14th Floor, Central B Wing and North C Wing

BS R & Co. LLP Nesco IT Park 4, Nesco Center

Western Express Highway
Chartered Accountants
Goregaon (East), Mumbai - 400 063, India
Telephone: +91 (22) 6257 1000
Fax: +91 (22) 6257 1010

Limited Review Report on unaudited standalone financial results of Aditya Birla Capital Limited
for the quarter ended 31 December 2023 and year to date results for the period from 01 April
2023 to 31 December 2023 pursuant to Regulation 33 of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of Aditya Birla Capital Limited

1. We have reviewed the accompanying Statement of unaudited standalone financial resu lts of Aditya Birla
Capital Limited {hereinafter referred to as "the Company") for the quarter ended 31 December 2023 and year
to date results for the period from 01 April 2023 to 31 December 2023 ("the Statement").

2. This Statement, which is the responsibility of the Company's management and approved by its Board of
Directors, has been prepared in accordance with the recognition and measurement principles laid down in
Indian Accounting Standard 34 "Interim Financia l Reporting" ("Ind AS 34"), prescribed under Section 133 of
the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with
Regulation 33 of the Securities and Exchange Board of India {Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended {"Listing Regulations"). Our responsibility is to issue a report on the Statement
based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements {SRE)
2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued
by the Institute of Chartered Accountants of India. A review of interim financial information consists of making
inquiri es, primarily of persons responsible for fina ncial and accounting matters, and applying analytical and
other review procedures. A review is substantia lly less in scope than an audit conducted in accordance with
Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

4. Based on our review conducted as above, nothing has come to our attention that causes us to believe t hat the
accompanying Statement, prepared in accordance with the recogn ition and measurement principles laid
down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India,
has not disclosed the information requ ired to be disclosed in terms of Regu lation 33 of t he Listing Regulations,
including the manner in which it is to be disclosed, or that it contains any material misstatement.

For BS R & Co. LLP

Chartered Accountants

Firm's Registration No.:101248W/W-100022

Ashwin Suvarna

Partner

Mumbai Membership No.: 109503

01 February 2024 UDIN:24109503BKCSJK3054

Registered Office:

8 SR & Co. {a partnership firm with Registration No. BA61223) converted Into 8 5 R & Co. LLP (a Limited 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center,
liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Western Express Highway, Goregaon IEast), Mumbili. 400063

Page 1 of 1
 ADITVA BIRLA
CAPITAL
ADITYA BIRLA CAPITAL LIMITED
st
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2023

tcrore
Quarter Ended Nine Months Ended Year Ended
Sr. st st st st
No.
Particulars 31 Dec, 2023 30 th Sept 2023 31 Dec, 2022 st
31 Dec, 2023 31 Dec, 2022 31 March, 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Revenue from Operations
(a) Interest Income 39.04 22.01 4.60 63.57 16.00 19.84
(b) Dividend Income 75.62 75.62 84.26 186.28
(c) Net Gain/(Loss) on Fair Value Changes 9.29 36.51 3.35 52.71 8.49 12.44
Total Revenue from Operations 48.33 134.14 7.95 191.90 108.75 218.56

2 Other Income 0.26 0.25 1.68 0.90 2.37 3.96

3 Total Income (1+2) 48.59 134.39 9.63 192.80 111.12 222.52

·4 Expenses
(a) Finance Costs 0.03 0.05 0.02 0.10 0.06 0.08
(b) Impairment on Financial Instruments 0.16 (0.21) 0.14 (0.31) (0.60)
(c) Employee Benefits Expense 7.72 7.24 6.70 21.98 18.17 25.86
(d) Depreciation and Amortisation Expense 0.20 0.17 0.20 0.58 0.62 0.81
(e) Other Expenses 6.77 6.10 2.08 14.77 6.99 12.17
Total Expenses 14.88 13.56 8.79 37.57 25.53 38.32

5 Profit Before Tax (3-4) 33.71 120.83 0.84 155.23 85 .59 184.20

6 Tax Expense
Current Tax 8.13 29.38 0.89 37.68 20.97 43.73
Deferred Tax 0.39 0.80 0.39 0.22 (0.82)

Total Tax Expense (Net) 8.13 29.77 1.69 38.07 21.19 42.91

7 Profit After Tax for the PeriodNear (5-6) 25.58 91.06 (0.85) 117.16 64.40 141.29

8 Other Comprehensive Income (OCI)

(i) Items that will not be Reclassified to Profit or Loss in 0.01 (0.02) 0.10 0.12 (0 .01) (0.54)
Subsequent Periods
(ii) Income tax relating to items that will not be reclassified to (0.00) (0.02) (0.03) (0 .00) 0.14
profit or loss

