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ICICI Securities Report
In July 2022, as Ms. Vishakha Mulye took charge as MD & CEO, Aditya Birla Capital Ltd. reimagined its business model. ABCL has been focusing on building frictionless tech-enabled loan processes and leveraging its group-level ecosystem. In-line with this, during the past 18 months, the company has invested in upgrading its digital platform and expanding its distribution network.
ABCL's ABCD app went live in April 2024 (~0.1 million registration) and would be one of the key engines driving new customer acquisition and retention.
Cost-assets have peaked out at ~2.2% in FY24 and will likely moderate over the next two years for Aditya Birla Fashion and Retail Ltd.
It expects AUM growth at >25% over FY24–26E with share of unsecured portfolio steady at current levels of 27%. Aditya Birla Fashion return on asset may expand 25–30bps to 2.7-2.8% by FY26E from its current level of 2.4% driven by net interest margin expansion, operating leverage and steady credit cost at 1.5%.
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