Bajaj Finserv, the holding company of all the financial ventures from the Bajaj group, today posted over 37% growth in net profit at Rs 217 crore for the second quarter ended September 30.
The company had posted a post-tax profit of Rs 158 crore in the corresponding July-September period last year.
The company's consolidated gross revenue was up 13% at Rs 3,721 crore, while the income from operations was up 41% to Rs 1,008 crore.
"We are happy at the numbers given the external situation," the company's MD Sanjiv Bajaj told PTI here.
Retail financing arm Bajaj Finance's post tax profit was up 48% at Rs 129 crore while in the life insurance business, where it has a tie-up with Allianz, profit was up 54% to Rs 88 crore, the company said in a statement.
The general insurance business posted a 22% jump in net at Rs 78 crore, it said.
Bajaj said the company will remain cautious about financing in the infrastructure and construction equipment space which are suffering due to the gloomy economic conditions in the near future, even though the reform initiatives have set in.
He added that the company lost up to 15% of lending opportunities due to the caution exercised.
Bajaj said its partner Allianz "would like to" up its stake in the life insurance business once the policy announcement of raising the foreign holding till 49% from the current 26% gets notified.
Bajaj Finserve, however, does not have any plans of listing, he said.
The company scrip ended 0.38% down at Rs 868.85 at the BSE today.
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