Other Comprehensive Income (Net of Tax) 0.01 (0.02) 0.08 0.09 (0.01) (0.40)

9 Total Comprehensive Income (7+8) 25.59 91.04 (0.77) 117.25 64.39 140.89

10 Paid Up Equity Share Capital 2,599.56 2,598.82 2,416.97 2,599.56 2,416.97 2,417.99
(Face Value on' 10 each)

11 Other Equity 7,679.95

12 Earnings per Equity Share on' 10 each(" - not annualised)*

Basic- ~ 0.10" 0.35" (0.00)" 0.46" 0.27" 0.58
Diluted - ~ 0.10" 0.35" (0.00)" 0.46" 0.27" 0.58

* Earning per equity share is restricted to two decimal.

Pa e 1/2
 continued from page 1
Notes:

These financial results have been prepared in accordance with the recognition and measurement principles of Indian Accounting
Standards ("Ind AS") prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and
the other accounting principles generally accepted in India and in accordance with the circulars, guidelines and directions issued by
the Reserve Bank of India (RBI) from time to time.

th
2 The Company during the quarter ended 30 June 2023, issued equity share capital through Qualified Institutional Placement of
10,00,00,000 shares to Qualified Institutional Buyers and through Preferential Issuance of 7,57, 11,688 shares to its Promoter and a
member of Promoter Group entity, both aggregating to t 3,000 crore. In accordance with Ind AS 32, the costs that are attributable
directly to the above transaction, have been recognised in equity.

st
3 The Company, during the quarter and nine months ended 31 December, 2023 has allotted 7,42,270 and 58,57,784 Equity Shares
face value of t 10 each, fully paid up, on exercise of options by eligible grantees, in accordance with the Employee Stock Option
Schemes approved by the Company.

4 During the previous year, Board of Directors of the Company has approved the sale of its entire stake of 50.002% of the issued and
paid:-up share capital of Aditya Birla Insurance Brokers Limited to Edme Services Private Limited, part of the Samara Capital Group
and an affiliate of Samara Alternate Investment Fund. The Company has filed an application dated 20th April, 2023 with Insurance
Regulatory and Development Authority of India ("IRDAI"), seeking approval of the proposed transaction .

The proposed transaction is subject to receipt of the approval of Insurance Regulatory and Development Authority of India ("IRDAI")
and other regulatory / statutory approvals and satisfaction of other conditions under the Share Purchase Agreement. Upon
completion of the proposed transaction, ABIBL shall cease to be a subsidiary of the Company.

5 The main business of the Company is Investment activity, hence there are no separate reportable segments as per Ind AS 108 on
'Operating Segment' .

6 The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company, at their
t
meeting held on 01 s February, 2024. The Statutory Auditors of the Company have carried out limited review of the aforesaid results,
pursuant to regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

For and on behalf of the Board of Directors

Arun Kumar Adhikari

Place : Mumbai Director
st
Date : 01 February 2024 DIN : 00591057
Duly authorised by the Board of Directors at its
st
Meeting held on 01 February 2024

Aditya Birla Capital Limited

Corporate Identity Number L67120GJ2007PLC058890
Regd. Office: Indian Rayon Compound, Veraval 362 266 (Gujarat)
Corporate Office: One World Centre, Tower 1, 18th Floor, Jupiter Mills Compound,
841, Senapati Bapat Marg, Elphinstone Road, Mumbai -400 013
E-mail: [email protected]
www.adityabirlacapital.com
Telephone: +91 2876 245711 Fax: +91 2876 243220
 14th Floor, Central B Wing and North C Wing
BS R & Co. LLP Nesco IT Park 4, Nesco Center
Western Express Highway
Chartered Accountants
Goregaon (East), Mumbai - 400 063, India
Telephone : +91 (22) 6257 1000
Fax: +91 (22) 6257 101 O

Limited Review Report on unaudited consolidated financial results of Aditya Birla Capital Limited
for the quarter ended 3i December 2023 and year to date results for the period from 1 April 2023
to 31 December 2023 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of Aditya Birla Capital Limited

1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Aditya Birla
Capital Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries
together referred to as "the Group") and its share of the net profit after tax and total comprehensive income
of its associates and joint ventures for the quarter ended 31 December 2023 and year to date results for the
period from 1 April 2023 to 31 December 2023 ("the Statement"), being submitted by the Parent pursuant to
the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations") .

2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board
of Directors, has been prepared in accordance with the recognition and measurement principles laid down in
Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of
the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with
Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based
on our review .

