Bajaj Finserv Q1 results: Net profit increases 10% to Rs 2,138 crore

Bajaj Finserv, a listed holding entity for the Bajaj group’s finance and insurance businesses, has reported a 10 per cent year-on-year (Y-o-Y) increase in its net profit at Rs 2,138 crore for the first quarter of the financial year 2024-25 (Q1FY25). It had posted a net profit of Rs 1,943 crore in Q1FY24.

Its consolidated total income rose by 35 per cent to Rs 31,480 crore in the quarter, from Rs 23,280 crore in the year-ago period.

In a statement, Bajaj Finserv said it was a strong quarter for growth across all businesses. The company continues to grow its emerging businesses, which include Bajaj Finserv Health, Bajaj Finserv Direct, Bajaj Finserv Asset Management, and Bajaj Finserv Ventures.

Cumulative losses from emerging businesses, Bajaj Finserv Health, Bajaj Finserv Direct, and Bajaj AMC, were Rs 119 crore as against Rs 82 crore in Q1FY24.

Its stock closed 2.43 per cent lower at Rs 1,578 per share on the Bombay Stock Exchange (BSE).

The interest income rose to Rs 15,522 crore in Q1FY25 from Rs 12,131 crore in the same quarter a year ago. The premium and other operating income from the insurance business grew to Rs 12,296 crore in Q1FY25 from Rs 8,202 crore in Q1FY24. The fees and commission income rose marginally to Rs 1,553 crore in Q1FY25 from Rs 1,421 crore in Q1FY24.

While its finance cost rose to Rs 5,592 crore from Rs 4,020 crore, the claims paid stood at Rs 6,103 crore in Q1FY25, up from Rs 4,158 crore in Q1FY24. Fees and commission expenses stood at Rs 1,820 crore against Rs 1,436 crore in the year-ago period. The impairment expenses of financial instruments for lending rose to Rs 1,685 crore in Q1FY25 from Rs 995 crore in Q1FY24.