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Aditya Birla Capital on Thursday reported a 35 per cent increase in consolidated net profit to Rs 609 crore in the fourth quarter ended March 2023.

The holding company for the financial services businesses of the Aditya Birla Group had earned a net profit was Rs 450 crore in the year-ago period.

During the quarter, the company’s total income rose to Rs 8,052 crore against Rs 6,620 crore a year ago, Aditya Birla Capital said in a regulatory filing.

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The operating profit increased to Rs 832 crore during the fourth quarter of 2022-23 from Rs 608 crore a year ago, it said.

Its asset quality continued to improve, with gross stage 2 and 3 assets declining by 114 basis points sequentially and 314 basis points year-on-year to 5.84 per cent as on March 31, 2023, it added.

The provision coverage ratio on gross stage 3 loans grew by 320 basis points sequentially to 46.2 per cent as of March 31, 2023.

The company posted a net profit of Rs 4,796 crore for the fiscal 2022-23 as compared to Rs 1,706 crore in the same quarter a year ago.