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE)
2410 " Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued
by the Institute of Chartered Accountants of India . A review of interim financial information consists of making
inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit conducted in accordance with
Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion .
We also performed procedures in accordance with the circular issued by the Securities and Exchange Board
of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

4. The Statement includes the results of the entities mentioned in Annexure I to the Statement.

S. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the
consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come
to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the
recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other
accounting principles generally accepted in India, has not disclosed the information required to be disclosed
in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that
it contains any material misstatement.

Registered Office:

B S R & Co. (a par tnership fi rm with Registration No. BA61223) converted into BS R & Co. LLP (a limited 14th Floor, Central B Wing and North C W ing, Nesco IT Park 4, Nesco Cen te r,
Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013 Western Express Highway, Goregaon (East), Mumbai - 400063

Page 1 of 5
BS R & Co. LLP

Limited Review Report (Continued)

Aditya Birla Capita l Limited

6. We did not review the interim financial results of 19 Subsidiaries included in the Statement, whose interim
financial results reflect total revenue s {before con solidation adjustments) of Rs 8,827 .15 crore and Rs.
23,630.90 crore, total net profit/ (loss) after ta x {before consolidation adjustments) of Rs. 717 .81 crore and
Rs. 2,032.92 crore and total comprehensive income (before consolidation adjustments) of Rs. 677 .74 crore
and Rs 2031.73 crore, for the quarter ended 31 December 2023 and for the period from 01 April 2023 to 31
December 2023 respectively, as considered in the Statement. The Statement also include the Group' s share
of net profit after ta x of Rs. 44 .38 crore and Rs. 160.49 crore and total comprehensive income of Rs. 46.38
crore and Rs. 161.90 crore, for the quarter ended 31 December 2023 and for the period from 01 April 2023 to
31 December 2023 respectively as con sidered in the Statement, in respect of 4 associates and 3 joint ventures,
whose interim financial results have not been reviewed by us. These interim financial results have been
reviewed by other auditors whose reports have been furnished to us by the Parent' s management and our
conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these
subsidiaries/associate s/joint ventures, is based solely on the reports of the other auditors and the procedures
performed by us as stated in paragraph 3 above .

Our conclu sion is not modified in respect of this matter.

7. Th e joint statutory auditors of Ad itya Birla Health Insurance Co. Limited, vide their report dated 24 January
2024, have expressed an unmodified conclusion and have reported in the Other Matters section that:

'i. The actuari al valuation of liabilities in respect of Incurred but Not Reported {IBNR) and Incurred but Not
Enough Reported (IBNER) included under claim s outstanding creation as at 31 December, 2023 has been duly
certified by the Appointed Actuary of the Company. The Appointed Actuary has also certified that the
assumptions considered for such valuation are in accordance with the guidelines and norms prescribed by the
IRDAI and the Institute of Actuarie s of Ind ia in concurrence with the IRDAI;

ii. Other adjustments for the purpose of the Condensed Interim Financial Information confirmed by the
Appointed Actuary in accordance with Indian Accounting Standard 104 on Insurance Contracts :

a. Grossing up and Classification of the Reinsurance Asset s and;

b. Liability adequacy test as at the reporting dates.

We have relied upon Appointed Actuary's certificate and representation s made in this regard for forming our
opinion on the aforesaid mentioned items.

Our review report is not modified in respect of these matters .'

8. The joint statutory auditors of Aditya Birla Sun Life Insurance Company Limited , vide their report dated 30
January 2024, have expressed an unmodified conclu sion and have reported in the Other Matters section that:

'Determination of the following is the responsibility of the Company's Appointed Actuary (the "Appointed
Actuary") :

(i.) The actuarial valuation of liabilities for life policies in force and for policies in respect of which premium
has been discontinu ed but liability exists as at December 31, 2023 . The actuarial valuation of these liabilities
has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in
accordance with the guidelines and norms issued by the Insurance Regulatory and Development Authority of
India {" IRDAI ") and the Institute of Actuari es of India in concurrence with the IRDAI;

(ii .) Other adjustments as at December 31, 2023 / for th e quarter and nine months ended December 31, 2023
for the purpose of Reporting Pack confirmed by the Appointed Actuary in accordance with Indian Accounting
Standard 104 - Insurance Contracts:

a. Assessment of contractual liabilities based on cla ssification of contracts into insurance contr acts and
investment contracts;

b. Valuation and Cla ssification of Deferred Acquisition Cost and Deferred Origination Fees on investment
Contracts;

c. Grossing up and Classification of the Reinsurance Assets and;

Page 2 of 5
BS R & Co. LLP

Limited Review Report (Continued)

Aditya Birla Capital Limited

d. Liability Adequacy test as at the reporting dates .

We have relied upon Appointed Actuary's certificate in this regard for forming our conclusion on the aforesaid
mentioned items.'

