At a time when everybody is waiting for the growth engine to start, Bajaj Finserv has seen good growth with its consolidated revenues going up 12% to Rs 5,396 crore while profit after tax was up 26% to Rs 2,444 crore during third quarter of FY16, S Sreenivasan, CFO, Bajaj Finserv said.
Bajaj Finserv received a boost from Bajaj Finance’s highest ever quarterly profit of R408 crore, a 58% growth y-o-y. The numbers would have been better but for the hit taken by the general insurance business because of the claims arising after the unprecedented Chennai floods during the quarter, Sreenivasan said. The company took a R80 crore hit to its P&L account because of the claims arising from Chennai floods last year. The total hit prior to re-insurance has been in the range of R400 crore-R 500 crore, he said.
Bajaj Finserv is the holding company that included Bajaj Finance, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.
Bajaj Finance’s total income rose 39% to R2,069 crore, while operating profit went up 59% to R625 crore. