Bajaj Finserv Q4 results: Net profit rises 37% to Rs 1,346 cr, revenue up 23%

Bajaj Finserv on Thursday reported 37.48 per cent year-on-year (YoY) rise in its consolidated net profit at Rs 1,346 crore for the quarter ended 31, March 2022. The company had posted a net profit of Rs 979 crore in the year-ago period. 

The company said its total revenue from operations jumped 22.58 per cent to Rs 18,862 crore for quarter under review from Rs 15,387 crore in the same quarter last year.

The Board of Directors recommended a dividend of Rs 4 per share. The total amount of dividend is Rs 64 crore for the financial year 2021-2022. 

Bajaj Finserv's general insurance gross written premium grew 11.5 per cent (QoQ) and 18.4 per cent (YoY), while its life Insurance gross written premium was up 40 per cent (QoQ) and 27 per cent (YoY). 

The company also said that it recorded its highest ever assets under management and annual consolidated profit after tax in FY22. Customer franchise stood at 57.57 million as of 31 March 2022 as compared to 48.57 million as of 31 March 2021 - an increase of 19 per cent. Customer franchise recorded highest ever increase of 9.0 million in FY22.

The company stated that business conditions improved significantly in Q4FY22 although they were volatile due to the outbreak of war in Ukraine. "Although lower sales of automobiles due to supply chain problems affected the general insurance business, the overall environment was conducive and all our businesses recorded excellent growth," it added. 

The earnings of Bajaj Finserv include those of its ownership in Bajaj Finance, Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC).

Meanwhile, BAGIC maintained its market position and underwriting discipline where most peers continued to chase market share. It also recorded in highest ever gross written premium and profit after tax in FY22.

BALIC continued its excellent performance and recorded industry beating growth of 49 per cent in individual rated new business premium in FY22. It also recorded in highest ever gross written premium and strong growth in new business value in FY22.

Shares of Bajaj Finserv on Thursday traded 1.22 per cent higher at Rs 15,010 apiece on BSE during none deals.