Our conclusion is not modified in respect of the above matters .

For B S R & Co. LLP

Chartered Accountants

Ashwin Suvarna

Partner

Mumbai Membership No.: 109503

01 February 2024 U DIN :24109503BKCSJJ9032

Page 3 of 5
BS R & Co. LLP

Limited Review Report (Continued)

Aditya Birla Capital Limited

Annexure I
List of entities included in unaudited consolidated financial results.

Sr. No Name of component Relationship

1. Aditya Birla Finance Limited Subsidiary

2. Aditya Birla Housing Finance Limited Subsidiary

3. Aditya Birla Money Mart Limited Subsidiary

4. Aditya Birla Money Insurance Advi sory Services Limited Subsidiary

5. Aditya Birla Financial Shared Services Limited Subsidiary

6. Aditya Birla Stressed Asset AMC Private Limited Subsidiary

7. Aditya Birla Tru stee Company Private Limited Subsidiary

8. Aditya Birla Capital Technology Services Limited Subsidiary

9. Aditya Birla PE Advisors Private Limited Subsidiary

10. Aditya Birla Insurance Brokers Limited Subsidiary

11. Aditya Birla Money Limited Subsidiary

12 Aditya Birla Capital Digital Lim ited Subsidiary

13. Aditya Birla Sun life Insurance Company Limited Subsidiary

14. Aditya Birla Sun life Pension Management Limited Subsidiary

15. Aditya Birla ARC Limited Subsidiary

16. ABARC - AST - 001 - Trust Subsidiary

17. ABARC - AST - 008 - Trust Subsidiary

18. ABARC - AST - 010 - Trust Subsidiary

19. Aditya Birla Special Situation Fund - 1 Subsi diary

20. Aditya Birla Sun life Trustee Private Limited Joint Venture

Page 4 of 5
BS R & Co. LLP

Limited Review Report {Continued)

