On Thursday Bajaj Finserv reported a 57 per cent jump in net profit at Rs 1,309 crore in the first quarter ended June 30, on healthy earnings by its subsidiary companies. Earlier this year, the company had posted a net profit of Rs 833 crore.
The consolidated total income during April-June period of 2022-23 was up 14 per cent to Rs 15,888 crore, Bajaj Finserv said in a regulatory filing. As per the company, the business conditions improved significantly in the first quarter of FY23 and its consolidated assets under management (AUM) crossed a milestone of Rs 2,00,000 crore during this period and stood at Rs 2,04,018 crore. Its wholly-owned subsidiary, Bajaj Housing Finance Ltd (BHFL) recorded a growth of 96 per cent in profit after tax during the June 2022 quarter.
Of the other material subsidiaries, Bajaj Allianz General Insurance Company (BAGIC) recorded a healthy growth of 25 per cent in gross written premium and 14 per cent growth in profit in Q1FY23, Bajaj Finserv said.
“Bajaj Allianz Life Insurance Company (BALIC) continued its excellent performance and recorded industry beating growth of 81 per cent in individual rated new business premium while growing new business value significantly in Q1FY23,” it said. Shareholders’ profit after tax during the quarter under review stood at Rs 124 crore, as against Rs 84 crore in the year-ago period, the company said.