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Bajaj Finserv Ltd (BFS) reported a 24 per cent year-on-year increase in the second quarter consolidated net profit at ₹1,929 crore against ₹1,557 crore in the year-ago quarter.
BFS is the holding company for the various financial services businesses under the Bajaj group.
It participates in the financing business through its 52.45 per cent holding in Bajaj Finance Ltd (BFL) and in the life, general and health insurance businesses through its 74 per cent holding in two unlisted subsidiaries. Bajaj Allianz General Insurance Company Ltd (BAGIC) and Bajaj Allianz Life Insurance Company Ltd (BALIC).
BFS’ consolidated total income grew 25 per cent YoY to ₹26,023 crore (₹20,803 crore in the year ago quarter).
The company, in a statement, said BFL’s net profit for Q2 FY24 increased by 28 per cent to ₹3,551 crore v/s ₹2.781 crore in Q2 FY23 led by robust AUM growth, higher net interest income, and better asset performance. This includes the net profit of its 100 per cent mortgage subsidiary, Bajaj Housing Finance Ltd of ₹451 crore v/s ₹306 crore, an increase of 47 per cent.
BAGIC’s net profit for Q2 FY24 increased by 39 per cent to ₹468 crore v/s ₹336 crore in Q2 FY23.
BALIC’s net profit for Q2 FY24 increased by 21 per cent to ₹193 crore v/s ₹159 crore in Q2 FY23.
In its notes to accounts, BFS said the Company has expressed an intent to subscribe to Preferential Issue (Pl) of Bajaj Finance Ltd up to an amount not exceeding ₹1,200 crore, subject to finalisation of terms and conditions for the proposed issue and other considerations. The above proposal is subject to necessary regulatory/statutory approvals as may be required.
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