Bajaj Finserv Q2 Results: Profit Rises 8%; Total Income Up 30%
Bajaj Finserv Ltd.'s consolidated net profit rose 8% year-on-year to Rs 2,087 crore in the quarter ended September 2024. Sequentially, the profit rose 13%.
Total income during the same period rose 30% to Rs 33,704 crore, according to an exchange filing. Its subsidiary, Bajaj Housing Finance Ltd. recorded a net profit growth of 21%.
Second quarter performance of the company's other subsidiaries:
Bajaj Finance Ltd. saw its net total income for the second quarter increase 24% to Rs 10,946 crore, with profit after tax rising 13% to Rs 4,000 crore
Bajaj Allianz General Insurance Co.'s gross written premium decreased by 20% to Rs 5,871 crore in the quarter gone by, due to spillover of the government health business to October, the company said in its exchange filing.
Excluding the tender-driven crop and government health business, the general insurance arm grew by 11%—better than the industry average, the company stated. Profit after tax stood at Rs 494 crore—an increase of 6%.
The company's life insurance arm saw new business premium rise by 14% to Rs 3,202 crore in the second quarter.
The company continues to grow its emerging businesses, which include Bajaj Finserv Health, Bajaj Finserv Direct, Bajaj Finserv Asset Management, and Bajaj Finserv Ventures, it said in the filing. Losses from these businesses were at Rs 90 crore, as envisaged, it said.
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