Moneycontrol
Last Updated : May 21, 2020 03:44 PM IST | Source: Moneycontrol.com

Bajaj Finserv Q4 profit plunges 77% to Rs 194 crore on COVID-19 provisions

In the financial year 2019-20, profit grew by 4.7 percent Rs 3,369.13 crore, the highest annual profit for sixth consecutive year.

 
 
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Diversified NBFC Bajaj Finserv on May 21 said its consolidated net profit for March quarter stood at Rs 194.4 crore. It was down significantly by 77 percent compared to Rs 838.7 crore in year-ago period due to contigency provisions for COVID-19. But it was supported by lower tax cost (down 64 percent YoY).

Bajaj Finserv is the holding company for various financial services businesses under the Bajaj group.

Insurance companies had an unrealised mark-to-market (MTM) pre-tax loss of Rs 768 crore in the consolidated financials and additionally, Bajaj Finance made a pre-tax provision off Rs 900 crore in the form of contingency provision on account of the impact of COVID-19.

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The company said the profit ex-COVID impact stood at Rs 1,001 crore, increased by 19.4 percent compared to Rs 838.7 crore in the same period last year.

Consolidated revenue from operations grew by 2.3 percent year-on-year to Rs 13,295 crore in the quarter ended March 2020.

In the financial year 2019-20, profit grew by 4.7 percent Rs 3,369.13 crore, the highest annual profit for the sixth consecutive year, and revenue increased 27.6 percent to Rs 54,346.69 crore compared to the previous year.

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The stock corrected by 3.34 percent to Rs 4,551.50 on the BSE at 15:09 hours.
First Published on May 21, 2020 03:41 pm
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