Bajaj Finserv Q4 Earnings: Net Profit Increases 20%, Dividend Announced

Bajaj Finserv reported a 20% year-on-year increase in consolidated net profit, reaching ₹2,119 crore for the fourth quarter of the financial year 2023-24, driven by strong growth from Bajaj Finance.

The company’s total consolidated income surged 35.6% year-on-year to ₹32,041.93 crore.

The Board of Directors has recommended a dividend of ₹1 per share, which is 100% of the face value of ₹1, totaling ₹159.55 crore, an increase from the previous year’s ₹127.43 crore, according to the company’s release.

Bajaj Finance

Bajaj Finance, a day prior, announced a 21% growth in its consolidated profit after tax, which amounted to ₹3,825 crore. The company's assets under management (AUM) saw a 34% increase, reaching ₹3.31 lakh crore. Its net interest income rose 28% in the March quarter to ₹8,013 crore from ₹6,254 crore in the same period last year.

As of March 31, 2024, the company’s AUM expanded by 34% year-on-year to ₹3.31 lakh crore, including Bajaj Housing Finance Ltd's AUM of ₹91,370 crore, which grew by 32%.

The gross non-performing assets (NPA) and net NPA as of March 31, 2024, stood at 0.85% and 0.37%, respectively, improving from 0.94% and 0.34% on March 31, 2023.

The company maintains a provisioning coverage ratio of 57% on stage 3 assets and reports a capital adequacy ratio (CRAR) (including Tier-II capital) of 22.52% as of March 31, 2024. The Tier-I capital was 21.51%.

See also: Motilal Oswal Shares Hit New 52-Week After Q4 Results, Bonus Share Announcement

Bajaj Allianz General Insurance Company

In the January-March quarter, Bajaj Allianz General Insurance Company’s net profit increased by 18% year-on-year to ₹380 crore, compared to ₹322 crore in the same period last year.

The gross written premium for Q4FY24 grew by 32% to ₹4,962 crore, from ₹3,766 crore in Q4FY23, excluding premiums driven by tender-driven crop and government health insurance. Net earned premium increased by 17% to ₹2,338 crore for Q4FY24, compared to ₹1,990 crore in Q4FY23.

Investment and other income (net) for Q4FY24 rose by 31% to ₹566 crore from ₹431 crore in Q4FY23. Profit on sale of investments was higher by ₹63 crore (before tax) in Q4FY24.

The company's assets under management, represented by cash and investments as of March 31, 2024, stood at ₹31,196 crore, up 12% from ₹27,809 crore as of March 31, 2023.

Bajaj Allianz Life Insurance Company

Shareholders’ profit after tax during Q4FY24 increased to ₹106 crore, up from ₹26 crore in the corresponding period last year.

The renewal premium for Q4FY24 stood at ₹4,230 crore, compared to ₹3,137 crore in Q4FY23, marking a 35% increase.

The AUM, represented by total investments, reached ₹1.09 lakh crore as of March 31, 2024, up 21% from ₹90,584 crore as of March 31, 2023.

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Posted In: EarningsNewsBajaj Finserv