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Motila Oswal Report
Aditya Birla Capital Ltd. reported 26% YoY decline in profit after tax to Rs 2.0 billion, largely driven by approximately 50% decline in profit before tax to Rs 2.2 billion for the lending businesses.
In the non-banking financial company segment, the quarter was characterized by the continued rundown of loans (especially wholesale lending) and Rs 500 million Covid-19- related provisions.
In the asset management company segment, profit after tax was largely stable sequentially despite 14% QoQ decline in average asset under management.
The Life Insurance segment reported 5% YoY growth in individual first-year premium, compared with 23% YoY decline for the industry.
We expect the company to focus on strengthening the balance sheet, liquidity, and cost cutting. While profits in the Lending segment would remain muted in FY21, they would be compensated by better performance in other segments.
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