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  • Bajaj Finserv Q1 PAT declines 31% YoY to Rs 833 cr

    On a consolidated basis, Bajaj Finserv (BFS) posted a 31.47% fall in net profit to Rs 832.77 crore on 1.7% decline in total income to Rs 13,949.45 crore in Q1 FY22 over Q1 FY21.

    On a sequential basis, the NBFC's net profit declined 15% while total income fell 9.3% in Q1 FY22 over Q4 FY21. Profit before tax declined 25% quarter-on-quarter and 31.19% year-on-year to Rs 1767.10 crore in Q1 FY22.

    BFS is the holding company for the various financial services businesses under the Bajaj group. BFS participates in the financing business through its 52.65% holding in Bajaj Finance (BFL) and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC). Bajaj Housing Finance (BHFL), which does mortgage business and Bajaj Financial Securities (BFinsec), which does broking business, are wholly-owned subsidiaries of Bajaj Finance.

    Bajaj Finance's total income for Q1 FY22 stood at Rs 6,743 crore, increasing 1.4% from Rs 6,650 crore in Q1 FY21. Profit after tax for Q1 FY22 increased by 4% YoY to Rs 1,002 crore from Rs 962 crore in Q1 FY21. Pre-provision profitability remained strong and adequate to cover expected credit losses. Assets Under Management (AUM) as on 30 June 2021 was at Rs 159,057 crore as compared to Rs 138,055 crore on 30 June 2020, registering an increase of 15%. This includes AUM of Rs 40,941 crore of its housing finance subsidiary, BHFL, which recorded a growth of 24% over the AUM as on 30 June 2020. Gross NPA and Net NPA recognized as per extant RBI prudential norms and provisioned applying the expected credit loss (ECL) method prescribed in Ind AS, as of 30 June 2021 stood at 2.96% and 1.46% respectively.

    Bajaj Allianz General Insurance Company's Gross written premium for Q1 FY22 increased by 9% to Rs 2,494 crore as against Rs 2,289 crore in Q1 FY21. Profit after tax for Q1 FY22 stood at Rs 362 crore lower than Rs 395 crore in Q1 FY21. The company said it did not write any crop insurance business during the quarter. Net earned premium for Q1 FY22 was at Rs 1,815 crore as compared to Rs 1,818 crore in Q1 FY21. Claim ratio increased to 75.9% in Q1 FY22 from 68.1% in Q1 FY21, mainly due to 14.8% higher COVID claim ratio. Underwriting profit stood at Rs 15 crore for Q1 FY22 compared with Rs 175 crore in Q1 FY21, despite higher COVID-19 claims. As on 30 June 2021, the solvency ratio was 340%, which is well above the minimum regulatory requirement of 150%. Assets Under Management (AUM), represented by cash and investments as on 30 June 2021 stood at Rs 23,505 crore versus Rs 19,611 crore as on 30 June 2020, increasing by 20%.

    Bajaj Allianz Life Insurance Company posted a profit after tax of Rs 84 crore during Q1 FY22, 35% lower than Rs 130 crore in Q1 FY21, mainly due to COVID-19 claims. New business premium for Q1 FY22 was at Rs 1,296 crore compared with Rs 742 crore in Q1 FY21- an increase of 75%. Meanwhile, Renewal premium for Q1 FY22 was at Rs 1,220 crore as against Rs 958 crore in Q1 FY21 - an increase of 27%. Gross written premium increased by 48% to Rs 2,516 crore in Q1 FY22 from Rs 1,700 crore in Q1 FY21. Assets Under Management (AUM), represented by total investments stood at Rs 77,270 crore as on 30 June 2021 compared with Rs 60,968 crore as on 30 June 2020, registering an increase of 27%.

    In regards to COVID-19, the company said, "With signs of the second wave ebbing, all our businesses will pursue opportunities to grow while maintaining focus on risk. At the same time, we remain cognisant and vigilant of a possible third wave. Backed by strong solvency, well above the required capital supported by healthy liquidity, continued focus on risk and collections, digitised processes and improved cost structures, we manoeuvre through these times.”

    Shares of Bajaj Finserv ended 0.95% lower at Rs 12,591.40 on Tuesday. The domestic stock market is shut today on account of Bakri Eid.

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Flash News 17-Sep-2021
  •  ( 15:38) Sensex, Nifty snap three day rising streak  
  •  ( 15:01) Dynamatic Technologies bags manufacturing contract from Boeing  
  •  ( 13:33) Euro stocks rally, outpace tepid global sentiment; UK retail sales fall M-o-M  
  •  ( 13:32) Indices yield small returns; The Nifty index trades below 17,650 mark  
  •  ( 12:55) IDFC board flags off divestment of mutual fund biz  
  •  ( 12:30) CRISIL Ratings upgrades credit ratings of NCL Industries  
  •  ( 12:25) Brightcom board OKs preferential allotment to Shankar Sharma  
  •  ( 11:56) ICRA upgrades credit ratings of KEI Industries  
  •  ( 11:27) Garment Mantra Lifestyle subsidiary sets up 11th retail store in Coimbatore  
  •  ( 11:08) Cosmo Films board OKs Rs 350-cr capex plan, first interim dividend for FY22  
  •  ( 10:49) Rajesh Exports wins an order worth Rs 691 cr from Germany  
  •  ( 10:09) TVS Motor Company Singapore arm buys stake in Swiss e-bike maker  
  •  ( 09:44) Poonawalla Fincorp MD Abhay Bhutada resigns  
  •  ( 09:28) Sensex, Nifty strike record high  
  •  ( 09:27) Balkrishna Industries starts trial production at Aurangabad facility  
  •  ( 09:23) Kotak Mahindra Group acquires vehicle financing portfolio of Volkswagen Finance  
  •  ( 09:15) Biocon announces strategic alliance with Serum Institute  
  •  ( 08:22) Asian stocks trading mixed  
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17 September 2021 00:00
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