Bajaj Finserv Q1 Results: Net profit jumps 48% to ₹1,943 crore; revenue rises 47% YoY
₹1,942.63 crore. The company’s net profit in the same quarter last year was ₹1,309 crore. The company’s revenue from operations in Q1FY24 increased 46.5% to ₹23,280 crore from ₹15,888.3 crore, YoY.
“Macro-economic conditions were stable during the quarter with a higher level of business confidence. In this conducive environment, our companies have once again delivered strong operating performance" Bajaj Finserv said. Its subsidiary, Bajaj Finance reported highest ever quarterly increase in its customer franchise of 3.84 million and highest ever new loans booked of 9.94 million in Q1FY24.
Bajaj Finserv holds over 52.45% stake in Bajaj Finance. During the quarter under review, Bajaj Finance reported an over 32% YoY growth in its consolidated net profit to ₹3,437 crore, led by robust AUM growth, higher net interest income and better asset performance. Its net interest income (NII) rose 26% YoY to ₹8,398 crore.
Assets Under Management (AUM) as on 30 June 2023 was ₹270,097 crore as compared to ₹204,018 crore as on 30 June 2022, an increase of 32%. Read here: Bajaj Finance Q1 results: Net profit rises 32% YoY to ₹3,437 crore; asset quality improves Bajaj Finserv’s general insurance subsidiary Bajaj Allianz General Insurance Company reported a gross written premium of ₹3,834 crore in Q1FY24, up by 23% YoY. Its combined ratio improved to 100.7% in Q1FY24 from 104.6% in Q1FY23.
The net earned premium for the quarter increased to ₹1,938 crore from ₹1,852 crore a year ago. The company’s underwriting loss for the quarter was at ₹42 crore as against a loss of ₹61 crore in the year ago period. Also Read: Nestle India Q2 Results: Net profit rises 36% to ₹698 crore but share drops over 3%; Here's why investors aren't happy Bajaj Allianz
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