Aditya Birla Capital Limited

21. Aditya Birla Wellness Private Limited Joint Venture

22 . Aditya Birla Health Insurance Co. Limited Joint Venture

23 . Aditya Birla Sun life AMC Limited Associate

24. Aditya Birla Sun life AMC (Mauritius) Limited Associate

25. Aditya Birla Sun Life Asset Management Company Limited, Dubai Associate

26. Aditya Birla Sun life AMC Pte. Limited, Singapore Associate

Page 5 of 5
 ADITYA BIRLA CAPITAL LIMITED
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31
m st
ADITVA BIRLA
CAPITAL
DECEMBER 2023
~ crore
Quarter Ended Nine Months Ended Year Ended
Particulars 31 st Dec, 2023 30 th Sept, 2023 31 st Dec, 2022 31 st Dec, 2023 31 st Dec, 2022 31 st March, 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
1 Revenue from Operations
(a) Interest Income 3,747.60 3,444.53 2,604.06 10,427.85 6,758.12 9,563.16
(b) Dividend Income 0.01 0.01 0.01 0.02 0.08 2.92
(c) Fees and Commission Income 425.67 314.91 345.34 986.74 1,003.52 1,240.67
(d) Net Gain on Fair Value Changes 93.00 112.02 31.33 240.83 59.98 114.35
(e) Net Gain on De-recognition of Financial Assets at Amortised Cost 28.78 9.97 38.75 - -
(f) Policyholders' Income from Life Insurance Operations (Refer Note: 3) 4,503.18 3,838.29 3,843.83 11,867.43 10,261.60 15,186.08
(g) Policyholders' Income from Health Insurance Operations (Refer Note: 6) - - 110.48 - 1,300.58 1,300.58
(h) Sale of Services 1.82 0.82 3.09 3.96 6.81 7.89
Total Revenue from Operations 8,800.06 7,720.55 6,938.14 23,565.58 19,390.69 27,415.65
2 Other Income * (Refer Note: 6) 14.93 9.83 2,750.16 31.38 2,758.81 2,785.68
3 Total Income (1+2) 8,814.99 7,730.38 9,688.30 23,596.96 22,149.50 30,201.33
4 Expenses
(a) Finance Costs 1,997.42 1,827.05 1,267.61 5,495.48 3,244.41 4,722.00
(b) Fees and Commission Expenses 199.54 97.90 148.72 335.69 428.01 470.25
(c) Impairment on Financial Instruments 347.36 348.49 318.05 1,005.23 695.51 981 .09
(d) Employee Benefits Expenses 400.13 344.38 308.39 1,099.46 836.60 1,140.07
(e) Policyholders' Expense of Life Insurance Operations (Refer Note: 3) 4,469.54 3,820.48 3,833.65 11,827.92 10,225.11 15,125.69
(f) Policyholders' Expense of Health Insurance Operations (Refer Note: 6) 126.30 1,472.03 1,472.03
(g) Depreciation and Amortisation Expense 49.57 47.95 37.69 140.32 104.62 144.83
(h) Other Expenses 347.07 287.38 208.80 883.84 548.91 782.71
Total Expenses 7,810.63 6,773.63 6,249.21 20,787.94 17,555.20 24,838.67
5 Profit Before Share of Associate/Joint Venture Companies and Tax (3-4) 1,004.36 956.75 3,439.09 2,809.02 4,594.30 5,362.66
6 Share of Profit of Associate/Joint Venture Companies 45.41 52.18 59.91 161.20 208.78 272.57
7 Profit Before Tax (5+6) 1,049.77 1,008.93 3,499.00 2,970.22 4,803.08 5,635.23
8 Tax Expense
Relating to other than revenue account of Life Insurance Policyholders'
Current Tax 232.54 262.97 204.39 737.03 642.45 856.81
Short Provision for Tax Related to Earlier Years (1.22) 0.02 (1 .22) 0.02 0.69
Deferred Tax 41.21 3.11 (7.34) 39.68 (75.24) (114.84)
Relating to revenue account of Life Insurance Policyholders'
Current Tax 16.94 18.07 16.83 43.95 47.56 68.50
Total Tax Expenses 289.47 284.15 213.90 819.44 614.79 811.16
9 Profit After Tax for the period/year (including Non-Controlling Interests) (7-8) 760.30 724.78 3,285.10 2,150.78 4,188.29 4,824.07
10 (Profit) / Loss attributable to Non-Controlling Interests (24.54) (19.73) (15.70) (61.21) (1.17) (28.30)
11 Profit for the period/year attributable to Owners of the Company (9+10) 735.76 705.05 3,269.40 2,089.57 4,187.12 4,795.77
12 Other Comprehensive Income (OCI)
Relating to revenue account of Life Insurance Policyholders'
(i) Items that will not be reclassified to profit or loss in subsequent periods (2.59) (6.18) (1 .72) (8.36) 0.33 (2.70)
(ii) Items that will be reclassified to profit or loss in subsequent periods (169.81) (26.82) 35.48 (87.24) (148.38) (126.48)
Less: Transferred to Policyholders' Fund in the Balance Sheet 172.40 33.00 (33.76) 95.60 148.05 129.18
Relating to revenue account of Health Insurance Policyholders'
(i) Items that will not be reclassified to profit or loss in subsequent periods - 0.36 0.36
(ii) Items that will be reclassified to profit or loss in subsequent periods (2.23) (35.96) (35.96)
Relating to Others
(i) Items that will not be reclassified to profit or loss in subsequent periods (5.64) 29.82 7.39 48.35 12.09 0.06
Income tax relating to items that will not be reclassified to profit or loss (0.85) (3.72) (1 .31) (21 .61) (2.52) (0.72)
(ii) Items that will be reclassified to profit or loss in subsequent periods (47.97) (8.86) 23 .04 (40.67) (77.25) (76.29)
Income tax relating to items that will be reclassified to profit or loss 10.55 (1.85) (2.34) 8.63 10.77 10.26

13 Other Comprehensive Income for the period/year (43.91) 15.39 24.55 (5.30) (92.51) (102.29)
14 Total Comprehensive Income (after tax) (9+13) 716.39 740.17 3,309.65 2,145.48 4,095.78 4,721.78
15 Profit for the period/year attributable to
Owners of the Company 735.76 705.05 3,269.40 2,089 .57 4,187.12 4,795.77
Non-Controlling Interests 24.54 19.73 15.70 61 .21 1.17 28.30
16 Other Comprehensive Income attributable to
Owners of the Company (38.06) 12.99 17.05 (14.46) (36.94) (40.44)
Non-Controlling Interests (5.85) 2.40 7.50 9.16 (55.57) (61.85)
17 Total Comprehensive Income attributable to
Owners of the Company 697.70 718.04 3,286.45 2,075.11 4,150.18 4,755.33
Non-Controlling Interests 18.69 22.13 23.20 70.37 (54.40) (33.55)

18 Paid Up Equity Share Capital 2,599.56 2,598 .82 2,416.97 2,599 .56 2,416.97 2,417.99
(Face Value of~ 10 each)
19 Other Equity 17,892.76
20 Earnings per Equity Share of~ 10 each (" - not annualised)
Basic - ~ 2.83" 2.71" 13.53" 8.22" 17.33" 19.84
Diluted - ~ 2.81" 2.69" 13.49" 8.16" 17.30" 19.77
• Includes Gain of r 2,739.07 crore in Q3 FY 23 & FY 23 on account of Fair Value of investment in Health Insurance Business (Refer Note: 6) #.'f'!t. CA~ Paae 1/4
,,_/,>-~
~
~v

