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Bajaj Finserv net jumps by 71pc to Rs 1204cr in Q2

Press Trust of India  |  New Delhi 

Bajaj Finserv has reported a 71 per cent jump in its consolidated net profit to Rs 1,204 crore in the second quarter of the current fiscal.

The company had posted a net profit of Rs 704 crore in the corresponding July-September quarter of the previous fiscal ended on March 2019.

Total income rose by 47 per cent to Rs 14,224 crore during the reported quarter of 2019-20, as against Rs 9,698 crore a year ago period, Bajaj Finserv said in a release.

Bajaj Finserv Limited (BFS) is the holding company for the various financial services businesses under the Bajaj group. It has 54.81 per cent holding in Bajaj Finance Limited (BFL).

In protection business, it owns 74 per cent in two unlisted subsidiaries, Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC).

Bajaj Housing Finance Limited (BHFL), which does mortgage business, is a wholly-owned subsidiary of Bajaj Finance Limited.

Bajaj Finance reported a 63 per cent jump in its consolidated net profit to Rs 1,506 crore during the quarter ending September compared to Rs 923 crore in the year-ago quarter.

Its total income increased by 48 per cent to Rs 6,322 crore in July-September 2019 from Rs 4,273 crore a year ago.

"In the wake of economic conditions continuing to be sluggish with Q1FY20 GDP growth coming in at 5 per cent and sales of automobiles showing sharp reductions on a year-on-year basis...Under these difficult conditions, all the three businesses performed very well and the company has been able to record significant increases in consolidated revenue and profit after tax," it said.

Bajaj Finserv shares closed 3.16 per cent down at Rs 8,002.65. Bajaj Finance was down by 2.56 per cent at Rs 4,031.95 on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 22 2019. 20:10 IST