Aditya Birla Capital sees 39% revenue growth in Q1 FY24

Aditya Birla Capital Limited announced its audited financial results for the quarter ended June 30, 2023 (Q1 FY24), with strong year-on-year growth across key business segments. The Consolidated Revenue of the Company grew by 39% to ₹8,144 Crore, and consolidated profit after tax increased by 51% to ₹649 Crore.

A substantial 43% year-on-year and 6% sequential growth was seen in the overall lending portfolio, which reached ₹1,00,400 Crore, and Gross premium across life and health insurance grew by 19% to ₹3,877 Crore. The total AUM, comprising AMC, life insurance, and health insurance, witnessed a 9% growth to approximately ₹3.9 lakh Crore.

The company has expanded its presence across India with 1,331 branches, aiming to penetrate tier 3 and tier 4 towns. A significant push towards a ‘Digital First Approach’ was reflected in Q1 FY24, with high percentages of digital onboarding and renewals across businesses.

NBFC business showed impressive growth, with disbursements growing by 65% to ₹13,237 Crore, and profit before tax rising by 51% to ₹691 Crore. Housing Finance business saw disbursements increase by 83% to ₹1,620 Crore, and profit before tax growing by 18% to ₹84 Crore.

In Asset Management, mutual fund QAAUM increased by 5% year-on-year to ₹2,96,937 Crore, and profit before tax grew by 70% to ₹240 Crore.

Life Insurance business reported a 32% growth in Individual First Year Premium to ₹540 Crore, and **Health Insurance business** saw a 22% increase in Gross written premium to ₹772 Crore.

The company’s comprehensive B2B platform for MSMEs, Udyog Plus, received over 48,000 registrations, and more than 13,500 loan applications since its launch in March 2023. Additionally, the recently launched Payments Lounge is set to enhance collections for merchants through seamless integration with ecommerce platforms.

Other business segments of the Company, including general insurance broking, stock and securities broking, and stressed assets platform, reported a profit before tax growth of 20% year-on-year to ₹90 Crore.

These results highlight Aditya Birla Capital Limited’s strong performance and strategic growth initiatives, reflecting a balanced approach between traditional financial services and innovative digital offerings that cater to a diverse customer base across India.