Bajaj Finserv today reported a massive 46 per cent rise in the net profit at Rs 249 crore in the October-December quarter driven by a strong showing of its life insurance, general insurance and non-banking financial services arms.
The Pune-based financial services arm of the Bajaj Group had reported Rs 170 crore net profit a year ago. The profit in the reporting quarter, the highest ever for the company, is after excluding minority interest in net income of subsidiaries, it said.
The company's general insurance business posted a net profit of Rs 91 crore, up 52 per cent over the year-ago period. It earned 23 per cent more premium in the third quarter at Rs 694 crore.
Company managing director and chief executive officer, Sanjiv Bajaj, said that while the numbers were robust, in the life insurance business, the new business premium rose only marginally to Rs 669 crore against Rs 653 crore a year ago.
When asked about lower revenue and higher profit, Mr Bajaj said: "The robust growth numbers across the three main businesses helped us with the 46 per cent growth in the net going right up to Rs 249 crore for Bajaj Finserv at a consolidated level."
The renewal premium in the quarter dropped 18 per cent to Rs 839 crore. The segment's profit, however, soared 59 per cent to Rs 100 crore during the quarter.
Mr Bajaj also ruled out listing of the life insurance business saying the company does not need any fresh capital. Explaining the numbers further, he said the consolidated income from operations rose to Rs 1,120 crore from Rs 825 crore.
Bajaj Allianz General Insurance saw its net soar 52 per cent to Rs 91 crore, while Bajaj Allianz Life's net profit rose to Rs 331 crore from Rs 283 crore in Q3. The general insurance saw a 23 per cent growth in gross premium to Rs 950 crore.
The company reported a 12 per cent rise in total disbursals to Rs 5,200 crore during the reporting period. Another arm, Bajaj Finance's net rose 33 per cent to Rs 160 crore from Rs 120 crore.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
