INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE

FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF
ADITYA BIRLA CAPITAL LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of

ADITYA BIRLA CAPITAL LIMITED (the “Company”), for the quarter and nine months ended
December 31, 2020 (the “Statement”), being submitted by the Company pursuant to the
requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended.
2. This Statement, which is the responsibility of the Company’s Management and approved by
the Company’s Board of Directors, has been prepared in accordance with the recognition and
measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial
Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013 read with
relevant rules issued thereunder and other accounting principles generally accepted in India.
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
(ICAI). A review of interim financial information consists of making inquiries, primarily of the
Company’s personnel 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 specified under section 143(10) of the Companies
Act, 2013 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 stated in paragraph 3 above, 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 SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which
it is to be disclosed, or that it contains any material misstatement.

For Deloitte Haskins & Sells LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

Mukesh Jain
Partner
Membership No. 108262
(UDIN: 21108262AAAACB2884)

Place: Mumbai
Date: February 5, 2021
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Regd. Office: One International Center, Tower 3, 27th – 32nd Floor, Senapati Bapat Marg, Elphinstone Road
(West), Mumbai – 400 013, Maharashtra, India. (LLP Identification No. AAB-8737)
INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM
CONSOLIDATED FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF

ADITYA BIRLA CAPITAL LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial

Results of ADITYA BIRLA CAPITAL LIMITED (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 (net) of its joint ventures for the quarter
and nine months ended December 31, 2020 (the “Statement”), being submitted by the
Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended.
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 the Indian Accounting Standard 34 “Interim
Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act,
2013 read with relevant rules issued thereunder and other accounting principles generally
accepted in India. 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 (ICAI). A review of interim financial information consists of making inquiries,
primarily of Parent’s personnel 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 specified under Section
143(10) of the Companies Act, 2013 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 SEBI under
Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended, to the extent applicable.
4. The Statement includes the results of the following entities:

Sr.
Name of the Company
No.
Subsidiaries
1 Aditya Birla Finance Limited
2 Aditya Birla Housing Finance Limited
3 Aditya Birla Trustee Company Private Limited
4 Aditya Birla PE Advisors Private Limited
5 Aditya Birla Capital Technology Services Limited (formerly known as Aditya
Birla MyUniverse Limited)
6 Aditya Birla Finance Shared Services Limited
7 Aditya Birla Money Limited
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Regd. Office: One International Center, Tower 3, 27th – 32nd Floor, Senapati Bapat Marg, Elphinstone
Road (West), Mumbai – 400 013, Maharashtra, India. (LLP Identification No. AAB-8737)
 Sr.
Name of the Company
No.
8 Aditya Birla Money Mart Limited
9 Aditya Birla Money Insurance Advisory Services Limited
10 Aditya Birla Insurance Brokers Limited
11 Aditya Birla Health Insurance Company Limited
12 ABCAP Trustee Company Private Limited
13 Aditya Birla Sun Life Insurance Company Limited
14 Aditya Birla Sun Life Pension Management Limited
15 Aditya Birla ARC Limited
16 ABCSL – Employee Welfare Trust
17 Aditya Birla Stressed Asset AMC Private Limited
18 ABARC-AST-001-Trust
19 Aditya Birla Special Situation Fund - I
Joint Ventures
20 Aditya Birla Sun Life AMC Limited
21 Aditya Birla Sun Life AMC (Mauritius) Limited, Mauritius
22 Aditya Birla Sun Life AMC Pte. Limited, Singapore
23 Aditya Birla Sun Life AMC Limited, Dubai
24 Aditya Birla Sun Life Trustee Private Limited
25 Aditya Birla Wellness Private Limited

5. Based on our review conducted and procedures performed as stated in paragraph 3 above
and based on the consideration of the review reports of other auditors referred to in
paragraph 7 below and the certificates of the Appointed Actuaries referred to in paragraph
8 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 SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, including the manner in which it is to be
disclosed, or that it contains any material misstatement.
6. We draw attention to Note 4 to the Statement in which the Company describes the
continuing uncertainties arising from the COVID 19 pandemic. Our conclusion on the
Statement is not modified in respect of this matter.
7. We did not review the interim financial results of 12 subsidiaries included in the
consolidated unaudited financial results, whose interim financial results reflect total
revenues of ₹319.94 crore and ₹865.42 crore for the quarter and nine months ended
December 31, 2020, respectively; total net loss after tax of ₹42.04 crore and ₹154.46
crore for the quarter and nine months ended December 31, 2020, respectively; and total
comprehensive loss (net) of ₹30.72 crore and ₹130.04 crore for the quarter and nine
months ended December 31, 2020, respectively, as considered in the Statement. The
consolidated unaudited financial results also includes the Group’s share of profit after tax
(net) of ₹74.82 crore and ₹188.36 crore for the quarter and nine months ended December
31, 2020, respectively; and total comprehensive income (net) of ₹74.57 crore and
₹188.85 crore for the quarter and nine months ended December 31, 2020, respectively,
as considered in the Statement, in respect of 6 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 Management and our
conclusion on the Statement, in so far as it relates to the amounts and disclosures

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 included in respect of these subsidiaries and 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 conclusion on the Statement is not modified in respect of this matter.
8. Determination of the following as at and for the quarter and nine months ended December
31, 2020, is the responsibility of the Group’s Appointed Actuaries:
(i) The actuarial valuation of liabilities for life policies in force and for policies in
respect of which premium has been discontinued but liability exists as at
December 31, 2020, in respect of subsidiary engaged in Life Insurance segment
and the actuarial valuation of Claims Incurred But Not Reported (IBNR), Claims
Incurred But Not Enough Reported (IBNER) and Premium Deficiency Reserve
(PDR) as at December 31, 2020, in respect of subsidiary engaged in Health
Insurance segment is the responsibility of the subsidiaries’ Appointed Actuaries.
In their respective opinions, 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 Actuaries of India in
concurrence with the IRDAI. The charge of “Change in Valuation of Liabilities”
includes charge for actuarial valuation of liabilities for life policies in force and
charge for the policies in respect of which premium has been discontinued but
liability exists as at December 31, 2020 and “Benefits Paid” includes the estimate
of IBNR and IBNER. These charges have been actuarially determined, based on
the liabilities duly certified by the subsidiaries’ Appointed Actuaries; and
(ii) Other adjustments for the purpose of preparation of the Statement, as confirmed
by the Appointed Actuaries in the Life Insurance and Health Insurance segments
are in accordance with Indian Accounting Standard 104 on Insurance Contracts:
a. Assessment of contractual liabilities based on classification of contracts into
insurance contracts and investment contracts;
b. Valuation and Classification of Deferred Acquisition Cost and Deferred
Origination Fees on Investment Contracts;
c. Grossing up and classification of the Reinsurance Assets; and
d. Liability adequacy test as at the reporting dates.
The respective auditors of these subsidiaries have relied on the certificates of the
Appointed Actuaries in respect of above matters in forming their conclusion on the interim
financial results of the said subsidiaries.

For Deloitte Haskins & Sells LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

Mukesh Jain
Partner
Membership No. 108262
(UDIN: 21108262AAAACC8439)
Place: Mumbai
Date: February 5, 2021

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