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Rising unsecured loan exposure
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Aditya Birla Capital Limited — Q1 FY24
Aditya Birla Capital delivered a strong Q1 FY24 with consolidated PAT up 51% YoY to INR 649 crore and revenue up 39% YoY to INR 8,144 crore.
bullish
high
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Aditya Birla Capital delivered a strong Q1 FY24 with consolidated PAT up 51% YoY to INR 649 crore and revenue up 39% YoY to INR 8,144 crore. The NBFC arm led growth with a 65% YoY surge in disbursements, driving AUM to INR 85,891 crore, while the housing finance business saw disbursements rise 83% YoY. Asset quality improved across segments, with NBFC gross stage 3 declining to 2.8%. The life insurance business posted a net VNB margin of 11.8%, up 935 bps YoY. Management guided to double the lending book in three years and expand NBFC NIMs to 7.5%. Key risks include rising unsecured loan exposure and potential asset quality stress in personal loans, though management remains confident in risk-calibrated growth.
आदित्य बिड़ला कैपिटल ने पहली तिमाही में शानदार प्रदर्शन किया। कंपनी का कुल मुनाफा 51% बढ़कर 649 करोड़ रुपये हो गया। कमाई 39% बढ़कर 8,144 करोड़ रुपये रही। इसकी एनबीएफसी शाखा ने 65% ज्यादा कर्ज बांटे, जिससे कुल कर्ज 85,891 करोड़ रुपये पहुंच गया। हाउसिंग फाइनेंस में कर्ज बंटवारा 83% बढ़ा। खराब कर्ज घटकर 2.8% रह गया। जीवन बीमा कारोबार का मुनाफा 11.8% रहा। कंपनी तीन साल में कर्ज दोगुना करना चाहती है। हालांकि, बिना गारंटी के कर्ज बढ़ने से जोखिम भी है, लेकिन प्रबंधन सावधानी से आगे बढ़ रहा है।
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NBFC Disbursements
INR 13,237 crore
+65% YoY
NBFC disbursements grew 65% YoY, driven by business loans (40% mix) and personal/consumer loans (36% mix).
NBFC AUM
INR 85,891 crore
+49% YoY
NBFC AUM crossed INR 85,891 crore, with retail and SME segment contributing 67% of the mix.
Life Insurance Individual FYP Growth
32%
+24pp YoY vs private industry 8%
ABSLI was the fastest growing life insurer among top 10, with individual FYP growth of 32%.
Mutual Fund Passive AUM
INR 28,675 crore
+130% YoY
Passive AUM grew 2.3x YoY to INR 28,675 crore, with 40 products and ~5 lakh folios.
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Guidance and risk preview
Management expects to double the combined NBFC and housing finance loan book over the next three years, implying ~25% CAGR.
Personal and consumer loans now constitute 20% of NBFC AUM and 36% of disbursements, with potential asset quality risks if economic conditions weaken.
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