Q3 Results: Bajaj Finserv’s Profit Rises 16%
Bajaj Finserv Ltd.’s net profit posted a double-digit growth in the three months ended December after witnessing a blip during the preceding quarter.
Net profit of the Pune-based non-bank financial company rose 16.4 percent year-on-year to Rs 850.5 crore in October-December period, according to its exchange filing.
The company’s revenue rose 39.2 percent year-on-year to Rs 11,141.6 crore. Revenue from its general insurance business increased 34.6 percent to Rs 2,546.95 crore, while that from the life insurance business rose 21.2 percent to Rs 2,123.24 crore.
“The December quarter witnessed a situation of volatile interest rates, widening credit spreads and unusually tight liquidity conditions for non-baking finance companies and housing finance companies in the aftermath of a default by a large financial institution,” the company said in its regulatory filing.
Bajaj Finserv is the parent of listed Bajaj Finance Ltd. and unlisted Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.
Bajaj Finance’s net profit jumped 48 percent year-on-year to Rs 1,023 crore during the three months ended December. Bajaj Allianz General Insurance reported a 33 percent rise in gross written premium—excluding crop insurance—to Rs 2,422 crore during the period. The overall gross written premium from the insurance business, increased 35 percent to Rs 2,547 crore, the company said in the statement.
Shares of Bajaj Finserv ended 3 percent higher at Rs 6,223.05 ahead of the results announcement. That compared with 0.09 percent decline in the country’s benchmark NSE Nifty 50 Index.