(it;fB-v
MUMBAI ~)
~ ~
ot>, "»v
* 0
 ~ CAPITAL
ADITYA BIRLA

Contd. from Page 1

CONSOLIDATED SEGMENTWISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE QUARTER AND NINE MONTHS ENDED 31 5 T DECEMBER 2023
t crore
Quarter Ended Nine Months Ended Year Ended
Particulars 31 st Dec, 2023 30 th Sept, 2023 31 st Dec, 2022 31 st Dec, 2023 31 st Dec, 2022 31 st March, 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

1 Segment Revenue
NBFC 3,346.48 3,052.13 2,254 .1 5 9,231.09 5,745.83 8,236.87
Housing Finance 471.03 450.18 372.20 1,338.94 1,028.78 1,405.25
Life Insurance 4,580.08 3,908.95 3,907.65 12,083.35 10,441 .76 15,439.01
Asset Management 420.72 389.10 362 .20 1,197.42 1,020.65 1,349.13
General Insurance Broking 215.56 113.38 181.85 404.45 554.97 617 .99
Stock and Securities Broking 102.06 97.38 68 .63 278.74 199.92 266.76
Health Insurance 791 .89 733.69 561 .12 2,245.98 1,765.03 2,562.88
Other Financial Services 132.11 122.02 52.70 319 .59 140.11 180.78
Total Segment Revenue 10,059.93 8,866.83 7,760.50 27,099.56 20,897.05 30,058.67
Less: Inter-Segment Revenue (63.02) (36.10) (17.21) (128.21) (44.24) (59.79)
Total Segment Revenue from Operations [Refer note 2 (a)] 9,996.91 8,830.73 7,743.29 26,971.35 20,852.81 29,998.88

2 Segment Results (Profit Before Tax)

NBFC 766.75 736.04 539.74 2,193.47 1,486.11 2,090.18
Housing Finance 100.16 96.94 78.41 281.59 225.76 308.53
Life Insurance 52.12 42.41 44 .55 114.52 133.69 196.45
Asset Management 263.51 236.79 222.68 740.60 612.91 793.86
General Insurance Broking 8.59 11.95 18.55 45.01 85.70 97.26
Stock and Securities Broking 18.65 16.81 12.00 48.51 36 .91 46.68
Health Insurance (131 .32) (79.49) (64.94) (273.32) (211 .12) (218.01)
Other Financial Services 58.18 52.69 2,759.87 126.18 2,789.42 2,786.92
Total Segment Results [Refer note 2 (b)] 1,136.64 1,114.14 3,610.86 3,276.56 5,159.38 6,101.87

3 Segment Assets (Including Goodwill) Ason Ason Ason Ason Ason Ason
31 st Dec, 2023 30 th Sept, 2023 31 st Dec, 2022 31 st Dec, 2023 31 st Dec, 2022 31 st March, 2023

NBFC 1,03,828.36 97 ,804.56 75,646.37 1,03,828.36 75,646 .37 83,629.25

Housing Finance 16,694.59 15,753.80 13,148.60 16,694.59 13,148.60 13,999.21
Life Insurance 87 ,002.30 81,629.53 72,093 .83 87,002.30 72,093.83 75,133.88
Asset Management 3,214 .72 2,985 .25 2,740 .54 3,214.72 2,740 .54 2,742.79
General Insurance Broking 351.75 313.18 280 .89 351 .75 280.89 255.70
Stock and Securities Broking 2,186.89 1,925.46 1,529.56 2,186.89 1,529.56 1,531 .89
Health Insurance 3,458.50 3,342.93 3,037.63 3,458 .50 3,037.63 3,394.08
Other Financial Services 2,916.96 3,734.77 1,368.59 2,916 .96 1,368.59 1,445.07
Total Segment Assets 2, 19,654.07 2,07,489.48 1,69,846.01 2,19,654.07 1,69,846.01 1,82,131.87
Less: Inter-Segment Elimination (874.29) (258.23) (302.93) (874 .29) (302.93) (273 .19)
Add: Unallocated Corporate Assets 655 .99 738.08 956.48 655.99 956.48 742.37
Total Assets 2,19,435.77 2,07,969.33 1, 70,499.56 2,19,435.77 1, 70,499.56 1,82,601.05

4 Segment Liabilities Ason Ason Ason Ason Ason Ason

31 st Dec, 2·023 30 th Sept, 2023 31 st Dec, 2022 31 st Dec, 2023 31 st Dec, 2022 31 st March, 2023

