|
Aditya Birla
Capital has maintained strong growth and recorded 43% jump in the PBT before EO
to Rs 1004.36 core in the quarter ended December 2023 (Q3FY2024) compared with
Rs 700.02 crore in the corresponding quarter last year. The net profit has
declined 77% to Rs 735.76 crore on account of high base due to fair value gains
of Rs 2739.07 crore recognized in Q3FY2023. The company has maintained strong
loan growth with healthy margins and improving asset quality.
The overall
loan book of the company has increased 34% end December 2023 to Rs 1.15 lakh
crore mark, while posted strong retail loans growth to 35%. The company has
continued to improve asset quality in Q3FY2024.
The revenue from NBFC increased
48% to Rs 3346.48 crore and Life Insurance 17% to Rs 4580.08 crore, while the
revenue from Health Insurance moved up 41% to Rs 791.89 crore, and Housing
Finance 27% to Rs 471.03 crore. The revenue from Asset Management also jumped
16% to Rs 420.72 crore, General Insurance Broking 19% to Rs 215.56 crore and
Other Financial Services 151% to Rs 132.11 crore. Further, the revenue from
Stock & Securities Broking jumped 49% to Rs 102.06 crore in Q2FY2024.
The PBT from NBFC
increased 42% to Rs 766.75 crore and Stock & Securities Broking 55% to Rs
18.65 crore, while the PBT from Housing Finance moved up 28% to Rs 100.16
crore, Asset Management 18% to Rs 263.51 crore and Life Insurance 17% to Rs
52.12 crore in Q2FY2024. The PBT from General Insurance Broking declined -54%
to Rs 8.59 crore and Other Financial Services -98% to Rs 58.18 crore. Health
Insurance segment recorded pre-tax losses of to Rs -131.32 crore in Q2FY2024.
Performance for
Q3FY2024
Overall OPM jumped to
34.50% in Q1FY2024 from 28.74% in Q1FY2023, as other expenditure as a
percentage of net sales dipped to 57.00% from 62.23%. Further, the provisions
declined to 3.95% from 4.58% in Q1FY2023. The staff cost as a percentage of net
sales rose to 4.55% from 4.44% in Q1FY2023.
Interest cost increased
58% to Rs 1997.42 crore. Depreciation was up 32% to Rs 49.57 crore. PBT jumped
43% to Rs 1004.36 crore in the quarter ended June 2023. The exceptional income
was nil Q3FY2024 compared with gains of Rs 2739.07 crore in Q3FY2023. Thus the
PBT after EO declined 71% to Rs 1004.36 crore in Q3FY2024.
The effective tax rate
increased to 28.8% from 6.2%. There was loss attributable to non-controlling
interest of Rs -24.54 crore in Q1FY2024 compared with -15.7 in Q1FY2023. The
share of profit from associates declined -24% to Rs 45.41 crore. Net Profit,
increased -77% to Rs 735.76 crore in the quarter ended June 2023.
Book value of the company stood at
Rs 98.1 per share, while adjusted book value (net of Net Stage 3 assets and 10%
of restructured loans) stood at 92.2 per share end December 2023.
NBFC
business
Disbursements
grew by 26% year-on-year to 16,550 Crore
Loan
portfolio grew by 35% year-on-year and 5% sequentially to 98,601 Crore
Net
interest margin (NIM) remained healthy at 6.88%
Profit
before tax grew by 42% year-on-year and 4% sequentially to 767 Crore
Return
on assets was 2.41%
Return
on equity grew by 186 basis points year-on-year to 16.96%
Gross
stage 2 and 3 assets declined by 213 basis points year-on-year and 39 basis
points sequentially to 4.85%
Housing
Finance business
Disbursements
grew by 45% year-on-year to 2,016 Crore
Loan
book grew by 27% year-on-year and 7% sequentially to 16,538 Crore
Profit
before tax grew by 28% year-on-year to 100 Crore
Return
on assets grew by 10 basis points year-on-year to 2.01%
Return
on equity grew by 167 basis points year-on-year to 14.58%
Gross
stage 2 and 3 assets declined by 416 basis points year-on-year and 85 basis
points sequentially to 3.54%
Asset
Management business
Mutual
fund quarterly average assets under management (QAAUM) increased by 11%
year-on-year to 3,11,509 Crore with equity mix at 43.7%
Individual
monthly average assets under management grew by 14% year-on-year, to 1,66,316
Crore in December 2023
Monthly
systematic investment plan (SIP) flows grew by 7% year-on-year to 1,005 Crore
for December 2023
Passive
AUM grew by 36% year-on-year to 29,299 Crore
Life
Insurance business
Individual
First Year Premium (FYP) grew by 8% year-on-year to 1,974 Crore
Renewal
premium grew 20% year-on-year to 5,823 Crore
13th
month persistency continued to improve at 87% in Dec 2023 (Dec 2022: 86%)
Net
VNB margin was 15.6%
Health
Insurance business
Gross
written premium grew by 29% year-on-year to 2399 Crore
Market
share among standalone health insurers increased by 30 basis points
year-on-year to 10.7%
Combined
ratio was 121%
Highlights
of Other businesses
Profit
before tax for other financial services businesses (general insurance broking,
stock and securities broking, and stressed assets platform) of the Company grew
by 66% year-on-year to 90 Crore.
Financial Performance 9MFY2024
For the nine months
ended December 2023 (9MFY2024), the consolidated net revenue of the company
increased 22% to Rs 23565.58 crore. The revenue in NBFC segment moved up 61% to
Rs 9231.09 crore, Life Insurance 16% to Rs 12083.35 crore, Health Insurance 27%
to Rs 2245.98 crore and Housing Finance 30% to Rs 1338.94 crore. Further, the
revenues from Asset Management 17% to Rs 1197.42 crore, Other Financial
Services increased 128% to Rs 319.59 crore and Stock & Securities Broking
39% to Rs 278.74 crore. The revenue from General Insurance Broking declined
-27% to Rs 404.45 crore in 9MFY2024 over FY2022.
The interest cost surged
69% to Rs 5495.48 crore, while depreciation moved up 34% to Rs 140.32 crore,
while PBT jumped 51% to Rs 2809.02 crore in 9MFY2024. The effective tax rate increased
to 29.17% in 9MFY2024 from 13.38% in FY2022. Net Profit after non-controlling
interest declined 50% yoy to Rs 2089.57 crore in 9MFY2024.
