Aditya Birla Capital Reports 39% Rise In Profit At Q3 FY24 YoY

Aditya Birla Capital (ABCL) declared its unaudited financial results for the quarter and nine months ended 31 December 2023 (Q3 FY24), according to which consolidated revenue of the company has grown by 29 per cent year-on-year (YoY) to Rs 9,997 crore in Q3 FY24.

The consolidated profit after tax grew 39 per cent YoY to Rs 736 crore in Q3 FY24. The strong momentum across businesses led to a 34 per cent YoY and 6 per cent sequential growth in the overall lending portfolio to non-banking (NBFC) and housing finance companies (HFC) to Rs 1,15,139 crore as of 31 December 2023. The total asset under management (AUM) of the asset management company, life insurance and health insurance grew by 13 per cent YoY to Rs 4,10,444 crore.

In 9M FY24, about 80 per cent of customers were onboarded digitally in the AMC business. In life insurance, about 80 per cent of renewals were done digitally in 9M FY24. In Health Insurance business, about 85 per cent of business is delivered by auto-underwriting.

The company has seen a robust response to its comprehensive B2B platform for the MSME ecosystem, Udyog Plus, with more than four lakh registrations as of 31 December 2023. It offers a paperless digital journey for business loans and loan disbursement of up to ten lakh. The Company has integrated Udyog Plus with the ABG ecosystem to provide channel financing to dealers. Udyog Plus has clocked disbursements of about 180 crore to date with ABG ecosystem contributing more than 60 per cent of the business. The total AUM of Udyog Plus reached 100 crore as of 31 December 2023.