MUMBAI: Bajaj Finserv, the holding company of the financial services businesses, including the NBFC businesses and insurance arms, of the Bajaj group, has reported an 8 percent rise in net profit to Rs 2,087 crore in the September quarter. This was buoyed by the higher interest income along with a change in the fair value calculation.
The consolidated profit was supported by a Rs 1,650-crore net gain on change in fair value of investments it held, a massive jump from Rs 102 crore in the corresponding quarter the previous year, the company said in a statement Wednesday.
Revenue of the Pune-based company jumped 29 percent to Rs 33,704 crore, but it did not translate into commensurate net income as the profit was capped by higher expenses on finance cost and insurance claims paid during the quarter.
Group company Bajaj Finance contributed with a 13 percent increase in profits to Rs 4,000 crore. Bajaj Finance showed strong growth in customer acquisition, adding 3.98 million customers and booking 9.69 million new loans in the quarter. Its housing finance arm Bajaj Housing Finance also contributed with a 21 percent growth in profit after tax.
The insurance arms Bajaj Allianz General and Bajaj Allianz Life also showed robust growth with the general insurance arm posting a 6 percent growth in net profit at Rs 494 crore, and the life insurance venture reporting a modest 3 percent growth in net new business value to Rs 245 crore.