Bajaj Finserv Q2 Results: Net profit rises 24% to ₹1,929 crore; revenue growth at 25% YoY; stock jumps over 2%
₹1,929 crore for the second quarter of FY24, registering a growth of 24% from ₹1,557 crore in the corresponding quarter of last fiscal. The company’s consolidated revenue in Q2FY24 increased 25.1% to ₹26,023 crore from ₹20,803 crore, YoY. “Against the backdrop of upbeat macro-economic conditions during the quarter.
our companies have continued their strong operating performance," Bajaj Finserv said in a release. Bajaj Finserv Ltd is the holding company for the various financial services businesses under the Bajaj group. Bajaj Finserv Asset Management received encouraging response to its mutual fund schemes launched in the quarter with Assets Under Management (AUM) of ₹5,235 crore at 30 September 2023, the company said.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Here’s performance of its various subsidiaries during the quarter ended September 2023: Among its subsidiaries, Bajaj Finance’s total income for Q2FY24 increased by 34% to ₹13,382 crore from ₹9,974 crore in Q2FY23. Its profit after tax during the quarter increased by 28% to ₹3,551 crore from ₹2,781 crore, YoY, led by robust AUM growth, higher net interest income and better asset performance. Assets Under Management (AUM) of Bajaj Finance as on 30 September 2023 was ₹290,264 crore versus ₹218,366 crore as on 30 September 2022, an increase of 33%.
Bajaj Finserv holds 52.45% stake in Bajaj Finance. Bajaj Allianz General Insurance Company profit after tax in Q2FY24 increased by 39% to ₹468 crore from ₹336 crore in Q2FY23. Net earned premium stood at ₹2,250 crore versus ₹2,090 crore, YoY.
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