Aditya Birla Capital Ltd. · NSE:ABCAPITAL
Aditya Birla Capital — Q1 FY24 Earnings Presentation
63 slides from Aditya Birla Capital's earnings presentation, Aug 2, 2023
Slide 1: Q1 FY24 Financial Results Investor Presentation
Q1 FY24 FINANCIAL RESULTS INVESTOR PRESENTATION 2nd Aug 2023 A Leading Financial Services Conglomerate
Slide 2: Diversified Financial Services Platform from a Trusted conglomerate
Diversified Financial Services Platform from a Trusted conglomerate Promoter & Grasim Industries Promoter Group 52.8% 16.3% Listed 100% 100% 51% 50% 46% Aditya Birla Finance Aditya Birla Housing Aditya Birla Sun Life Aditya Birla Sun Life Aditya Birla Health Finance 100% Insurance 51% AMC Insurance
Slide 3: Highlights for Q1 FY24
Highlights for Q1 FY24 Aditya Birla Capital Limited 3
Slide 4: Highlights for Q1 FY24
Highlights for Q1 FY24 Total lending1 portfolio crossed ` 1 lakh cr (↑ 43% y-o-y & ↑ 6% q-o-q) Consolidated PAT at ` 649 cr (↑ 51% y-o-y & ↑ 7% q-o-q) Consolidated Revenue2 at ` 8,144 cr (↑ 39% y-o-y) Total AUM3 of ` 3.9 lakh cr (↑ 9% y-o-y & ↑ 8% q-o-q) Gross Premium4 of ` 3,877 cr (↑ 19% y-o-y) Ra
Slide 5: Performance across key metrics
Performance across key metrics Life Health NBFC Housing Asset Management Insurance Insurance 1 Loan Book 1 AUM Growth 1 Premium Growth2 ` 85,891 crore1 ` 14,509 crore1 ` 2,96,937 crore ` 1,18,623 crore Individual FYP Gross Premium 49% y-o-y 19% y-o-y Domestic AAUM3 Equity AAUM3 32% y-o-y 22% y-o-y 7
Slide 6: Consolidated Revenue and PAT
Consolidated Revenue and PAT Consolidated Revenue and PAT Business-wise Profitability Revenue1 Businesses (` crore) Q1 FY23 Q1 FY24 Y-o-Y 39% y-o-y NBFC 459 691 51% 8,144 5,862 HFC 72 84 18% 4,632 Asset Management 141 240 71% Life Insurance 33 20 40% Q1 FY22 Q1 FY23 Q1 FY24 Other Businesses 74 79 6%
Slide 7: Udyog Plus: Comprehensive Digital Platform for MSME Ecosystem
UDYOG PLUS: COMPREHENSIVE DIGITAL PLATFORM FOR MSME ECOSYSTEM Cash flow backed lending by using traditional and alternate data sources along with value-added services for MSME ecosystem to manage and grow their business Opportunities in ABG Finance Business Solutions ecosystem Loan E-commerce Bankin
Slide 8: ABC Payment Lounge
ABC Payment Lounge Smart Routing Smart Collect In-built resilience for higher Success rate. Change agnostic integration for all / new Standard tech platform across business payment methods domains One Integration One Recon ABC Standard Integration across digital assets. One Recon at Payment Lounge l
Slide 9: Aditya Birla Finance Limited
Aditya Birla Finance Limited Aditya Birla Capital Limited 9
Slide 10: Performance highlights for Q1 FY24
Performance highlights for Q1 FY24 Retail, SME & AUM HNI loans1 NII2 PBT GS2 & GS33 ₹ 57,518 crore ₹ 85,891 crore ₹ 1,433 crore ₹ 691 crore 5.46% (67% of AUM) ↑ 49% Y-o-Y ↑ 56% Y-o-Y ↑ 59% Y-o-Y ↑ 51% Y-o-Y ↓ 345 bps Y-o-Y ↑ 7% Q-o-Q ↑ 7% Q-o-Q ↑ 13% Q-o-Q ↑ 14% Q-o-Q ↓ 37 bps Q-o-Q 6.0 mn active cu
Slide 11: Robust growth in disbursements and AUM
Robust growth in disbursements and AUM Disbursements (₹ crore) Q1 FY23 Q4 FY23 Q1 FY24 Q1 FY24 Mix Y-o-Y - Unsecured business 979 1,306 1,157 9% 18% - Secured business 2,831 5,535 4,132 31% 46% Total Business loans 3,810 6,841 5,289 40% 39% Personal & consumer loans 2,352 4,749 4,778 36% 103% Corpor
Slide 12: Detailed AUM breakup
