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Bajaj Finserv Q4 PAT climbs 20% YoY to ₹ 2119 cr 
(15:22, 26 Apr 2024)
Total income increased 35.63% YoY to ₹ 32041.93 crore in Q4 FY24.

Profit before tax stood at ₹ 5526.54 crore in the quarter ended 31 March 2024, up 21.72% as compared with ₹ 4,540.46 crore in Q4 FY23.

Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It participates in the financing business through its 52.45% holding in Bajaj Finance and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.

Bajaj Finance (BFL) reported 21% jump in net profit to ₹ 3,825 crore in Q4 FY24 as compared with ₹ 3,158 crore in Q4 FY23. This includes profit after tax of its 100% mortgage subsidiary, BHFL, of ₹ 381 crore in Q4 FY24 as against ₹ ₹ 302 crore in Q4 FY23, up 26%. The consolidated profit was impacted by approximately 4% due to regulatory action on two businesses.

Gross Non-Performing Assets (NPA) and Net NPA as on 31 March 2024 stood at 0.85% and 0.37% respectively as against 0.94% and 0.34% as on 31 March 2023. Provisioning coverage ratio on stage 3 assets is 57%. BFL holds a management and macro-economic overlay of ₹ 300 crore as on 31 March 2024.

Assets Under Management (AUM) as on 31 March 2024 were ₹ 3,30,615 crore compared wth ₹ 2,47,379 crore as on 31 March 2023, registering the growth of 34%. This includes AUM of ₹ 91.370 crore of BHFL. which recorded a growth of 32% over the AUM as on 31 March 2023.

Capital adequacy ratio (CRAR) (including Tier-II capital) as on 31 March 2024 increased to 22.52%. The Tier-I capital stood at 21.51%. For BHFL, the capital adequacy ratio (including Tier-II capital) stood at 21.28%.

Bajaj Allianz General Insurance Company (BAGIC) gross written premium for Q4 FY24 increased by 32% to ₹ 4,962 crore as compared with ₹ 3,766 crore in Q4 FY23. Excluding tender-driven crop and government health insurance premium, BAGIC's gross written premium increased by 13% to ₹ 3,780 crore in Q4 FY24 from ₹ 3,345 crore in Q4 FY23.

Claim ratio increased to 70.3% in Q4 FY24 as against 66.4% in Q4 FY23. Claim ratio is higher than previous year on account of higher claim ratio in Health and Motor TP segments, partially offset by lower commercial & crop claims.

During the quarter, profit after tax jumped 18% to ₹ 380 crore as compared with ₹ 322 crore posted in the quarter ended 31 March 2023.

As on 31 March 2024, solvency ratio was 349%, which is well above the minimum regulatory requirement of 150%.

Assets under management (AUM), represented by cash and investments stood at ₹ 31,196 crore as on 31 March 2024 as compared with ₹ 27,809 crore as on 31 March 2023, up 12%.

Bajaj Allianz Life Insurance Company's (BALIC) new business premium for Q4 FY24 increased by 20% to ₹ 3,953 crore as compared with ₹ 3,297 crore in Q4 FY23. Renewal premium for 04 FY24 stood at ₹ 4,230 crore as against ₹ 3,137 crore in Q4 FY23, registering the growth of 35%.

Shareholders' profit after tax during Q4 FY24 increased to ₹ 106 crore as compared with ₹ 26 crore in Q4 FY23.

Gross written premium jumped 27% to ₹ 8,183 crore in Q4 FY24 as compared with ₹ 6,434 crore in Q4 FY23.

Net New Business Value (NBV). which is the key metric used to measure profitability of life insurance business, increased 16% to ₹ 480 crore in Q4 FY24 as against ₹ 415 crore in Q4 FY23.

Solvency ratio stood at a healthy 432% as on 31 March 2024 as against the minimum regulatory requirement of 150%. Assets Under Management (AUM), represented by total investments stood at₹ 1,09,829 crore as on 31 March 2024 as compared with ₹ 90,584 crore as on 31 March 2023.

Meanwhile, the company?s board has declared a dividend of ₹ 1 per equity share of face value of ₹ 1 for the financial year ended 31 March 2024. The said dividend, if declared, by the shareholders at the ensuing Annual General Meeting, will be credited on or about Friday, 26 July 2024 or Saturday, 27 July 2024.

The scrip declined 3.76% to ₹ 1,593.60 on the BSE.

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  • out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
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