Bajaj Finserv shares rise after 24% jump in Q2 profit

Bajaj Finserv on Thursday saw its shares climbing 2 per cent in a knee-jerk reaction to its results announcement. The holding company reported a 24 per cent year-on-year (YoY) rise in net profit at Rs 1,929 crore for the September quarter compared with Rs 1,557 crore in the corresponding quarter last year. Profit, after excluding mark-to-market loss of insurance subsidiaries, net of tax, came in at Rs 2,000 crore, suggesting a growth of Rs 27 per cent.

Consolidated total income for the quarter stood at Rs 26,023 crore, up 25 per cent over Rs 20,803 crore in the corresponding quarter last year.  Bajaj Finserv recorded quarterly increase in the customer franchise of 35.8 crore and number of new loans booked of 85.3 lakh in Q2FY24. 

Its quarterly consolidated profit after tax increased by 28 per cent while its wholly owned subsidiary, BHFL recorded growth of 47 per cent in profit after tax. Further, BFL's deposit book crossed a milestone of~ 50,000 crore in the quarter.

"BAGIC recorded market leading growth in gross written premium of 53 per cent; excluding bulky tender-driven crop and government health business growth was 21 per cent. BAGI C's profit after tax recorded strong growth of 39 per cent. It continued to deliver superior combined ratio," it aid.

BALIC recorded market leading growth of 32 per cent in individual rated new business premium and growth of 25 per cent in net new business value. Bajaj Finserv held 31,78,16,130    shares or 52.45 per cent stake in Bajaj Finance as on September 30. Bajaj Finance reported a profit of Rs 3,551 crore for the September quarter, up 28 per cent YoY.

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