Detailed AUM breakup Personal & Consumer 2.5x y-o-y Secured business 33% y-o-y 17,693 31,944 33,188 Consumer Loan 15,442 LAS 13% 23% 24,949 13% 21% TL / WCDL 28% Personal Loan 14% 29% LRD 7% 7,123 30% 8% 25% 79% 77% LAP 10% 51% 53% 75% 45% Jun-22 Mar-23 Jun-23 Jun-22 Mar-23 Jun-23 ATS ATS (₹ lacs) 0
Slide 13: Well diversified product portfolio
Well diversified product portfolio Segment Personal & Consumer Unsecured Business Secured Business Corporate / Mid-Market Presence Semi-urban Semi-urban Semi-urban/ SME Clusters Top 6-7 Cities Sourcing DSA + Direct + Ecosystems DSA + Ecosystems DSA + Direct Relationship (Direct) ATS1 ~ ₹ 30,000 ~ ₹
Slide 14: Digital adoption in customer sourcing and servicing
Digital adoption in customer sourcing and servicing Customer EMIs Collected Digital Service Email BOT Onboarding 99% Digitally 98% Interactions 89% Accuracy 91% Customer Customer Process Collections Acquisition Servicing Automation Fully agile tech stack for Inbound contact center Significant e-Nach
Slide 15: Underwriting approach in personal and consumer loans
Underwriting approach in personal and consumer loans Bureau score buckets Underwriting Approach 1 Utilization of Scorecard for better Customer Selection 3% 55% 1 2 Usage of Alternate Data in credit decisioning 9% Customer Profile 1 3 STP process for faster TAT 33% Usage of behavior based Predictive
Slide 16: Improving asset quality trends
Improving asset quality trends Jun’22 Mar’23 Jun’23 Particulars % ₹ Crore % ₹ Crore % ₹ Crore Stage 1 91.09% 52,524 94.16% 75,758 94.54% 81,093 Stage 2 5.21% 3,007 2.72% 2,187 2.64% 2,266 Stage 3 3.70% 2,134 3.12% 2,507 2.82% 2,419 Stage 2 and 3 8.91% 5,141 5.84% 4,695 5.46% 4,685 Total Loan book 10
Slide 17: Well matched ALM and diversified borrowing mix
Well matched ALM and diversified borrowing mix 100% 100% Funding Mix Cumulative Outflows Cumulative Inflows 82% 83% 5% 3% 9% 9% 10% 12% 45% 45% 36% 53% 26% 25% 18% 19% 21% 29% 13% 15% 7% 10% 0-1 months 1-2 months 2-3 months 3-6 months 6-12 months 1-5 years > 5 years Jun’22 Jun’23 Term Loan NCD CP EC
Slide 18: P&L and Key Ratios
P&L and Key Ratios Profit & Loss Statement (₹ crore) FY23 Q1 FY23 Q4 FY23 Q1 FY24 Net Interest Income (Incl. fee income) 4,410 901 1,271 1,433 Operating expenses 1,417 295 396 437 Credit provisioning 903 147 271 306 Profit before tax 2,090 459 604 691 Tax 536 123 150 175 Profit after tax 1,554 335 4
Slide 19: Our Approach
Our Approach Deep mine existing customer base acquired through digital ecosystems using analytics and increase cross-sell Scorecard based STP1 journeys with zero human interventions Increase share of emerging salaried segment in personal loans Tie up with new partners to diversify digital ecosystem
Slide 20: Aditya Birla Housing Finance Limited
Aditya Birla Housing Finance Limited Aditya Birla Capital Limited 20
Slide 21: Performance Highlights for Q1 FY24
Performance Highlights for Q1 FY24 Disbursement Loan book NII2 NIM PBT ₹ 1,620 crore ₹ 14,509 crore ₹ 190 crore 5.11% ₹ 84 crore ↑ 83% Y-o-Y ↑ 19% Y-o-Y ↑ 28% Y-o-Y ↑ 34 bps Y-o-Y ↑ 18% Y-o-Y ↓ 10% Q-o-Q ↑ 5% Q-o-Q ↑ 12% Q-o-Q ↑ 8 bps Q-o-Q ↑ 2% Q-o-Q 95% disbursement at 4.78 % Stage 2 and 3 loans 1
Slide 22: Continued growth in disbursements and book
Continued growth in disbursements and book… Momentum in disbursement (₹ crore) Growth in book (₹ crore) 83% y-o-y 19% y-o-y 1,790 1,620 12,168 13,808 14,509 6% 8% 8% 7% 7% 7% 32% 34% 35% 886 19% 17% 17% 35% 34% 33% Q1 FY23 Q4 FY23 Q1 FY24 Q1 FY23 Q4 FY23 Q1 FY24 • Market mapping and penetration stra