|
Aditya Birla Capital:
Consolidated Results
|
|
Particulars
|
2312 (3)
|
2212 (3)
|
Var %
|
2312 (9)
|
2212 (9)
|
Var %
|
2303 (12)
|
2203 (12)
|
Var %
|
|
Income from Operations
|
8800.06
|
6938.14
|
27
|
23565.58
|
19390.69
|
22
|
27415.65
|
22052.72
|
24
|
|
OPM (%)
|
34.50
|
28.74
|
|
35.70
|
26.74
|
|
27.15
|
24.30
|
|
|
OP
|
3036.42
|
1994.23
|
52
|
8413.44
|
5184.52
|
62
|
7443.81
|
5358.63
|
39
|
|
Other Income
|
14.93
|
11.09
|
35
|
31.38
|
19.74
|
59
|
46.61
|
11.44
|
307
|
|
PBDIT
|
3051.35
|
2005.32
|
52
|
8444.82
|
5204.26
|
62
|
7490.42
|
5370.07
|
39
|
|
Interest (Net)
|
1997.42
|
1267.61
|
58
|
5495.48
|
3244.41
|
69
|
4722.00
|
3479.53
|
36
|
|
PBDT
|
1053.93
|
737.71
|
43
|
2949.34
|
1959.85
|
50
|
2768.42
|
1890.54
|
46
|
|
Depreciation /
Amortization
|
49.57
|
37.69
|
32
|
140.32
|
104.62
|
34
|
144.83
|
121.91
|
19
|
|
PBT before EO
|
1004.36
|
700.02
|
43
|
2809.02
|
1855.23
|
51
|
2623.59
|
1768.63
|
48
|
|
EO
|
0.00
|
2739.07
|
-100
|
0.00
|
2739.07
|
-100
|
2739.07
|
177.19
|
1446
|
|
PBT after EO
|
1004.36
|
3439.09
|
-71
|
2809.02
|
4594.30
|
-39
|
5362.66
|
1945.82
|
176
|
|
Tax Expenses
|
289.47
|
213.90
|
35
|
819.44
|
614.79
|
33
|
811.16
|
626.65
|
29
|
|
PAT
|
714.89
|
3225.19
|
-78
|
1989.58
|
3979.51
|
-50
|
4551.50
|
1319.17
|
245
|
|
Profit attributable to
non-controlling interest
|
24.54
|
15.70
|
56
|
61.21
|
1.17
|
5132
|
28.30
|
-45.90
|
-162
|
|
Share of profit/loss
of Associate
|
45.41
|
59.91
|
-24
|
161.20
|
208.78
|
-23
|
272.57
|
340.90
|
-20
|
|
Net Profit after
minority and share in associate
|
735.76
|
3269.40
|
-77
|
2089.57
|
4187.12
|
-50
|
4795.77
|
1705.97
|
181
|
|
EPS *
|
11.3
|
10.8
|
|
10.7
|
9.3
|
|
9.5
|
6.1
|
|
|
Adj BV (Rs)
|
92.2
|
73.3
|
|
92.2
|
73.3
|
|
76.9
|
57.1
|
|
|
* Annualized on
current equity of Rs 2599.56 crore. Face Value: Rs 10, Figures in Rs crore,
PL: Profit to Loss, LP: Loss to Profit
|
|
Source: Capitaline
Corporate Database
|
|
Aditya Birla Capital:
Segment Results
|
|
Particulars
|
(%) of Total
|
2312 (3)
|
2212 (3)
|
Var (%)
|
(%) of Total
|
2312 (9)
|
2212 (9)
|
Var (%)
|
(%) of Total
|
2303 (12)
|
2203 (12)
|
Var (%)
|
|
Segment Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NBFC
|
33
|
3346.48
|
2254.15
|
48
|
34
|
9231.09
|
5745.83
|
61
|
27
|
8236.87
|
5784.86
|
42
|
|
Housing Finance
|
5
|
471.03
|
372.20
|
27
|
5
|
1338.94
|
1028.78
|
30
|
5
|
1405.25
|
1215.16
|
16
|
|
Life Insurance
|
46
|
4580.08
|
3907.65
|
17
|
45
|
12083.35
|
10441.76
|
16
|
51
|
15439.01
|
12386.47
|
25
|
|
Asset Management
|
4
|
420.72
|
362.20
|
16
|
4
|
1197.42
|
1020.65
|
17
|
4
|
1349.13
|
1405.85
|
-4
|
|
General Insurance
Broking
|
2
|
215.56
|
181.85
|
19
|
1
|
404.45
|
554.97
|
-27
|
2
|
617.99
|
691.40
|
-11
|
|
Stock & Securities
Broking
|
1
|
102.06
|
68.63
|
49
|
1
|
278.74
|
199.92
|
39
|
1
|
266.76
|
233.44
|
14
|
|
Health Insurance
|
8
|
791.89
|
561.12
|
41
|
8
|
2245.98
|
1765.03
|
27
|
9
|
2562.88
|
1633.16
|
57
|
|
Other Financial
