Aditya Birla Capital Reports Strong Growth and Invests in Housing Finance Arm

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Aditya Birla Capital Reports Strong Growth and Invests in Housing Finance Arm

Aditya Birla Capital Reports Strong Growth and Invests in Housing Finance Arm

Aditya Birla Capital, a leading financial services firm in India, has reported strong financial performance for the quarter ended March 31, 2024. The company's consolidated revenue grew by 32% year-on-year to Rs 12,079 crore, up from Rs 9,146 crore in the same quarter of the previous year.

The company's consolidated net profit, excluding one-off gains, grew by 33% year-on-year to Rs 812 crore in the January-March quarter of FY24. This growth was driven by healthy revenue growth and improved operational efficiency.

In a separate development, Aditya Birla Capital has infused Rs 300 crore in its housing finance arm, Aditya Birla Housing Finance Ltd (ABHFL), to support its business growth. This investment will help ABHFL meet its funding requirements and improve its leverage ratio.

Aditya Birla Capital has also sold a 5% stake in Aditya Birla Sun Life during the quarter. This divestment has further strengthened the company's financial position.

Overall, Aditya Birla Capital has delivered a strong performance in the recent quarter, demonstrating its commitment to growth and value creation for its stakeholders.