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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
₹14,138 Cr
verified against source
Revenue YoY
13%
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 reported a solid Q4 FY25 with consolidated PAT of INR 865 crore (+6% YoY) and revenue of INR 14,138 crore (+13% YoY). The NBFC segment delivered strong growth with AUM reaching INR 1.26 trillion (+20% YoY) and credit costs improving to 1.21% (-22bps YoY). The housing finance business was a standout, with AUM surging 69% YoY to INR 31,053 crore and asset quality best-in-class (GS3 at 0.66%). Management guided for NBFC portfolio CAGR of 25% over three years and HFC ROA expansion to 2%-2.2% in 8-10 quarters. Life insurance VNB margin held at 18%, while health insurance achieved breakeven. Key risks include elevated NPAs in unsecured business loans (GS3 at 4.7%) and potential margin pressure from a declining rate environment.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to double the NBFC loan book over the next three years, implying a CAGR of ~25%.
- Housing finance aims to achieve ROA of 2%-2.2% within 8-10 quarters, driven by operating leverage.
- Life insurance business targets 20%-25% CAGR in individual first-year premium over the next three years.
- Health insurance aims to achieve combined ratio below 100% as per old accounting norms, and as per new norms shortly.
Risks flagged
- GS3 in unsecured business loans rose to 4.7% due to stress in the segment, though partly explained by government guarantee delaying write-offs.
- With 50bps repo rate cut, asset yields may reprice faster than liability costs, potentially compressing NIMs in the near term.
- HFC CRAR at 14.3% is close to the regulatory minimum of 15%, requiring continued capital infusion to support growth.
Key quotes
- We have successfully completed the amalgamation of Aditya Birla Finance with Aditya Birla Capital, following all requisite approvals.
- Our endeavor still remains to achieve a combined ratio of 100% at the earliest.
- We are looking at expanding the ROAs from here on.
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