Aditya Birla Capital's profit in March quarter up by almost twice

14 May 2024 , 09:46 AM

Aditya Birla Capital reported a  two-fold increase in consolidated profit to ₹1,245 Crore for the fourth quarter ending March 2024. This substantial growth is over the net profit of ₹609 Crore recorded in the same period the previous year.

Excluding one-off items, such as the sale of shares in AMC through OFS in Q4 FY24, the consolidated profit after tax surged by 33% to ₹812 Crore during the quarter.

According to a regulatory filing by Aditya Birla Capital Ltd (ABCL), the total consolidated income for the quarter escalated to ₹10,964 Crore from ₹8,052 Crore a year ago.

ABCL operates across various sectors including non-banking finance (NBFC), housing finance, asset management, and life and general insurance, among others. As the holding company for the financial services businesses of the Aditya Birla Group, it continues to consolidate its position in the market.

The company also reported a substantial increase in total assets under management (AMC, life insurance, and health insurance), which rose by 21% to ₹4,36,442 Crore. Additionally, the total premium (life insurance and health insurance) witnessed robust growth, expanding by 18% to ₹20,961 Crore in FY24.

ABCL’s strength lies in its solid parentage, vast group ecosystem, and diversified distribution mix, enabling it to achieve robust loan and APE growth, surpassing industry peers.

In line with its commitment to innovation and customer-centric solutions, the company recently launched its digital platform, Aditya Birla Capital Digital. Speaking at the launch, Aditya Birla Group Chairman Kumar Mangalam Birla emphasized the platform’s purpose to seamlessly acquire customers. The company aims to onboard 3 Crore customers over the next three years through this digital initiative.