NBFC 89,356.83 84,825.26 65,228.83 89,356.83 65,228 .83 72,559.97

Housing Finance 14,565.90 13,711.43 11,310.84 14,565.90 11 ,310.84 12,104.15
Life Insurance 83,360.73 78 ,095.75 68,897.09 83,360.73 68,897.09 71,925 .30
Asset Management 244.20 227.49 203.49 244.20 203.49 222.35
General Insurance Broking 214.69 171.56 158.44 214.69 158.44 154.75
Stock and Securities Broking 1,872.18 1,624.74 1,258.69 1,872.18 1,258.69 1,254 .24
Health Insurance 2,506.04 2,264.42 1,811.09 2,506.04 1,811 .09 2,173.39
Other Financial Services 621.84 605 .32 639.21 621 .84 639.21 600.01
Total Segment Liabilities 1,92,742.41 1,81,525.97 1,49,507.68 1,92,742.41 1,49,507 .68 1,60,994.16
Less: Inter-Segment Elimination (874.29) (258.23) (302.93) (874 .29) (302.93) (273.19)
Add: Unallocated Corporate Liabilities 808.02 779 .83 634.62 808 .02 634.62 622.12
Total Liabilities 1,92,676.14 1,82,047.57 1,49,839.37 1,92,676.14 1,49,839.37 1,61,343.09
The Operating Segments have been identified on the basis of the business activities from which the Group earns revenues and incurs expenses and whose operating results are reviewed by the
Chief Operating Decision Maker of the Group to make decisions about the resources to be allocated and assess performance and for which discrete financial information is available. The smaller
business segments which are not separately reportable have been grouped under "Other Financial Services".
Segment 1nformat1on 1n the above table represents financial 1nformat1on/results of the respective segments without eilm1nat1ng the proportionate share of oth A ret:iol ders, and includes assets
and ilab1ilt1es of associates/Joint ventures. ~C A ~
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Notes:
1 These financial results have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards ("Ind AS") prescribed
under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India and
in accordance with the applicable circulars, guidelines and directions issued by the Reserve Bank of India (RBI) and the National Housing Bank (NHB) from time to
time.

2 The segment revenue and segment results include revenue and results of associate and joint venture entities (which have been consolidated using the equity
method) as tabulated below:

(a) Reconciliation of Revenue from Operations with Total Segment Revenue from Operations:
t crore
Quarter Ended Nine Months Ended Year Ended
th
Particulars 31 st Dec, 2023 30 Sept, 2023 31 st Dec, 2022 31
st
Dec, 2023 31 st Dec, 2022 31
st
March, 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Total Segment Revenue from Operations 9,996.91 8,830.73 7,743.29 26,971.35 20,852.81 29,998.88
Less: Revenue of associate/joint venture entities, profits of which are equity
(1,213.52) (1 ,123.18) (816.01) (3,444.92) (1,483.56) (2 ,616.58)
accounted under the Ind AS framework
Add: Elimination of Intra Group revenue from transactions with associate/joint
16.67 13.00 10.86 39.15 21.44 33.35
venture entities
Total Revenue from Operations 8,800.06 7,720.55 6,938.14 23,565.58 19,390.69 27,415.65

(b) Reconciliation of Profit Before Tax with Total Segment Results:

t crore
Quarter Ended Nine Months Ended Year Ended
Particulars 31 st Dec, 2023 30 th Sept, 2023 31
st
Dec, 2022 31
st
Dec, 2023 31 st Dec, 2022 31
st
March, 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
Total Segment Results (Profit Before Tax) 1,136.64 1,114.14 3,610.86 3,276.56 5,159.38 6,101.87
Less: Share of associate/joint venture partners in associate/joint venture
(86.87) (105.21) (111 .86) (306.34) (356.30) (466.64)
entities
Profit Before Tax 1,049.77 1,008.93 3,499.00 2,970.22 4,803.08 5,635.23

3 Following are the Policyholders' Income and Expense from Life Insurance Operations included in above results:
t crore
Quarter Ended Nine Months Ended Year Ended
st th st
Particulars 31 Dec, 2023 30 Sept, 2023 31 st Dec, 2022 31
st
Dec, 2023 31 st Dec, 2022 31 March, 2023
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)

A Policyholders' Income from Life Insurance Operations

Life Insurance Premium 3,658.18 3,189.18 3,289.46 9,663 .82 8,831.40 13,381 .83
Reinsurance ceded (107.50) (128.62) (127.73) (359.42) (369.05) (530.23)
Fees and commission Income 0.09 0.10 0.15 0.31 0.42 0.57
Interest Income 742.25 701.40 586.20 2,104.57 1,625.01 2,233.57
Dividend income 20.01 20.42 10.59 56 .62 35.01 48.88
Net gain/(loss) on fair value changes 183.13 52.23 81 .52 384 .60 130.53 38.44
Other Income 7.02 3.58 3.64 16.93 8.28 13.02
Total 4,503.18 3,838.29 3,843.83 11,867.43 10,261.60 15,186.08

