Aditya Birla Group reported significant rise in net profit in March quarter

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Aditya Birla Capital, a prominent Indian financial services company, has reported a significant surge in its net profit for the March quarter. The company’s net profit rose by 35.5 percent to reach Rs 609 crore, compared to Rs 450 crore in the same period last year. Aditya Birla Capital also revealed that its total revenue from operations increased by 21.2 percent to Rs 8,025 crore during the March quarter, compared to Rs 6,617 crore in the previous year.

The company’s profit after tax, excluding the fair value gain related to the health insurance business, witnessed a growth of 33 percent to reach Rs 2,057 crore for the fiscal year 2022-23. Aditya Birla Capital boasts a customer base of 38 million as of March 31, 2023, and the company aims to expand its presence in Tier III and Tier IV towns, targeting new customer segments.Furthermore, the non-banking finance company (NBFC) business of Aditya Birla Capital experienced a rise of 6.88 percent in net interest margin (NIM) during the fourth quarter of fiscal year 2022-23.

The company’s overall lending book, comprising NBFC and housing finance company (HFC) businesses, grew by 40 percent to reach Rs 94,364 crore as of March 31, 2023. Additionally, the gross premium from the life and health insurance segments witnessed a 28 percent increase to Rs 17,787 crore in FY23.On the stock market front, Aditya Birla Capital’s shares were trading 1.13 percent higher at Rs 165.80 apiece on Friday morning. The company’s growth across various businesses and its strategic focus on expanding its customer base have contributed to its positive financial performance.

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