Aditya Birla Capital net income rises 17 pc to Rs 250 cr

Aditya Birla Capital, the holding company of the financial services verticals of the AV Birla Group, on Friday reported a 17 percent growth in consolidated net income to Rs 250 crore for the December quarter. Its consolidated revenue rose 13 percent to Rs 4,645 crore, the company said.

It added that the overall lending book (NBFC and housing finance combined) stood at Rs 60,123 crore at the end of the quarter. The NBFC loan book rose to Rs 47,933 crore, led by a steep 30 percent growth in the retail book. The bottom line was boosted by a 41-basis point expansion in the net interest margin to 5.24 percent. The housing finance loan book grew 13 percent to Rs 12,190 crore, maintaining a net interest margin to 3 percent, the company said.

The cost-to-income ratio improved to 49 from 58 in the previous year, led by the scale and operating efficiencies, helping post better bottom line. The affordable loan book has grown significantly with 1.8 times growth, helping its quarterly profit of the vertical clip at 31 percent to Rs 27 crore.

The insurance arms (life and health) saw gross premium grow 18 percent to Rs 2,366 crore, led by a 14 percent growth in individual first-year premium, helping double the net value of the new business to 10.4 percent from 5.2 percent. The health insurance business saw gross written premium jumping 73 percent to Rs 547 crore.

The asset management company business reported average assets under management (AAUM) of Rs 2,65,475 crore, of which domestic equity AAUM grew 6 percent, contributing 37 percent of the overall domestic AAUM. The vertical clocked a quarterly profit of Rs 130 crore, up 19 percent.