B Policyholders' Expense of Life Insurance Operations

Finance Costs 5.11 3.01 2.50 10.93 7.96 10.81
Fees and Commission Expenses 239.90 197.17 199.87 571 .39 472.05 793.72
Impairment on Financial Instruments 0.93 (0 .03) 0.50 1.53 0.81 2.37
Employee Benefits Expenses 295.13 282.03 246.35 827 .04 687.83 1,007.23
Benefits paid 1,560.70 1,947 .98 1,284.92 4,959.94 3,686.24 5,211 .97
Claims ceded to reinsurers (88.61) (78.20) (85.21) (275.97) (235.17) (299.23)
Change in valuation of liabilities 1,997.53 1,309.52 1,871.74 4,696.08 4,813.30 7,290.58
Depreciation and amortisation 27.53 20.79 20.19 69 .82 57.41 83.21
Other Expenses 201.59 224.77 263.87 671.22 728.53 1,092.59
Sub Total 4,239.81 3,907.04 3,804.73 11,531.98 10,218.96 15,193.25
Add: Restricted life insurance surplus retained in Policyholders' Fund 229.73 (86.56) 28.92 295.94 6.15 (67.56)
Total 4,469.54 3,820.48 3,833.65 11,827.92 10,225.11 15,125.69

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4 The Company during the quarter ended 30 th June 2023, issued share capital through Qualified Institutional Placement of 10,00,00,000 shares to
Qualified Institutional Buyers and through Preferential Issuance of 7,57, 11,688 shares to its Promoter and a member of Promoter Group entity, both
aggregating to ~ 3,000 crore. In accordance with Ind AS 32, the costs that are attributable directly to the above transaction, have been recognised in
equity.

5 Board of Directors of the Company at its meeting held on 2th March 2023, has approved the sale of its entire stake of 50.002% of the issued and paid-
up share capital of Aditya Birla Insurance Brokers Limited to Edme Services Private Limited, part of the Samara Capital Group and an affiliate of Samara
Alternate Investment Fund. The Company has filed an application dated 20th April 2023 with Insurance Regulatory and Development Authority of India
("IRDAI''), seeking approval of the proposed transaction.
The proposed transaction is subject to receipt of the approval of IRDAI and other regulatory/ statutory approvals and satisfaction of other conditions
under the Share Purchase Agreement. Upon completion of the proposed transaction, ABIBL shall cease to be a subsidiary of the Company.

6 Aditya Birla Health Insurance Co. Limited ("ABHI") has made a preferential allotment of 5,07,07,454 equity shares of~ 10 each to Platinum Jasmine A
2018 Trust, acting through its trustee, Platinum Owl C 2018 RSC Limited, being a wholly owned subsidiary of Abu Dhabi Investment Authority ("ADIA"),
on 21 st October 2022.

W.e.f. 21 st October 2022, ABHI ceased to be a subsidiary and has been accounted as a joint venture. This has resulted in fair value gain of ~ 2,739.07
crore in FY23 representing difference between fair value of retained interest in ABHI and derecognition of net assets of ABHI in accordance with 'Ind AS
110 - Consolidated Financial Statements'.
st
As a result, financial results for the quarter and nine months ended 31 December 2023 are not comparable with the corresponding previous period/
FY23.
7 The Company, during the quarter and nine months ended 31 st December 2023, has allotted 7,42,270 and 58,57,784 equity shares respectively of face
value of~ 10 each , fully paid up, on exercise of options by eligible grantees, in accordance with the Employee Stock Option Schemes approved by the
Company.

8 The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company, at their meeting held on
01 st February 2024 and the Statutory Auditors of the Company have carried out a limited review of the aforesaid results, pursuant to Regulation 33 of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

For and on behalf of Board of Directors

Arun Kumar Adhikari

Place: Mumbai Director
Date : 01 st February 2024 DIN : 00591057
Duly authorised by the Board of Directors at its
Meeting held on 01 st February 2024

Aditya Birla Capital Limited

Corporate Identity Number L67120GJ2007PLC058890
Regd. Office: Indian Rayon Compound, Veraval 362 266 (Gujarat)
Corporate Office: One World Centre, Tower 1, 18th Floor, Jupiter Mills Compound,
841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400 013
E-mail: [email protected]
www.adityabirlacapital.com
Telephone: +91 2876 245711 Fax: +91 2876 243220

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