Aditya Birla Capital Q3 net doubles to Rs 577 crore on strong growth across business

Stocks

The net profit stood at Rs 289 crore in the corresponding quarter a year ago.

PTI

February 03, 2022 / 07:11 PM IST

Representative image

Representative image

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Aditya Birla Capital Ltd (ABCL) on Thursday said its consolidated net profit doubled to Rs 577 crore in the quarter ended December 2021, its highest-ever quarterly profit, on the back of strong growth across businesses.

The net profit stood at Rs 289 crore in the corresponding quarter a year ago.

Consolidated revenue grew by 13 per cent to Rs 6,054 crore in Q3 FY22, as against Rs 5,352 crore in the same period of FY21, ABCL said in a release.

The net profit of Rs 577 crore is the highest level ever recorded by the company, which includes net gain of Rs 161 crore from sale of nearly 1 per cent stake in the AMC (asset management company) business through its IPO in October 2021, the company said.

Focus on building scale, growing retail base and delivering consistent profitability continues to yield results, it said, adding its active customer base has increased to about 31 million, a 46 per cent year-on-year growth.

The company’s overall assets under management (AUM) across asset management, life insurance and health insurance business grew 16 per cent to Rs 3.72 lakh crore.

The overall lending book (NBFC and housing finance) rose by 7 per cent to Rs 61,411 crore, making it a lending portfolio of scale, it said.

Gross premium (life and health) in nine months to December 2021 rose by 24 per cent to Rs 9,236 crore, reflecting scale in the insurance businesses, it added.

The non-banking finance company (NBFC) said retail, SME (small and medium enterprises) and HNI (high networth individuals) now account for 67 per cent of its total lending book.

Going forward, ABCL will focus on maximising value of active customer base of 31 million while looking to continue to drive customer acquisition at scale.

Leveraging technology and analytics to grow revenue per customer, improve customer experience, optimise costs, and build robust and scalable systems are other focus areas.

Stock of ABCL closed at Rs 124.85 apiece on BSE, down by 1.03 per cent from the previous close.