Slide 23: …with focus on quality of origination…
…with focus on quality of origination… Credit bureau score mix Particulars Q1 FY23 Q4 FY23 Q1 FY24 > 700 78% 88% 88% Consistent focus on quality of origination with 95%+ disbursement New to credit 13% 8% 7% at CIBIL >700 & NTC 651 – 700 7% 4% 5% < 650 2% 0% 0% Rigorous monitoring of key portfolio
Slide 24: …resulted in improving portfolio quality
…resulted in improving portfolio quality Particulars Jun 30, 2022 Mar 31, 2023 Jun 30, 2023 % ₹ crore % ₹ crore % ₹ crore Stage 1 91.22% 11,099 95.01% 13,120 95.22% 13,816 Stage 2 5.09% 620 1.76% 243 2.11% 306 Stage 3 3.69% 449 3.23% 446 2.67% 388 Stage 2 and 3 8.78% 1,068 4.99% 688 4.78% 693 Total
Slide 25: Strong balance sheet with well-matched ALM
Strong balance sheet with well-matched ALM ALM optimised for liquidity and costs Borrowing Mix (on Jun 30, 2023) Cumulative Outflows Cumulative Inflows Jun-22 Jun-23 100% 100% 9% 12% 81% 81% Term Loan 19% NHB 21% 47% 31% 35% NCD 24% 16% 18% 19% 6% 8% 11% 11% 59% Others 14% 0-1 months 1-2 months 2-3
Slide 26: P&L and key ratios– Aditya Birla Housing Finance Limited
P&L and key ratios– Aditya Birla Housing Finance Limited (₹ crore) FY23 Q1 FY23 Q4 FY23 Q1 FY24 Net Interest Income (Incl. fee income) 659 148 169 190 Operating expenses 278 61 76 100 Operating profit 381 87 93 90 Credit provisioning 72 15 11 5 Profit before tax 309 72 83 84 Tax 68 16 18 19 Profit a
Slide 27: Our Approach
Our Approach Accelerate growth in prime & affordable segments with average ticket size of ₹ 25 – 30 lacs Growth to be augmented by ABG ecosystem Growth To be the most preferred choice of our customer Digital capabilities for seamless customer onboarding and servicing Service Building a culture of sp
Slide 28: Aditya Birla Sunlife AMC Limited
Aditya Birla Sunlife AMC Limited Aditya Birla Capital Limited 28
Slide 29: Performance highlights for Q1 FY24
Performance highlights for Q1 FY24 Mutual fund Equity Individual Revenue PAT QAAUM QAAUM MAAUM ₹ 2,96,937 crore ₹ 1,18,623 crore ₹ 1,50,085 crore ₹ 389 crore2 ₹ 185 crore Market share Market 5.4% ↑ 14% Y-o-Y ↑ 42% Y-o-Y ↑ 79% Y-o-Y share1 7.7% Mix 39.9% 2x y-o-y3 0.1 million folios added in Q1 FY24
Slide 30: Assets under management
Assets under management Mutual fund closing assets under management1 Total average assets under management1 2,53,584 2,62,292 2,98,493 2,92,584 2,86,180 3,08,424 922 1,064 1,010 10,564 53,675 9,993 9,966 51,017 57,057 44,195 37,420 50,126 1,21,674 1,21,256 1,00,699 1,13,738 1,13,702 1,09,251 1,08,68
Slide 31: Growth in retail franchise and SIP book
Growth in retail franchise and SIP book Individual MAAUM B-30 MAAUM Long Tenure SIP Building sustainable SIP Book Book (2) # of Live SIP Book in % Count of Total SIPs 14% y-o-y 13% y-o-y Outstanding SIPs1 ₹ Crore(1) (Mn) 1,50,085 91% 49,343 987 83% 1,31,462 3.26 43,538 3.21 898 Jun-22 Jun-23 Jun-22
Slide 32: Growth in passives and alternative investments
Growth in passives and alternative investments Passives 28,223 28,675 1,378 1,430 Passive AUM (in ` Cr)1 12,695 16,923 21,619 ETF ~5,00,000 2x+ 1,292 Index Investor Folios Serviced Growth in Passives2 1,163 21,897 21,855 FOF 1,115 17,415 14,017 10,161 5,390 40 4,948 1,420 1,742 2,912 Product Bouquet
