Business

Bajaj Finserv fourth quarter profit jumps over 4-folds to Rs 979 cr

The bounce was once driven by its insurance coverage alternate.

Subject issues

Bajaj Finserv | Q4 Results | Insurance

Bajaj Finserv Ltd (BFL) on Wednesday reported over four-fold bounce in its consolidated rep profit to Rs 979 crore for the fourth quarter resulted in March 2021, driven by its insurance coverage alternate.

The company had posted a rep profit of Rs 194 crore all over the corresponding January-March duration of 2019-20.

The total consolidated earnings all over the March 2021 quarter elevated to Rs 15,387 crore as in opposition to Rs 13,294 crore in the corresponding duration of the previous financial year, BFL said in a regulatory submitting.

The board has rapid a dividend of three per fraction or 60 per cent on the face price of Rs 5 per unit.

The profit after tax in 2020-21 rose to Rs 4,470 crore from Rs 3,369 crore in the year-ago duration, it said.

The company’s consolidated total earnings was once at a file of Rs 60,591 crore in 2020-21 when put next with Rs 54,351 crore in 2019-20.

The company’s subsidiary Bajaj Allianz Fashioned Insurance Firm recorded an all-time excessive annual profit and persevered to remark sturdy development in its underwriting result, it said.

During the year, the favored insurance coverage arm posted a profit of Rs 1,330 crore as in opposition to Rs 999 crore in the previous fiscal.

Equally, life insurance coverage arm registered an all-time excessive annual execrable written top price in FY21 at Rs 12,025 crore. Its Assets Below Management reached an all-time excessive level of Rs 73,773 crore at year live, it said.

“In consequence, Bajaj Finserv had adequate profit allege on a consolidated basis, in an especially traumatic year,” it said.

It is traumatic to predict how long this second wave will final and with what intensity; and when will it subside to manageable levels, it said, at the side of, probability of here is anticipated to live elevated in Q1 and Q2 of FY22.

“With strong solvency, nicely above the required capital supported by wholesome liquidity, persevered take care of probability and collections, digitised processes and improved imprint structures, we are in an even bigger shape than we had been final year to face any harmful match,” it said.

BFL holds 52.82 per cent in Bajaj Finance Ltd. It also has 74 per cent preserving in unlisted subsidiaries, Bajaj Allianz Fashioned Insurance Firm Ltd and Bajaj Allianz Existence Insurance Co Ltd.

(Easiest the headline and movie of this file would possibly perchance also had been remodeled by the Commercial Fashioned workers; the leisure of the declare is auto-generated from a syndicated feed.)

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