Bajaj Finserv reports flat net profit growth in Q1; total income rises 40%

Total Income grew by 40 per cent year-on-year, though profitability of life and general insurances business dragged the overall show

Bajaj Finserv — the holding company of Bajaj Finance, Bajaj Allianz General Insurance Company (BAGIC), and Bajaj Allianz Life Insurance Company (BALIC) — on Thursday reported a 40 per cent year-on-year increase in income to Rs 12,272 crore in the June quarter (Q1).
 
The company’s net profit at Rs 845 crore, however, increased by only 2 per cent year on year as a few one-offs provisioning expenses in BAGIC and BALIC impacted the overall numbers. Bajaj Finserv’s stock shed 3.9 per cent on Thursday to close at Rs 6,783 apiece on the BSE. 
 
BAGIC’s underwriting result was affected