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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹9,997 Cr
verified against source
Revenue YoY
29%
reported change
EBITDA
Pending
latest reported figure
Source
screener in partial
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Aditya Birla Capital delivered a strong Q3 FY24 with consolidated revenue up 29% YoY to ₹9,997 crore and PAT up 39% YoY to ₹736 crore, driven by robust lending growth (NBFC AUM +35% YoY) and disciplined cost management. The NBFC business saw a 41% YoY PAT increase to ₹572 crore, with ROE expanding to 16.96%. Management proactively tightened underwriting in small-ticket consumer loans, reducing the BNPL portfolio from ₹4,100 crore to ₹2,700 crore, and expects credit losses to remain stable at ~1.5%. The housing finance arm crossed ₹100 crore PBT for the first time, while the AMC business reported 26% YoY PAT growth. The life insurance net VNB margin held at 15.6%, and health insurance losses are expected to narrow in Q4. Guidance includes doubling the NBFC portfolio in three years and launching a D2C app next month. Key risk: rising cost of funds could pressure NIMs if competitive intensity limits pass-through.
Colored figures show movement against the previous available record.
Guidance to track
- Management expressed confidence in doubling the NBFC loan portfolio over the next three years, leveraging Udyog Plus, ABG ecosystem, and branch expansion.
- The direct-to-consumer mobile app will go live in closed user group within one month, enabling new customer acquisition and holistic financial solutions.
- Management expects total credit loss in the NBFC portfolio to remain at similar levels (1.5% in Q3) going forward.
- Health insurance expects a profit in Q4 and full-year FY24 loss to be lower than last year, with combined ratio improving.
Risks flagged
- Cost of borrowing increased 7bps QoQ for NBFC and 5bps for HFC; further increases could pressure NIMs if competitive intensity limits pass-through.
- RBI's increased risk weights on personal and consumer loans could impact growth and capital adequacy; NBFC CAR improved to 16.67% but remains a watch item.
- Banks are increasingly competing in secured loans (mortgages, LAP), which could pressure yields and market share.
- Health insurance net loss widened to ₹270 crore in 9M FY24 from ₹217 crore YoY; profitability improvement depends on Q4 performance and sustained loss ratio control.
Key quotes
- We are confident of doubling our NBFC portfolio in the next three years.
- We took several proactive interventions in this quarter by tightening our underwriting norms ahead of any real signs of industry concerns emerging in the small ticket consumer loan segment.
- Our differentiated Health First model is now showing signs of maturity... Customers participating in Activ Dayz exhibit lower loss ratios ranging from 10%-30% or more.
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