The Consolidated Revenue1 of the Company grew 31 per cent, year on year, to
The Company added ~ 1.4 million customers during Q3 FY23 taking the total customer base to ~ 43 million as of
1. Segmental Revenue:
2. In a closed user group. The platform will be live in next 15 days.
3. Reported PAT in Q3 FY22 includes gain (net of tax) of
The Company follows a 'Digital First Approach' for product innovation, direct acquisition, seamless onboarding and best-in-class service delivery. 56 per cent of personal loan disbursements in Q3 FY23 were done digitally. 84 per cent of customer service interactions in the NBFC business were done digitally in Q3 FY23. About 78 per cent of life insurance renewals were done digitally and 88 per cent of life insurance customer requests were serviced digitally in 9M FY23. In
Keeping in mind the digital first approach and to further strengthen customer propositions, the Company has embarked on creating an omni-channel D2C platform to serve existing customers and acquire new customers in a seamless manner. The Board has approved the formation of a separate wholly owned subsidiary for this purpose. Through the platform, the Company will distribute Protecting, Investing, Financing and Advising (PIFA) products of companies of
The performance highlights of the key businesses of
NBFC business:
Overall loan book grew by 47 per cent year-on-year to
Loans to retail, SME and HNI customers constitute 66 per cent of the total loan book as on
Disbursements of
Net interest margin (NIM) expanded by 41 basis points sequentially and 77 basis points year-on-year to 7.00 per cent in Q3 FY23
Asset quality continued to improve with gross stage 2 and 3 assets declining by 156 basis points sequentially and 491 basis points year-on-year to 6.49 per cent as on
Profit before tax grew 40 per cent year-on-year to
Return on assets was healthy at 2.4 per cent in Q3 FY23
Return on equity expanded by ~ 350 bps year-on-year to 16.2 per cent in Q3 FY23
Housing Finance business:
Strong growth of 25 per cent year-on-year in disbursements to
Loan book grew by 11 per cent year-on-year to
Net interest margin (NIM) expanded by 22 basis points sequentially and 106 basis points year-on-year to 5.35 per cent in Q3 FY23
Profit before tax grew by 16 per cent year-on-year to
Return on assets continues to remain healthy at 1.9 per cent in Q3 FY23
Return on equity was 13.7 per cent in Q3 FY23, at a similar level as compared to Q3 FY22
Asset Management:
Mutual fund quarterly average assets under management (QAAUM) was
Mutual fund individual MAAUM grew by 2 per cent quarter-on-quarter, to
In line with ABSLAMC's focus, the proportion of equity in overall mutual fund QAAUM expanded to 42.6 per cent in Q3 FY23 from 40.8 per cent in Q3 FY22
Monthly systematic investment plan (SIP) inflows grew by 6 per cent year-on-year to
With our focus on building passive business, passive AUM was
Profit before tax was
Life Insurance business:
Individual First Year Premium (FYP) grew 25 per cent year-on-year, to
Group business grew 41 per cent year-on-year, to
Renewal premium grew 14 per cent year-on-year, to
Total gross premium grew 25 per cent year-on-year, to
Consistent improvement in 13th month persistency to 86 per cent, compared to 84 per cent a year ago
Net VNB margin expanded by 430 bps year-on-year, to 15.5 per cent in 9M FY23
Profit before tax grew by 10 per cent year-on-year, to
Gross written premium grew by 59 per cent year-on-year to
Market share among standalone health insurers increased by 220 bps year-on-year to 10.4 per cent in 9M FY23
Business now covers 25 million lives, out of which over 19 million lives are covered through micro and byte size products
Business continues to build scale with a focus on expenses. to the combined ratio improved from 136 per cent in 9M FY 22 to 114 per cent in 9M FY23
The net loss reduced to
Other businesses:
Profit before tax for other financial services businesses of the Company grew by 25 per cent year-on-year to
General nsurance broking profit before tax grew by 19 per cent year-on-year to
Stressed assets platform's profit before tax grew 39 per cent year-on-year to
About
Disclaimer: Certain statements in this 'Media Release' may not be based on historical information or facts and may be 'forward looking statements' within the meaning of applicable securities laws and regulations, including, but not limited to, those relating to general business plans & strategy of the Company, its future outlook & growth prospects, future developments in its businesses, its competitive & regulatory environment and management's current views & assumptions which may not remain constant due to risks and uncertainties. Actual results could differ materially from those expressed or implied. The Company assumes no responsibility to publicly amend, modify or revise any statement, on the basis of any subsequent development, information or events, or otherwise. This 'Press Release' does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of the Company's shares. The financial figures in this 'Press Release' have been rounded off to the nearest
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