Bajaj Finserv on April 28 reported a 37.5 percent year-on-year rise in consolidated net profit at Rs 1,346.1 crore for the quarter ended March.
The non-bank finance company reported a 22 percent growth in total income to Rs 18,861.7 crore. The board has recommended a dividend of Rs 4 per share to shareholders.
The strong topline growth of the company was driven by its insurance business. The gross premium written of the life insurance business rose 27 percent on-year to Rs 5,718.7 crore, while the same for the general insurance operations climbed 18.4 percent on-year.
"Business conditions improved significantly in Q4 of FY22 although they were volatile due to the outbreak of war in Ukraine," Bajaj Finserv said in a earnings release.
The company said that although lower sales of automobiles due to supply chain problems affected the general insurance business, the overall environment was conducive and all its businesses recorded excellent growth.
The jump in the bottomline of the came on account of strong growth at Bajaj Finance during the reported quarter as insurance businesses struggled.
Bajaj Allianz General Insurance Company reported net profit of Rs 248 crore as against Rs 278 crore in the year ago quarter. At the same time, Bajaj Allianz Life Insurance saw sharp decline in net profit to Rs 48 crore from Rs 234 crore in the year-ago quarter.
The assets under management of the life insurance business rose to Rs 86,623 crore in the reported quarter, a growth of 16 percent on a year-on-year basis.
The assets under management of the general insurance operations came in at Rs 24,633 crore as compared to Rs 23,150 crore, a year ago.
At 2:10 am, shares of Bajaj Finserv were up 1.1 percent at Rs 14,993.25 on the National Stock Exchange.