Registered a loss of Rs 191 crore in the year-ago period.
Aditya Birla Financial Services Group has posted a net profit of Rs 151 crore for the quarter-ended December, as against a loss of Rs 191 crore in the year-ago period, mainly driven by the group’s life insurance business.
Birla Sun Life Insurance made a profit of Rs 127 crore during the December quarter. “Driven by a strong persistency ratio, the renewal premium of the life insurer surged by 55 per cent to Rs 893 Crore,” the company said.
| CONSOLIDATED NUMBERS (in Rs crore) | ||
| Q3FY10 | Q3FY11 | |
| Revenue | 1616 | 1460 |
| Ebitda | -88 | 182 |
| Net profit | -119 | 151 |
Traditional life insurance products contributed 38 per cent to new business. Also, the asset under management (AUM) scaled up by 30 per cent to Rs 19,165 crore.
At Rs 2,150 crore, the group’s non-banking finance company saw a 90 per cent surge in its average book size. It disbursed loans worth Rs 4,700 crore towards IPO financing during the quarter.
The average AUM of the group’s asset management company stood at Rs 61,532 crore. Profit before tax was at Rs 37 crore as compared to Rs 22 crore in the year-ago period.
Combined revenues for the group grew 11 per cent to Rs 4,361 crore. EBITDA (earnings before Interest, Taxes, Depreciation and Amortization) was the highest ever at Rs 358 crore, as against a loss of Rs. 242 crore in the previous year.
The combined AUM for its life insurance, mutual fund and private equity stood at over Rs 81,500.
“Sustained growth in profitability marked stellar performance of the group. Our differentiated strategy and an integrated business model enabled it to continuously build on its revenues streams. This has been aided by its wider footprint, client-focused approach and products, leading to consistent returns,” said Ajay Srinivasan, CEO, Financial Services, Aditya Birla Group.