Services
|
1
|
132.11
|
52.70
|
151
|
1
|
319.59
|
140.11
|
128
|
1
|
180.78
|
329.26
|
-45
|
|
Total Segmental
Revenue
|
100
|
10059.93
|
7760.50
|
30
|
100
|
27099.56
|
20897.05
|
30
|
100
|
30058.67
|
23679.60
|
27
|
|
Less: Inter Segment
Revenue
|
|
-63.02
|
-17.21
|
266
|
|
-128.21
|
-44.24
|
190
|
|
-59.79
|
-46.74
|
28
|
|
Total Segment Revenue
from Operations (Net)
|
99
|
9996.91
|
7743.29
|
29
|
100
|
26971.35
|
20852.81
|
29
|
|
29998.88
|
23632.86
|
27
|
|
Segment Results (PBT)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NBFC
|
67
|
766.75
|
539.74
|
42
|
67
|
2193.47
|
1486.11
|
48
|
34
|
2090.18
|
1487.12
|
41
|
|
Housing Finance
|
9
|
100.16
|
78.41
|
28
|
9
|
281.59
|
225.76
|
25
|
5
|
308.53
|
253.25
|
22
|
|
Life Insurance
|
5
|
52.12
|
44.55
|
17
|
3
|
114.52
|
133.69
|
-14
|
3
|
196.45
|
174.85
|
12
|
|
Asset Management
|
23
|
263.51
|
222.68
|
18
|
23
|
740.60
|
612.91
|
21
|
13
|
793.86
|
894.71
|
-11
|
|
General Insurance
Broking
|
1
|
8.59
|
18.55
|
-54
|
1
|
45.01
|
85.70
|
-47
|
2
|
97.26
|
86.02
|
13
|
|
Stock & Securities
Broking
|
2
|
18.65
|
12.00
|
55
|
1
|
48.51
|
36.91
|
31
|
1
|
46.68
|
35.68
|
31
|
|
Health Insurance
|
-12
|
-131.32
|
-64.94
|
102
|
-8
|
-273.32
|
-211.12
|
29
|
-4
|
-218.01
|
-308.68
|
-29
|
|
Other Financial
Services
|
5
|
58.18
|
2759.87
|
-98
|
4
|
126.18
|
2789.42
|
-95
|
46
|
2786.92
|
219.76
|
1168
|
|
Total Segment Results
|
100
|
1136.64
|
3610.86
|
-69
|
100
|
3276.56
|
5159.38
|
-36
|
100
|
6101.87
|
2842.71
|
115
|
|
Capital employed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NBFC
|
54
|
14471.53
|
10417.54
|
39
|
54
|
14471.53
|
10417.54
|
39
|
52
|
11069.28
|
9338.07
|
19
|
|
Housing Finance
|
8
|
2128.69
|
1837.76
|
16
|
8
|
2128.69
|
1837.76
|
16
|
9
|
1895.06
|
1665.05
|
14
|
|
Life Insurance
|
14
|
3641.57
|
3196.74
|
14
|
14
|
3641.57
|
3196.74
|
14
|
15
|
3208.58
|
2936.75
|
9
|
|
Asset Management
|
11
|
2970.52
|
2537.05
|
17
|
11
|
2970.52
|
2537.05
|
17
|
12
|
2520.44
|
2189.58
|
15
|
|
General Insurance
Broking
|
1
|
137.06
|
122.45
|
12
|
1
|
137.06
|
122.45
|
12
|
0
|
100.95
|
71.68
|
41
|
|
Stock & Securities
Broking
|
1
|
314.71
|
270.87
|
16
|
1
|
314.71
|
270.87
|
16
|
1
|
277.65
|
246.10
|
13
|
|
Health Insurance
|
4
|
952.46
|
1226.54
|
-22
|
4
|
952.46
|
1226.54
|
-22
|
6
|
1220.69
|
535.99
|
128
|
|
Other Financial
Services
|
9
|
2295.12
|
729.38
|
215
|
9
|
2295.12
|
729.38
|
215
|
4
|
845.06
|
843.80
|
0
|
|
Total Segment
|
101
|
26911.66
|
20338.33
|
32
|
101
|
26911.66
|
20338.33
|
32
|
99
|
21137.71
|
17827.02
|
19
|
|
Inter-Segment
Elimination
|
0
|
0.00
|
0.00
|
-
|
0
|
0.00
|
0.00
|
-
|
0
|
0.00
|
0.00
|
-
|
|
Add: Unallocated
Corporate
|
-1
|
-152.03
|
321.86
|
-
|
-1
|
-152.03
|
321.86
|
-
|
1
|
120.25
|
371.17
|
-68
|
|
Total
|
100
|
26759.63
|
20660.19
|
30
|
100
|
26759.63
|
20660.19
|
30
|
100
|
21257.96
|
18198.19
|
17
|
|
Figures in Rs crore,
PL: Profit to Loss; LP Loss to Profit
|
|
Source: Capitaline
Corporate Database
|
|