Bajaj Finserv Q1 Results: Net Profit Rises 48% Driven By Record Jump In Customer Franchise

Bajaj Finserv Q1 Results: Net Profit Rises 48% Driven By Record Jump In Customer Franchise

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Bajaj Finserv on Thursday reported a consolidated net profit of Rs 1,942.6 crore for the June quarter of the financial year 2023-24 (Q1 FY24), a 48.4 per cent growth compared to Rs 1,309 crore in the same quarter of the last year. The company’s total income for the reported quarter increased by 46.5 per cent to Rs 23,280 crore from Rs 15,888.3 crore, on a year-on-year basis (YoY), driven by a record jump in customer franchise. 

The company in its exchange filing said that Bajaj Finserv Limited recorded the highest-ever quarterly increase in its customer franchise of 38.4 lakhs and the highest-ever new loans booked of 99.4 lahks in the first quarter of FY24.

Additionally, the holding firm for Bajaj Group’s insurance, lending, and distribution enterprises, reported a 32 per cent growth in its consolidated profit after tax to Rs 3,437 crore in Q1 FY24. 

Bajaj Finserv also serves as the holding company for Bajaj Finance with a 52.49 per cent stake in the firm. On Wednesday, Bajaj Finance reported a 32 per cent on-year growth in consolidated net profit to Rs 3,437 crore for the June quarter. 

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Bajaj Allianz General Insurance Company Ltd (BAGIC), another subsidiary of Bajaj Finserv, reported a 23 per cent rise in its gross written premium in the first quarter. BAGIC’s gross written premium increased by 27 per cent to Rs 3,834 crore in Q1 FY24 from Rs 3,009 crore in Q1 FY23. This excludes hefty tender-driven crop and government health contracts, according to the company in an exchange report.

Meanwhile, Bajaj Allianz Life Insurance Company logged an increase in individual-rated new business premiums by 15 per cent in the reporting period. Bajaj Financial Securities’ consolidated total income and profit after tax increased by 47 per cent and 48 per cent, respectively, on a YoY basis. This helped the company record an all-time high quarterly profit.

Another subsidiary, Bajaj Finserv Asset Management, introduced its first mutual fund schemes in the form of liquid and overnight funds.

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