ABCAPITAL · Financial Services
Aditya Birla Capital Ltd. reported revenue of ₹10,322 cr for July to September 2024, +35.7% on the year and +19.0% on the quarter.
Operating profit (EBITDA) was ₹1,348 cr, a margin of 13.1%, +15 bps on the year and +186 bps on the quarter. Over the last 6 quarters the margin has ranged from 11.2% to 13.7%, averaging 12.5%. Operating costs grew +35.5%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹1,021 cr, +40.8% on the year and +31.1% on the quarter, with earnings per share of ₹3.84. Profit before other income, one-offs and tax grew 37.7%, so 3 points of the headline growth came from outside the core business. The tax rate of 28% is in line with its recent average.
Asset managers and brokers earn fees on assets and activity, so revenue follows market levels and flows; treasury income can lift other income in a good market quarter. The quarterly statements do not carry assets under management, flows and the yield on assets; those come with the filing read.
On earnings per share of ₹14.38 over the last four quarters, the stock at ₹378.50 trades at 26.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹8,800 cr | ₹10,780 cr | ₹8,673 cr | ₹10,322 cr | ₹9,381 cr | ₹12,214 cr | ₹9,503 cr | ₹10,595 cr | ₹11,952 cr | ₹13,459 cr | ₹12,180 cr | ₹14,003 cr |
| YoY | — | — | +23% | +36% | +7% | +13% | +10% | +3% | +27% | +10% | +28% | +32% |
| EBITDA margin | 11.8% | 13.7% | 11.2% | 13.1% | 10.8% | 9.9% | 11.7% | 37.8% | 11.1% | 10.7% | 40.7% | 38.0% |
| Other income, % of PBT | 6% | 11% | 14% | 9% | 8% | 16% | 12% | 1% | 5% | 6% | 0% | 2% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 28% | 20% | 27% | 28% | 30% | 35% | 28% | 26% | 27% | 27% | 25% | 26% |
| Net profit | ₹760 cr | ₹1,288 cr | ₹779 cr | ₹1,021 cr | ₹724 cr | ₹886 cr | ₹854 cr | ₹961 cr | ₹966 cr | ₹1,047 cr | ₹1,224 cr | ₹1,353 cr |
| YoY | — | — | +17% | +41% | −5% | −31% | +10% | −6% | +33% | +18% | +43% | +41% |
| Core profit YoY | — | — | +9% | +38% | −5% | −20% | +14% | −1% | +32% | +18% | +57% | +40% |
| EPS | ₹2.83 | ₹4.79 | ₹2.92 | ₹3.84 | ₹2.72 | ₹3.32 | ₹3.21 | ₹3.57 | ₹3.61 | ₹3.86 | ₹4.46 | ₹4.71 |
| Flags | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Aditya Birla Capital Ltd. reported revenue of ₹10,322 cr (+35.7% on the year) and net profit of ₹1,021 cr (+40.8% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +37.7% on the year, against +40.8% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.