Bajaj Finserv reported a 37.5 per cent jump in its consolidated net profit of the fourth quarter of the fiscal year to ₹ 1,346 crore as against ₹ 979 crore in the same period in 2020-21.
For the quarter ended March 31, 2022, its consolidated total income increased by 22.6 per cent to ₹ 18,862 crore from ₹ 15,387 crore a year ago.
“Business conditions improved significantly in the fourth quarter of 2021-22 although they were volatile due to the outbreak of war in Ukraine. Although lower sales of automobiles due to supply chain problems affected the general insurance business, the overall environment was conducive and all our businesses recorded excellent growth, ”it said in a statement on Thursday.
Full-year profit up
For the full financial year 2021-22, Bajaj Finserv reported a 1.9 per cent increase in its consolidated net profit to ₹ 4,557 crore from ₹ 4,470 crore in 2020-21.
The board of directors recommended a dividend of ₹ 4 per share or 80 per cent. The total amount of dividend is ₹ 64 crore compared to ₹ 48 crore in the previous year.
Among its subsidiaries, Bajaj Finance recorded its highest ever assets under management and annual consolidated profit after tax in 2021-22. Its net profit for the fourth quarter of the fiscal increased by 80 per cent year-on-year to ₹ 2,420 crore.
Bajaj Allianz General Insurance registered a 9.2 per cent drop in its net profit for the quarter ended March 31, 2022 at ₹ 248 crore from ₹ 273 crore in the corresponding quarter in the previous fiscal.
Gross written premium for the fourth quarter increased by 18 per cent to ₹ 3,300 crore from ₹ 2,787 crore in the fourth quarter of 2020-21.
Its net profit increased by 0.7 per cent in 2021-22 to ₹ 1,339 crore from ₹ 1,330 crore in 2020-21.
“It also recorded the highest ever gross written premium and profit after tax in 2021-22,” the statement said.
Bajaj Allianz Life net down
Meanwhile, Bajaj Allianz Life Insurance registered a 79.5 per cent drop in its net profit for the fourth quarter of the fiscal to ₹ 48 crore as against ₹ 234 crore a year ago. For 2021-22, its net profit fell by 44.1 per cent to ₹ 324 crore from ₹ 580 crore in 2020-21.
Gross written premium for the fourth quarter last fiscal, however, increased by 27 per cent to ₹ 5,719 crore from ₹ 4,501 crore a year ago.
April 28, 2022