Mumbai: Bajaj Finserv on Tuesday reported a massive 46 percent rise in the net profit at Rs 249 crore in the October-December quarter driven by a strong showing of its life insurance, general insurance and non-banking financial services arms.
The Pune-based the financial services arm of the Bajaj Group had reported Rs 170 crore net profit a year ago. The profit in the reporting quarter, the company said is after excluding minority interest in net income of subsidiaries and the net profit is the highest ever for the company.
The company's general insurance business posted a net profit of Rs 91 crore, up 52 percent over the year-ago period. The company earned 23 percent more premium in the third quarter at Rs 694 crore.
Describing the numbers as robust, company Managing Director and Chief Executive Sanjiv Bajaj however, said that in the life insurance business, the new business premium rose only marginally to Rs 669 crore against Rs 653 crore a year ago.
When asked about lower revenue and higher profit, Bajaj said, "The robust growth numbers across the three main businesses helped us with the 46 percent growth in the net going right up to Rs 249 crore for Bajaj Finserv at a consolidated level."
The renewal premium in the quarter dropped 18 percent to Rs 839 crore. The segment's profit, however, soared 59 percent to Rs 100 crore during the quarter. Bajaj also ruled out listing of his life business saying the company does not need any fresh capital.
Explaining the numbers further, he said the consolidated income from operations rose to Rs 1,120 crore from Rs 825 crore.
Bajaj Allianz General Insurance saw its net soar 52 percent to Rs 91 crore, while Bajaj Allianz Life saw its net profit rise to Rs 331 crore from 283 crore in Q3.
The general insurance saw a 23 percent growth in gross premium to Rs 950 crore.
The company reported a 12 percent rise in total disbursals to Rs 5,200 crore during the reporting period.
Another arm, Bajaj Finance's net rose 33 percent to Rs 160 crore from Rs 120 crore.