Motilal Oswal's research report on Aditya Birla Capital
Consolidated revenue grew 16% YoY to INR23.6b in FY22. Consolidated PAT (after minority interest) grew 51% YoY to ~INR17.1b in FY22 and includes a net gain of INR1.6b from the sale of ~1% stake in ABSLAMC via an IPO in Oct’21. The management has been steadfast and has exhibited high agility in its journey towards its FY24 targets, a large proportion of which has either been achieved or will be over the course of FY23.
Outlook
We maintain our Buy rating, with a SoTP (Mar’24E) based TP of INR140 per share, implying a potential upside of 40%.
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