Aditya Birla Capital profit rises 35%
Aditya Birla Capital on Thursday posted a consolidated net profit of Rs 609 crore for Q4FY23, a rise of 35.3%, the company said in an exchange filing.
The revenue of the financial services company came in at Rs 9,146 crore in the fourth quarter, reporting a growth of 31%, compared to Rs 6,962 crore in the year-ago period.
The financial services company’s board of directors has approved fund raising up to Rs 3,000 crore via equity shares or debt.
The company’s share price fell 4.04% to close at Rs 164.
The company’s net interest margin (NIM) rose 6.88% in Q4 FY23 in the NBFC business. The strong momentum across businesses led to a 40% year-on-year growth in the overall lending book (NBFC and HFC) to Rs 94,364 crore as on March 31,2023 and a 28% year-on-year growth in the gross premium (life and health insurance) to Rs 17,787 crore in FY23. In the asset management company (AMC) business, about 75% of customers were onboarded digitally in FY23. In life insurance, 77% of renewals were done digitally in FY23. In the health insurance business, 87% business is delivered by auto-underwriting.
The health insurance business grew 33% year-on-year to Rs 2,057 crore in FY23. The company had 38 million customers as of March 31, 2023.
In a regulatory filing, Aditya Birla Capital said, “The branch expansion is targeted at driving penetration into Tier 3 and Tier 4 towns and new customer segments.”