Bajaj Finserv on July 21 reported a 31.5 percent year-on-year (YoY) fall in June quarter consolidated profit at Rs 832.77 crore.
The company's profit was Rs 1,215.15 crore in the corresponding quarter of the previous financial year.
Total income fell 1.7 percent YoY to Rs 13,949.5 crore in Q1FY22 against Rs 14,192 crore in Q1FY21.
"After a brief recovery in Q4FY21, economic conditions worsened in Q1FY22 as the second wave of COVID spread across the country accompanied by localised lockdowns in many states. Sales of consumer durables and motor vehicles were affected in many states and, consequently, risk levels remained elevated in the quarter," the company said in its BSE filing.
"Under these challenging times, our businesses focussed on managing risk with a calibrated approach to growth. The life insurance business, in particular, recorded strong growth in Q1FY22, well above the industry growth," it said.
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Among the subsidiaries, the total income of Bajaj Finance for Q1FY22 stood at Rs 6,743 crore against Rs 6,650 crore in Q1FY21. Profit after tax (PAT) for Q1FY22 increased by 4 percent YoY to Rs 1,002 crore against Rs 962 crore in Q1FY21.
Assets Under Management (AUM) of Bajaj Finance rose 15 percent YoY to Rs 1,59,057 crore in Q1FY22 against Rs 1,38,055 crore in Q1FY21. This included an AUM of Rs 40,941 crore of its housing finance subsidiary, BHFL, which recorded a growth of 24 percent over the AUM as of 30 June 2020.
Gross NPA and net NPA of Bajaj Finance stood at 2.96 percent and 1.46 percent respectively.
Bajaj Allianz General Insurance Company
Profit after tax for Q1FY22 stood at Rs 362 crore against Rs 395 crore in Q1FY21.
Gross written premium for Q1FY22 increased by 9 percent to Rs 2,494 crore against Rs 2,289 crore in Q1FY21. The company did not write any crop insurance business during the quarter.
Net earned premium for Q1FY22 was Rs 1,815 crore against Rs 1,818 crore YoY.
Investment and other income (net) for Q1FY22 increased by 34 percent to Rs 470 crore against Rs 352 crore YoY.
AUM rose 20 percent to Rs 23,505 crore in the said quarter versus Rs 19,611 crore in the previous year.
Bajaj Allianz Life Insurance
New business premium jumped 75 percent to Rs 1,296 crore in the said quarter against Rs 742 crore in Q1FY21.
Shareholders’ profit after tax during Q1FY22 stood at Rs 84 crore against Rs 130 crore in Q1FY21, mainly due to COVID-19 claims.
AUM increased 27 percent YoY to Rs 77,270 crore against Rs 60,968 crore the previous year.