Financials Aditya Birla Capital Limited

Equities

ABCAPITAL

INE674K01013

Life & Health Insurance

Delayed NSE India S.E. Other stock markets 01:19:01 2024-05-14 EDT			5-day change	1st Jan Change
221.8 ^INR	-0.25%		+0.96%	+33.32%

07:07am	Aditya Birla Capital's Consolidated Net Profit Doubles in Fiscal Q4	MT
05-13	Transcript : Aditya Birla Capital Limited, Q4 2024 Earnings Call, May 13, 2024

Valuation

Fiscal Period: Maart	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	213,977	101,726	288,143	260,116	371,283	578,271	-	-
Enterprise Value (EV) ¹	755,282	626,282	288,143	260,116	371,283	456,044	1,820,223	2,003,954
P/E ratio	24.6 x	10.4 x	25.6 x	15.3 x	7.77 x	13.5 x	15.9 x	13.1 x
Yield	-	-	-	-	-	-	-	-
Capitalization / Revenue	1.41 x	0.61 x	1.5 x	1.17 x	1.35 x	1.32 x	1.69 x	1.52 x
EV / Revenue	4.98 x	3.73 x	1.5 x	1.17 x	1.35 x	1.32 x	5.33 x	5.25 x
EV / EBITDA	52.4 x	32.6 x	13.3 x	9.3 x	5.72 x	7.44 x	34.9 x	27.2 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	2.25 x	0.81 x	2.1 x	1.68 x	1.83 x	2.22 x	1.91 x	1.71 x
Nbr of stocks (in thousands)	2,201,404	2,413,423	2,415,278	2,416,312	2,417,994	2,600,726	-	-
Reference price ²	97.20	42.15	119.3	107.6	153.6	222.4	222.4	222.4
Announcement Date	19-05-04	20-06-05	21-05-14	22-05-12	23-05-11	24-05-13	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	151,635	167,923	192,478	222,299	274,156	345,055	341,301	381,622
EBITDA ¹	14,404	19,194	21,637	27,980	64,886	61,285	52,085	73,617
EBIT ¹	13,826	18,169	20,492	26,760	63,438	59,346	50,114	73,628
Operating Margin	9.12%	10.82%	10.65%	12.04%	23.14%	17.2%	14.68%	19.29%
Earnings before Tax (EBT) ¹	13,806	12,797	15,457	22,867	56,352	45,824	45,680	61,340
Net income ¹	8,709	9,198	11,265	17,060	47,958	33,350	32,194	42,744
Net margin	5.74%	5.48%	5.85%	7.67%	17.49%	9.67%	9.43%	11.2%
EPS ²	3.950	4.060	4.660	7.050	19.77	12.95	13.96	17.00
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-
Announcement Date	19-05-04	20-06-05	21-05-14	22-05-12	23-05-11	24-05-13	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2022 Q1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	42,990	57,055	66,168	55,903	68,250	68,940	61,415	-	-
EBITDA	-	-	-	-	-	-	-	-	-
EBIT	-	8,464	6,884	7,254	8,073	37,571	-	11,325	11,650
Operating Margin	-	14.83%	10.4%	12.98%	11.83%	54.5%	-	-	-
Earnings before Tax (EBT) ¹	3,976	6,591	6,082	5,619	5,933	34,391	9,785	10,284	14,820
Net income ¹	3,020	5,767	4,503	4,295	4,882	32,694	6,992	6,539	9,524
Net margin	7.03%	10.11%	6.8%	7.68%	7.15%	47.42%	11.38%	-	-
EPS	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-
Announcement Date	21-08-05	22-02-03	22-05-12	22-08-03	22-11-07	23-02-02	-	-	-

¹INR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	541,306	524,556	-	-	-	1,053,421	1,241,952	1,425,682
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	37.58 x	27.33 x	-	-	-	21.77 x	23.84 x	19.37 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	9.65%	8.33%	8.56%	11.7%	26.8%	12.1%	12.9%	14%
ROA (Net income/ Total Assets)	0.86%	0.82%	0.95%	1.28%	2.98%	2.01%	1.3%	2.11%
Assets ¹	1,017,097	1,117,323	1,190,468	1,329,673	1,609,470	1,471,916	2,476,462	2,023,289
Book Value Per Share ²	43.20	52.10	56.90	64.10	84.00	100.0	116.0	130.0
Cash Flow per Share	-	-	-1.270	8.020	-	-	-	-
Capex	-	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-	-
Announcement Date	19-05-04	20-06-05	21-05-14	22-05-12	23-05-11	24-05-13	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Aditya Birla Capital Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

222.4 INR

Average target price

229 INR

Spread / Average Target

+2.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Life Insurance

	1st Jan change	Capi.
ADITYA BIRLA CAPITAL LIMITED	+33.32%	6.92B
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.	+5.83%	102B
AIA GROUP LIMITED	-7.35%	92.29B
LIFE INSURANCE CORPORATION OF INDIA	+9.05%	67.53B
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	+16.65%	33.36B
FUBON FINANCIAL HOLDING CO., LTD.	+10.34%	28.7B
JAPAN POST HOLDINGS CO., LTD.	+17.55%	28.68B
SBI LIFE INSURANCE COMPANY LIMITED	-0.34%	17.09B
HDFC LIFE INSURANCE COMPANY LIMITED	-12.63%	14.41B
NN GROUP N.V.	+28.06%	13.54B

Life Insurance