Marching on despite a calibration in personalconsumer loans

11 Mar 2024
5 Min read 
  • Aditya Birla Capital (ABCL) reported strong 3QFY24 results with consolidated revenue growth of 29% YoY and PAT growth of 39% YoY.
  •  The NBFC loan book grew 35% YoY and retail and SME segments AUM grew 39% YoY.
  •  Asset quality improved with a decline in GS2 and GS3 assets and an increase in S3 PCR.
  •  ABCL raised lending rates and expects a minor rise in CoB in 4Q but can mitigate its impact through improvements in yields.
  •  The housing finance segment saw healthy AUM growth and stable NIMs.
  •  The asset management segment saw an increase in domestic equity share and stable PBT margin.
  •  Life insurance segment showed improvement in VNB margin and persistency.
  •  Health insurance segment continues to build scale with a focus on expenses.
  •  ABCL plans to launch the Aditya Birla Capital App next month and is leveraging the ABC ecosystem to strengthen its franchise.
  •  Motilal Oswal research recommends a Buy rating on ABCL with a target price of INR220.
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