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Business News/ Companies / Company Results/  Bajaj Finserv Q2 Results: Net profit rises 24% to 1,929 crore; revenue growth at 25% YoY; stock jumps over 2%
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Bajaj Finserv Q2 Results: Net profit rises 24% to ₹1,929 crore; revenue growth at 25% YoY; stock jumps over 2%

Bajaj Finserv consolidated revenue in Q2FY24 increased 25.1% to ₹26,023 crore from ₹20,803 crore, YoY.

Bajaj Finserv Ltd is the holding company for the various financial services businesses under the Bajaj group. (Image: Bajaj Finserv)Premium
Bajaj Finserv Ltd is the holding company for the various financial services businesses under the Bajaj group. (Image: Bajaj Finserv)

Bajaj Finserv on Friday reported a consolidated net profit of 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.

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Here’s performance of its various subsidiaries during the quarter ended September 2023:

Bajaj Finance

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 (BAGIC) 

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.

Gross written premium during the quarter increased by 53% to 7,298 crore from 4,781 crore in Q2FY23. 

Bajaj Allianz Life Insurance Company

The company’s net profit in the quarter ended September 2023 rose by 21% to 193 crore from 159 crore in the same quarter last year.

New business premium increased by 26% at 2,821 crore from 2,235 crore, while gross written premium grew by 28% to 5,338 crore from 4,155 crore, YoY.

Assets Under Management (AUM), represented by total investments, stood at 98,700 crore as on 30 September 2023 versus 86,907 crore as on 30 September 2022, an increase of 14%.

At 1:35 pm, Bajaj Finserv shares were trading 1.68% higher at 1,585.15 apiece on the BSE.

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Published: 27 Oct 2023, 01:33 PM IST
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