Aditya Birla Fin Services net nearly trebles to Rs 161 cr

Aditya Birla Financial Services on Tuesday reported a near three-fold increase in net profit for the April-June quarter to Rs 161 crore, as against Rs 58 crore reported in the corresponding period last year.

The rise in net profit can be largely attributed to robust performance of the life insurance subsidiary, Birla Sun Life Insurance, which reported a gross profit of Rs 144 crore as against Rs 9 crore a year ago. “This was primarily driven by the growing size of in-force book, balanced product mix, lower new business strain and better expense management,” the company said in a release.

 

The company, which has seven subsidiaries, also reported profits in its mutual funds, insurance broking and lending business.

In the quarter under review, the company reported a four per cent rise in revenues to Rs 1,330 crore from Rs 1,283 crore a year ago.

Total assets under management stood at Rs 92,259 crore. “The results reflect a strong start to the new financial year and endorse the success of our business strategy of pursuing balanced growth.