.• Driven by the growing in-force book, expensemanagement and product mix, Life Insurancebusiness posted strong growth in profitability.• In the Asset Management business, earningsremained under pressure across the industrydue to reduction in AUM size and change inasset mix.• Aided by the expansion of its book size, NBFCbusiness achieved sound earnings growth.• Segment EBIT of the Telecom businessjumped by 51% to ` 2,111 Crore (ABNL’sshare: ` 534 Crore). Robust growth inminutes on network and increasing share ofvalued added services contributed.+62 -14 -30Fashion &Lifestyle1,922IT-ITeS Manufacturing 2011-12• In the Fashion & Lifestyle business, segmentEBIT almost doubled to ` 125 Crore led bystrong sales growth across the channels andbrands.• Excluding non-recurring items such as siteclosure costs, forex gain and employmentincentive arrears, segment EBIT of theIT-ITeS business grew by 16%.• Profitability of the Carbon Black and theInsulators businesses was strained byincrease in cheaper imports from China andrise in production costs. Other manufacturingbusinesses performed well. In the Agribusiness,increase in trading revenuecontributed along with pricing gain due tofavourable forex movement. In the Textilesand Rayon businesses, improved realisationaugmented earnings.Consolidated Net Profit Walk (` Crore)+574 -287-151-33-348228902010-11 EBITDA InterestExpensesDepreciation Tax MinorityInterest2011-1216 Annual Report 2011-2012
Aditya Birla Nuvo LimitedMANAGEMENT DISCUSSION AND ANALYSISFinance costs related to NBFC business increasedin line with the growth in its book size. Otherfinance costs increased primarily due to higherinterest costs relating to front loaded 3Ginvestments in the Telecom business and increasein borrowings in the standalone balance sheet.In the Telecom business, interest expenses of` 409 Crore (ABNL’s share : ` 104 Crore) on fundsborrowed for payment of 3G spectrum fee hasbeen capitalised during the previous year.Consolidated Balance SheetEarnings before tax (after exceptional items asexplained in the footnote of consolidated profit& loss account) grew by 12% to ` 1,226 Crore.Provision for taxation increased primarily in theTelecom business. With a strong rise inprofitability of Life Insurance business, minorityinterest increased from ` 86 Crore to ` 120 Crore.ABNL’s consolidated net profit grew by 8% from` 822 Crore to ` 890 Crore.(` Crore)2011-12 2010-11Net Worth 7,517 6,678Total Debt 1 9,328 7,763NBFC Borrowings 2,973 1,538Minority Interest 298 278MANAGEMENT DISCUSSION AND ANALYSISDeferred Tax Liabilities (Net) 317 259Capital Employed 20,433 16,516Life Insurance Policyholders’ Funds (Including Funds for Future Appropriation) 19,964 18,977Total Funds Employed 40,397 35,493Net Fixed Assets (Including Capital Advances) 9,405 8,888Goodwill on Consolidation 3,125 2,995Long Term Investments 319 289Life Insurance Investments 21,110 19,760Policyholders’ Investments 20,095 19,063Shareholders’ Investments 1,015 697Net Working Capital 1 4,704 2,080Cash Surplus & Current Investments 2 1,733 1,481Total Funds Utilised 40,397 35,493Book Value per Equity Share (`) 662 586Net Debt 3 / EBITDA (x) 2.3 2.3Net Debt 3 / Equity (x) 1.01 0.94Note 1 : Total Debt and Net Working Capital as on 31 st March 2012 are net of MTM provision of ` 104 Crore w.r.t. fully hedged foreign currencyworking capital borrowingsNote 2 : Include cash, cheques in hand, remittances in transit, balances with banks, fertilisers bonds and current investments.Note 3 : Total Debt less Cash Surplus and Current investmentsNote : Lending book of the NBFC business forms part of Net Working CapitalAnnual Report 2011-2012 17
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Page 21 and 22: Aditya Birla Nuvo LimitedCORPORATE
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Page 25 and 26: Aditya Birla Nuvo LimitedAN OVERVIE
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Page 29 and 30: Aditya Birla Nuvo LimitedFINANCIAL
Page 31 and 32: Aditya Birla Nuvo LimitedMANAGEMENT
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Page 61 and 62: Aditya Birla Nuvo LimitedDIRECTORS
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Aditya Birla Nuvo LimitedSHAREHOLDE
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Aditya Birla Nuvo LimitedSOCIAL REP
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Aditya Birla Nuvo LimitedENVIRONMEN
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FINANCIAL STATEMENTS
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Aditya Birla Nuvo LimitedAUDITORS
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Aditya Birla Nuvo LimitedSTATEMENT
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Aditya Birla Nuvo LimitedCASH FLOW
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Aditya Birla Nuvo LimitedNOTES FORM
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Aditya Birla Nuvo LimitedCONSOLIDAT
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Aditya Birla Nuvo LimitedCONSOLIDAT
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ADITYA BIRLA NUVO, ITS SUBSIDIARIES
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