Bajaj Finserv Q3 Results: Profit Rises 32% On Earnings Boost From Life Insurance Arm
Bajaj Finserv’s net profit rose 32% year-on-year to Rs 1,126 crore on the back of revenue that increased 31% to Rs 14,361 crore.
Bajaj Finserv Ltd.’s third-quarter profit rose on the back of its life insurance business.
Profit after tax rose 32 percent over the previous year to Rs 1,126 crore in the quarter ended December, the company said in an exchange filing. Earnings of the company’s general insurance arm fell 15 percent year-on-year to Rs 191 crore, while that of its life insurance arm grew 28 percent to Rs 143 crore, according to the filing.
Revenue rose 31 percent on an annual basis to Rs 14,561 crore in the three months to December.
“Bajaj Finserv continued its stellar performance, recording its highest-ever quarterly consolidated profit after tax with its 9M FY20 consolidated profit surpassing the annual profit for FY19,” the exchange filing read.
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On Wednesday, Bajaj Finserv shares rose 3.04 percent to Rs 9,924.00 apiece on the NSE while the benchmark Nifty 50 rose 0.61 percent to end the day at 12,129.50 points. The company’s quarterly results were announced after market hours.