Q4 Results: Bajaj Finserv’s Profit Jumps 32% But Misses Estimates
Bajaj Finserv Ltd.’s quarterly profit rose but missed estimates.
The net profit increased 32 percent year-on-year to Rs 839 crore in the March quarter, the non-bank lender said in a regulatory filing. That compares with the Rs 897-crore consensus estimate of analysts tracked by Bloomberg.
Revenue jumped 41.6 percent over the last year to Rs 11,110 crore—in line with the Rs 11,315-crore forecast. The profit from the general insurance business, however, fell by more than half to Rs 83 crore in the fourth quarter.
The company also recommended a dividend of Rs 2.5 apiece with a face value of Rs 5 each, subject to approval at its annual general meeting. The dividend will credited or dispatched on July 30 and July 31, it said in the filing.
Bajaj Finserv, parent of listed Bajaj Finance Ltd. and unlisted Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company, deals with the financial services of Bajaj Group. The Pune-based lender’s core business includes lending, insurance and wealth advisory.
Meanwhile, it appointed Nanoo Pamnani as independent non-executive chairman, effective tomorrow, after the company’s longtime Chairman and Non-Executive Director Rahul Bajaj resigned in March.
Shares of Bajaj Finserv closed 2.47 percent higher ahead of the announcement of the results. That compares with a 0.75 percent gain in the benchmark S&P BSE Sensex.