Slide 33: Growth in multi-channel distribution network
Growth in multi-channel distribution network Continue to expand distributor base and empaneled 2,000 + new MFDs in Q1 FY24 290+ Locations 74,500+ 85+ 85+ 300+ 100+ MFDs Banks Emerging Market National Digital Over 80% are Locations Distributors Partners in B30 cities Servicing Investors across 19,000
Slide 34: Our Digital Assets & Partnership
Our Digital Assets & Partnership Customer Distributor Digital Onboarding 76% Onboarding 91% Transactions 83% Enhancing Digital Capabilities • Launched integrated purchase journey with Turbo STP • Automated internal process to update email id and Customer • Launched Digital NRI KYC for investing in m
Slide 35: Key financials– Aditya Birla Sunlife AMC Limited
Key financials– Aditya Birla Sunlife AMC Limited (₹ crore) FY23 Q1 FY23 Q4 FY23 Q1 FY24 Revenue 1,354 274 329 389 Costs 560 133 148 149 Profit before tax 794 141 181 240 Tax 197 38 45 56 Profit after tax 596 103 136 185 Mutual fund AAUM 2,80,257 2,81,527 2,75,204 2,96,937 Mutual fund equity AAUM 1,1
Slide 36: Our Approach
Our Approach Scale up retail franchise and diversify product offerings Focusing on Direct/HNI Channel to provide incremental growth Drive growth in SIP book Retail franchise Focus on scaling alternative assets business including AIF, PMS and Real Estate New product launches in equity and fixed incom
Slide 37: Aditya Birla Sun Life Insurance Limited
Aditya Birla Sun Life Insurance Limited Aditya Birla Aditya BirlaCapital CapitalLimited Limited 37
Slide 38: Q1 FY24 | Performance Highlights
Q1 FY24 | Performance Highlights Individual Group Total FYP AUM Net VNB2 FYP1 Premium ` 540 cr ` 1,062 cr ` 3,105 cr ` 74,500 cr 11.8% ↑ 32% Y-o-Y ↑ 20% Y-o-Y ↑ 19% Y-o-Y ↑ 23% Y-o-Y ↑ 935 bps Y-o-Y Fastest growing life insurer 27% Growth in Number Of Group business growing among the top 10 private
Slide 39: Continue to outperform industry growth
Continue to outperform industry growth Individual FYP1 Group New Business Premium Private Private Industry ABSLI Industry ABSLI Players Players Q1 FY24 Q1 FY24 32% Y-o-Y 8% Y-o-Y 2% Y-o-Y Growth 20% Y-o-Y 13% Y-o-Y -3% Y-o-Y Growth ` crore ` crore 540 1,062 409 885 325 301 Q1 FY22 Q1 FY23 Q1 FY24 Q1
Slide 40: Diversified and scaled up distribution mix…
Diversified and scaled up distribution mix… 3,900+ 345+ 52,000+ 9 15,500+ Cities Own Branches Agents Banca Tie-ups Bank Branches1 IDFC First Bank in Q1 FY’24 Strong growth across channels Product Mix by Channel (Q1 FY24 FYP ` In Cr) Channel Mix (Q1 FY24) Protection Traditional ULIP 33% Proprietary P
Slide 41: New Products and Risk Mitigation
New Products and Risk Mitigation Analytics • Pre-Approved Sum Assured (PASA) contribution stands at 19% of FYP for Q1 FY 24 against 14% in Q1 FY23 (FY23 Supported contribution was at 25%) Business • 27% Upsell contribution for Q1 FY 24 of Individual FYP • New products launched in last 12 months cont
Slide 42: Value accretive products and active risk strategy…
Value accretive products and active risk strategy… Product Mix VNB1 ~935 bps 6.48x y-o-y ` crore y-o-y 8.4% 3.2% 3.0% -1.9% 2.5% 11.8% 59.5% 70.7% 80.9% 78 32.1% 26.2% 12 16.1% Q1 FY 22 Q1 FY 23 Q1 FY 24 -7 Protection Traditional ULIP Q1 FY22 Q1 FY23 Q1 FY24 …leading to increasing proportion of trad
Slide 43: Consistent Quality Improvements
