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Motilal Oswal Report
While the asset management company business was impacted by mark-to-market on other income, Aditya Birla Capital Ltd. has exhibited a strong improvement in operational metrics across all other business segments in Q1 FY23.
With the worst on asset quality behind, the coming years will see an uptick in its growth, lower credit costs, and better return ratios.
The asset management business is likely to churn out better profitability, driven by an improvement in revenue as well as cost rationalisation.
The improvement in persistency and value of new business margin in the life insurance business continues. The drag on consolidated profit after tax from other segments such as health Insurance will fall, further improving overall profitability.
We expect Aditya Birla Capital's consolidated profit after tax to clock 18% compound annual growth rate over FY22-24.
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