Aditya Birla Capital Sees Q1 Net Profit Surge by 17%

Aditya Birla Capital reported a 17% rise in its consolidated net profit for the June 2024 quarter, reaching Rs 759 crore. The firm's consolidated revenue increased by 26% to Rs 10,258 crore. The overall lending portfolio and total assets under management also witnessed significant growth.

Non-bank lender Aditya Birla Capital announced on Thursday that its consolidated net profit for the June 2024 quarter rose by 17% to Rs 759 crore.

The Mumbai-based firm, which handles all the financial services of the Aditya Birla Group, had posted a net profit of Rs 649 crore in the same period last year. Consolidated revenue also surged by 26% to Rs 10,258 crore during the reporting quarter, as per the company's statement.

The overall lending portfolio saw a 27% increase to Rs 1.27 lakh crore. Additionally, total assets under management for its asset management, life insurance, and health insurance businesses grew by 20% to Rs 4.62 lakh crore. The total premium of the life and health insurance business rose by 30% to Rs 5,027 crore.

Profit before tax for the non-bank finance company climbed 21% to Rs 833 crore, while the operating profit for the housing finance arm hit Rs 85 crore. The asset management division's PBT jumped 27% to Rs 305 crore.

The firm's newly launched omni-channel direct-to-consumer platform has garnered 8 lakh registrations so far. However, the company's stock closed 3% lower at Rs 220.10 on the BSE on Thursday, against a 0.15% gain on the benchmark index.