Consistent Quality Improvements TotalRenewal Total RenewalPremium Premium( ` Persistency11 Opex to premium ratio ( crore) ` crore) Renewal Growth Digital Renewal Improving Persistency across all Controlled Operating expenses cohorts ↑ 14% 12% Y-o-Y 79% 77% Jun FY24 Jun FY23 Jun FY22 15% - 2Yr CAGR Δ
Slide 44: Channel wise Persistency
Channel wise Persistency1 Agency Banca Others Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 87% 13 M 90% 13 M 87% 13 M 85% 91% 85% 75% 25 M 73% 25 M 71% 25 M 75% 73% 69% 69% 37 M 69% 37 M 69% 37 M 69% 69% 65% 58% 61 M 55% 61 M 58% 61 M 51% 49% 53% 1 12month rolling block as per revised IRDAI Circu
Slide 45: Strong investment process
Strong investment process Asset Under Management (in ` Cr) Composition of AUM 17% - 2Yr CAGR 74,500 3% 60,660 26% Debt 54,366 27% Equity 74% 75% 76% 25% 24% 26% Jun’21 Jun’22 Jun’23 44% Investment Performance1 Crisil Benchmark Performance Equity & others Income Advantage Enhancer Maximizer Debenture
Slide 46: Digital adoption
Digital adoption Customer Customer Self Pre-Approved Onboarding 100% Digital Renewal 79% Servicing 86% New Business 19% Customer Experience Customer Retention Customer Centricity Pre-Purchase 100% New business Digital collection at 79%, WhatsApp & Chatbot PASA contributed sourced digitally growth of
Slide 47: P&L and key ratios– Aditya Birla Sun Life Insurance Limited
P&L and key ratios– Aditya Birla Sun Life Insurance Limited (` crore) FY23 Q1 FY23 Q4 FY23 Q1 FY24 Individual first year premium 3,484 450 1,336 602 Group first year premium 4,189 885 1,093 1,062 Renewal premium 7,397 1,285 2,527 1,441 Total gross premium 15,070 2,620 4,956 3,105 Operating expenses
Slide 48: Our Approach
Our Approach Grow traditional products including protection in retail segment Focus on growing credit life in group segment Continue to make investments in direct channels Growth Invest in PSU relationships to grow the mindshare Mitigate interest rate risk by Active forward rate agreement management
Slide 49: Aditya Birla Health Insurance Co. Limited
Aditya Birla Health Insurance Co. Limited Aditya Birla Capital Limited 49
Slide 50: Performance highlights for Q1 FY24
Performance highlights for Q1 FY24 GWP1 Total Lives Market PBT Combined Covered Share Ratio 2.79% Industry ` 772 crore 2.3 crore 11.6% SAHI ` (62) crore 117% 2.76%LY Lower by ` 9 109% ↑ 22% Y-o-Y ↑ 6% Y-o-Y 12% LY Cr Y-o-Y LY 2-Year CAGR @ 45% against Diverse distribution mix 3 PSU banks onboarded i
Slide 51: Scaled-up, diversified and digitally enabled distribution
Scaled-up, diversified and digitally enabled distribution 5000+ 220+ 90,000+ 17 4,300+ Cities Branches Agents Bank Sales Force Partners Channel Mix1 Proprietary Product Mix Non-Metro GWP2 28% 26% 24% 25% 84% 89% 76% 72% 75% 74% 11% 16% Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Proprietary Part
Slide 52: Scaled-up, diversified and digitally enabled distribution
Scaled-up, diversified and digitally enabled distribution +10% Product Innovation & Market expansion Proprietary 364 Growth at 31 % 332 Incentivize Wellness Continued focus on leveraging One ABC branch infrastructure Upto 100% of Health Returns (Return of Premium) 104 79 Q1 FY23 Q1 FY24 Chronic care
Slide 53: Differentiated business model…
