Bajaj Finserv Q3 net profit rises 32 pc at Rs 1,126 cr

Bajaj Finserv on Wednesday reported a 32 per cent rise in consolidated net profit at Rs 1,126 crore in third quarter of FY20.

The company had posted a net profit of Rs 851 crore in the same period of 2018-19.

Total income rose 31 per cent at Rs 14,561 crore as against Rs 11,142 crore in year-ago period, Bajaj Finserv said in a release.

Bajaj Finserv is the holding company for various financial services business of the Bajaj Group.

The company holds 52.82 per cent stake in Bajaj Finance Ltd. It also holds 74 per cent stake in two unlisted insurance companies Bajaj Allianz General Insurance and Bajaj Allianz Life Insurance.

"Economic conditions in the quarter continued to be weak with GDP growth dropping to 4.5 per cent in Q2FY20. Weak consumer demand in some pockets, unseasonal rainfall and volatile bond markets also contributed to difficult market environment for our businesses," the company said.

Even as the economic conditions remained difficult, all the three businesses of Bajaj Finserv performed well and the company has been able to record significant increase in consolidated revenue and profit after tax.

Bajaj Finserv stock closed at Rs 9,902.25 on the BSE, up 2.77 per cent over previous close.