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Motilal Oswal Report
Consolidated Q1 FY24 revenue of Aditya Birla Capital Ltd. grew ~39% YoY to Rs 81.4 billion. Consolidated profit after tax (post minority) rose ~51% YoY to ~Rs 6.5 billion.
Aditya Birla Capital raised equity capital of ~Rs 30 billion, comprising Rs 12.5 billion of preferential allotment to promoter and promoter group entity and Rs 17.5 billion via qualified institutional placement.
It raised this capital with the primary objective of supporting growth in the lending business and solvency margin in insurance businesses. A large part of this raise will be deployed in the non-banking financial company business.
It added ~36 branches in Q1 FY24, with a total branch count of 1,331. The management has exhibited agility in its journey toward FY24 targets, a majority of which have already been achieved.
We estimate further improvement in operating metrics in FY24.
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