Shares of Aditya Birla Capital corrected 4% on May 11 despite posting double-digit growth in quarterly earnings.

For the quarter ended March FY23, consolidated profit rose 35.1% year-on-year to Rs 608.6 crore, while operating income rose 21.3% year-on-year to Rs 8,025 crore.

“Strong momentum across corporates led to 40% YoY growth in overall loan book (NBFC and HFC) to Rs 94,364 crore and 28% YoY growth in gross premiums (life and health insurance) to Rs 17,787 crore in FY23,” Aditya Birla Capital said in a filing to the exchange.

Consolidated profit soared 181% to Rs 4,796 crore in 2022-23, while operating income rose 23.3% to Rs 27,416 crore compared to the previous financial year.

As of March 2023, the company had about 38 million customers. During the year, 247 branches were opened, bringing the total number of branches to 1,295 by the end of March 2023.

Aditya Birla Capital said its board had approved fundraising of up to Rs 3,000 crore through equity or debt.

The stock was trading at Rs 164.5 on the NSE, up 3.7% at 3:18 pm, with 7.54 million shares.