Bajaj Finserv Q1 results: Net profit jumps 48.3% YoY to Rs 1,942.63 crore

The company's revenue from operations rose nearly 46.5% YoY to Rs 23,279.98 crore from Rs 15.888.26 crore last year

Bajaj Finserv Ltd on Friday reported a 48.3 per cent year-on-year (YoY) rise in consolidated net profit for the quarter ended June 2023 to Rs 1,942.63 crore from Rs 1,309.38 crore in the same quarter last year.

Sequentially, the profit was up 9.8 per cent as compared to Rs 1,768.95 crore.

Its revenue from operations rose nearly 46.5 per cent YoY to Rs 23,279.98 crore from Rs 15,888.26 crore last year.

Its subsidiary Bajaj Finance recorded its highest-ever quarterly increase in customer franchise of 3.84 million and the highest-ever new loans booked of 9.94 million in the June quarter.

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“Macroeconomic conditions were stable during the quarter with a higher level of business confidence,” the company said.

The strong performance of all subsidiaries helped Bajaj Finserv report an all-time high quarterly profit.

Bajaj Finance, in which Bajaj Finserv holds over 52 per cent stake, reported an over 32 per cent YoY rise in consolidated net profit to Rs 3,437 crore, while net interest income increased 26 per cent to Rs 8,398 crore.

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The assets under management (AUM) as of June 30, stood at Rs 2.7 trillion, up 32 per cent from the year-ago period. The company also recorded the highest-ever quarterly increase in its AUM of Rs 22,718 crore.

The general insurance subsidiary Bajaj Allianz General Insurance reported a gross written premium of Rs 3,834 crore, up 23 per cent from the previous year.

The net earned premium for the quarter stood at Rs 1,938 crore, compared to Rs 1,852 crore a year ago.

The underwriting loss for the quarter stood at Rs 42 crore, compared with a loss of Rs 61 crore in Q1FY23.

The AUM, represented by cash and investments as of June 30, was Rs 28,611 crore, compared to Rs 25,362 crore the previous year.

Meanwhile, Bajaj Allianz Life Insurance Co’s gross written premium declined 7 per cent YoY to Rs 4,058 crore. The new business premium was Rs 2,159 crore, compared to Rs 2,917 crore a year ago.

Renewal premiums in the quarter increased by 31 per cent YoY to Rs 1,899 crore.

The AUM, represented by total investments, stood at Rs 95,317 crore as of June 30, 15 per cent higher than the year-ago period.

At 1:30 pm, the shares of Bajaj Finserv was trading 0.55 per cent in the green at Rs 1,634.65 apiece on BSE.