Bajaj Finserv announced its results for the June quarter on Wednesday.
What Happened: The holding company of Bajaj group's financial servies businesses reported net profit going up 10.04% year on year to ₹2,137.70 crore from ₹1,942.63 crore in the previous year. Profit increased slightly from ₹2,118.53 reported in the March quarter. Total income rose 35.22% from the previous year to ₹31,480.14 crore. In the previous quarter, it was at ₹32,041.93 crore.
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Bajaj Finance where Finserv hold 51.34% stake reported a net profit of ₹3,911.98 crore up 14% from the previous year. The general insurance business saw its net profit gain 39% to ₹576 crore. New business value of life insurance segment rose 11% to ₹104 crore, the company said in its press release.
Bajaj Finserv’s Asset Management arm’s Assets Under Management (AUM) was at ₹12,053 crore as of the June quarter.
In the quarter, Bajaj Finserv Health completed the acquisition of Vidal Healthcare Services for ₹310.70 crore. The company includes two of its subsidiaries Vidal Health Insurance TPA and VH Medcare Private Limited.
Price Action: Shares of Bajaj Finserv fell 2.17% to ₹1,583.65 on Wednesday.
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