Aditya Birla Capital / Q4-FY24

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Positive2024-05-15Back to ABCAPITAL

Revenue

₹39,050 Cr

verified against source

Revenue YoY

30%

reported change

EBITDA

Pending

latest reported figure

Source

screener in partial

record provenance

Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
11 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 8,144 · Positive source sentiment · 2023-07-20Q1 FY24Q2 FY24: 8,831 · Positive source sentiment · 2023-10-27Q2 FY24Q3 FY24: 9,997 · Positive source sentiment · 2024-01-24Q3 FY24Q4 FY24: 39,050 · Positive source sentiment · 2024-05-15Q4 FY24Q1 FY25: 10,258 · Positive source sentiment · 2024-07-22Q1 FY25Q2 FY25: 12,007 · Positive source sentiment · 2024-10-22Q2 FY25Q3 FY25: 10,949 · Watch source sentiment · 2025-01-31Q3 FY25Q4 FY25: 14,138 · Positive source sentiment · 2025-04-30Q4 FY25Q1 FY26: 11,343 · Positive source sentiment · 2025-07-25Q1 FY26Q2 FY26: 12,481 · Positive source sentiment · 2025-10-23Q2 FY26Q3 FY26: 14,181 · Positive source sentiment · 2026-02-10Q3 FY2639,0508,144
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Aditya Birla Capital delivered a strong Q4 FY24 with consolidated PAT up 41% YoY to INR 2,902 crore and revenue up 30% to INR 39,050 crore. Growth was driven by NBFC AUM crossing INR 100,000 crore (up 31% YoY), HFC AUM up 33%, and mutual fund AUM up 21%. Asset quality improved with NBFC stage 2+3 ratio declining 135 bps YoY to 4.49%. Management reiterated doubling the March 2023 loan portfolio by March 2026 and containing credit costs within 1.5%. The health insurance business targets 100% combined ratio by FY26. Key risk: potential NIM compression in HFC and elevated credit costs if economic conditions deteriorate.

Colored figures show movement against the previous available record.

Guidance to track

  • Management remains confident of doubling the March 2023 NBFC loan portfolio by March 2026, implying a CAGR of ~26%.
  • Credit cost for NBFC businesses is guided to be contained within 1.5% going forward.
  • Health insurance business targets a combined ratio of 100% by FY2026, improving from 110% in FY24.
  • Life insurance business aims to grow top line at a CAGR of more than 20% over the next three years, with VNB margin in 18%-20% range.

Risks flagged

  • HFC ROE declined to 1.76% in Q4 from 1.92% in FY24, indicating NIM compression as the book grows with competitive pricing.
  • Analyst raised concerns about rising GNPA in personal and consumer loans; management attributed it to denominator effect but acknowledged calibration in small-ticket unsecured loans.
  • VNB margin declined to 20.2% from 23% due to higher ULIP share and lower G-Sec rates; management expects margins to settle at 18%-20%.
  • Proposed IRDAI guidelines may lead to short-term adjustments; management remains positive on long-term growth but acknowledges potential near-term impact.

Key quotes

  • Return on capital is important, but return of capital is going to be the cornerstone of our strategy.
  • We have guided for 75% of retail and SME product mix in the next two to three years. We continue to stay guided on that.
  • Our endeavor is to grow the business at a CAGR of more than 20%, helping us to close to doubling our size from where we are present today over the next three years.

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