Bajaj Finserv records 57% surge in Q1 profit, announces 1:1 bonus issue
Bajaj Finserv on July 28 said that the consolidated net profit for the quarter ended in June rose 57 percent to 1,309 Crore from RS 833 Crore a year ago.
Revenue from the operation during the quarter advanced 14 percent of the year-year to 15,888 Crore Rs, up from RS 13,949 Crore.
The Board of Directors of Bajaj Finserv also approved the sub-division of equity shares of each RS Nominal value 5. This will be followed by a bonus edition of one stock for each share owned by shareholders. This is subject to the approval of shareholders, the company said.
Announcement sent stock up more than 8 percent to RS 14,382.50 on BSE.
Bajaj Finserv is basically a parent company and has three material subsidiaries. Bajaj Finance, Bajaj Allianz General Insurance Company Limited (BATIC) and Bajaj Allianz Life Insurance Company Limited (BALIC).
Bajaj Finance on July 27 reported net profit growth of 159 percent to RS 9,283 CRORE. The total income for Q1 also increased by 38 percent to RS 9,283 Crore.
Bajaj Finserv said the gross written premium during the quarter to share increased 25 percent to 3,119 crore Rs compared to 2,494 Crore Hospital in the same quarter last year. Bagic also wrote the Government Health Insurance RS 108 Crore. The premiums he obtained were RS 1,852 crore against RS 1,815 Crore in Q1fy22.
Profit after tax increased by 147 percent to RS 411 Crore from RS 362 Crore a year ago. For Bagic, the repaired asset (AUM), represented by cash and investment on 30 June 2022 was established in RS 25,362 Crore versus 23,505 Crore on 30 June 2021 – an increase of 8 percent.
The company said, for Balic, the gross written premium for Q1 increased 74 percent to RS 4,369 Crore from RS 2,516 Crore in last year’s period. The new business premium is more than double to the ‘2,917 Crore RS while the renewal premium increased 19 percent to 1,452 Crore RS. Profit after tax during Q1 was established in RS 124 Crore, up 48 percent from RS 84 Crore.
Net New Business Value (NBV), which is a metric used to measure the profitability of the life insurance business, is significantly higher than RS 135 Crore in Q1fy23 against RS 25 Crore in Q1fy22, said Bajaj Finserv.
