 "Aditya Birla Capital")
Aditya Birla Capital Ltd’s (ABCL) consolidated net profit rose by 35 per cent year-on-year (YoY) to Rs 609 crore in the fourth quarter ended March 2023 (Q4FY23).
Its consolidated net profit increased by 33 per cent YoY to Rs 2,057 crore in FY23 up from Rs 1,545 crore in FY22. ABCL is a holding entity for Aditya Birla group financial services businesses like lending, mutual fund and insurance etc.
The board of directors considered and approved the raising of funds through equity shares for an amount not exceeding Rs 3,000 crore in one or more tranches subject to regulatory and shareholders approval, the company informed BSE.
The fund raised through equity offering would be used for supporting growth in lending and insurance businesses, strengthening digital offerings, meeting capital adequacy and solvency related requirements. The company stock closed 4.01 per cent lower at Rs 163.9 per share on BSE.
ABCL in a statement said the strong momentum across businesses led to a 40 per cent YoY growth in the overall lending book (of Non-banking company and Housing Finance Company) to Rs 94,364 crore in FY23. The gross premium (Life and Health Insurance) posted a 28 per cent YoY growth to Rs 17,787 crore in FY23.
Aditya Birla group company formed a wholly-owned subsidiary, Aditya Birla Capital Digital Limited, on March 23, 2023 to develop an omni-channel Direct to Customer (D2C) platform to serve existing customers and acquire new customers.
ABCL had Rs 38 million customers as of March 31, 2023. The Company opened 247 branches during the year taking the total branch count to 1,295 as of March 31, 2023. The Company’s branch expansion is targeted at driving penetration into tier 3 and tier 4 towns and new customer segments.