Differentiated business model… Know Your Health Improve Your Health Get Rewarded 03 02 01 LOW RISK HIGH RISK MEDIUM RISK 180+ data WBS2 points 27%1 Access to Holistic Integrated Upto 100% of customers administered health & Wellness Ecosystem - HealthReturnsTM Health Assessment (HA) 60+partners 15% 4
Slide 54: Leveraging digital…
Leveraging digital… Digital Suit 95% 97% Customer First App - Digital Chatbot & Onboarding & Customers Digital health eco WhatsApp Retention onboarded Renewals End to End system Servicing Journey digitally across businesses Hyper Omni Channel Buy & Renewal Digital Claims Journey Journey Personalizat
Slide 55: Leveraging Data Analytics
Leveraging Data Analytics CLTV – Acquisition, Customer Engagement & Fraud & Risk Management Persistency & Cross-sell Experience 25% ATS lift over Non- 13.8 lakh WBS generated Fraud PASA 7Cr + savings monthly PASA acquisition Risk Score – helping to lower claims, Detection X-Sell campaign live higher
Slide 56: Superior customer experience
Superior customer experience Customer experience focus 96% claim settlement ratio One of the best in the Industry 75% Cashless claims settled within 2 hrs 10,834 provider network One of the largest in the Industry Inhouse Superior claims processing | Increasing Digitization | Lead in adoption of Int
Slide 57: Business Outcomes
Business Outcomes Revenue (` Cr.) Lives covered (Mn) Retail Rural +27% Group (incl. Rural) Byte +45% 772 Retail & Group 22 23 630 47% 14 10 11 368 53% 4 7 69% 6 6 47% 53% 5 6 31% 4 Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY22 Q1 FY23 Q1 FY24 Combined Ratio Profit Before Tax (` Cr.) 154% 109% 117% -128 -71 -62 Q1
Slide 58: P&L– Aditya Birla Health Insurance Limited
P&L– Aditya Birla Health Insurance Limited ( ` In crore) FY23 Q1 FY23 Q4 FY23 Q1 FY24 Retail Premium 1,519 332 445 364 Rural Premium 86 38 4 1 Group Premium 1,112 260 410 406 Gross Written Premium 2,717 630 859 772 Revenue (IND AS) 2,566 594 803 718 Operating expenses (including claims) (IND 2,786 6
Slide 59: Other Updates
Other Updates Aditya Birla Capital Limited 59
Slide 60: Other financial services businesses
Other financial services businesses Revenue Revenue PBT 20% y-o-y 23% y-o-y 75 90 298 230 231 53 Q1 FY22 Q1 FY23 Q1 FY24 Q1 FY22 Q1 FY23 Q1 FY24 General Insurance Broking Stock & Securities Broking Asset Reconstruction Company Q1 FY23 Q1 FY24 Δ Q1 FY23 Q1 FY24 Δ Q1 FY23 Q1 FY24 Δ Premium Placement 1
Slide 61: Consolidated P&L – Aditya Birla Capital
Consolidated P&L – Aditya Birla Capital (₹ crore) FY 2023 Q1 FY23 Q4 FY23 Q1 FY24 Revenue 27,416 5,590 8,025 7,045 Profit Before Tax (before share of profit/(loss) of JVs 2,624 562 768 848 Add: Share of Profit/(loss) of associate and JVs 273 52 64 64 Profit before tax 2,896 614 832 912 Less: Provisi
Slide 62: A financial services conglomerate meeting the life time needs of its customers
A financial services conglomerate meeting the life time needs of its customers CIN: L67120GJ2007PLC058890 Regd. Office: Indian Rayon Compound, Veraval – 362 266, Gujarat Corporate Office: One Indiabulls Centre, Tower 1, Jupiter Mills Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400
Slide 63: Disclaimer
Disclaimer The information contained in this presentation is provided by Aditya Birla Capital Limited (“ABCL or the Company”), formerly known as Aditya Birla Financial Services Limited, to you solely for your reference. Any reference herein to "the Company" shall mean Aditya Birla Capital Limited, t