Bajaj Finserv Q1 net profit up 2 pc at Rs 845 cr

Bajaj Finserv on Thursday reported a 2 per cent rise in its consolidated net profit to Rs 845.30 crore in the first quarter ended June 30.

The company had registered Rs 825.80 crore net profit in the April-June quarter of previous fiscal.

Total revenues during the quarter jumped by 40 per cent to Rs 12,272.30 crore, as against Rs 8,771.10 crore in the year-ago period, it said in a release.

"During this quarter, the tight liquidity conditions witnessed in the aftermath of a default by IL&FS did not show signs of abatement and companies with stronger balance sheets were favoured by lending banks and investors," Bajaj Finserv said.

The firm said it remains a debt free company with surplus funds (excluding group investments) of Rs 790 crore as on June 30, 2019, up from Rs 660 crore by end of June last year.

It is the holding company for various financial services under Bajaj Group, including NBFC and insurance.

The company holds 54.81 per cent in Bajaj Finance, and 74 per cent each in Bajaj Allianz General Insurance (BAGIC), and Bajaj Allianz Life Insurance. Bajaj Hosuing Finance which is engaged in mortgage business and is a wholly owned subsidiary of Bajaj Finance.

BAGIC's results were negatively impacted by losses from cyclone Fani, which hit India's east coast during the June quarter, the company said.

The company's asset under management at end of first quarter of 2019-20 was at Rs 1.29 lakh crore, up by 41 per cent from Rs 9.13 lakh crore a year ago.

Stock of Bajaj Finserv closed 3.92 per cent down at Rs 6,783 apiece on BSE.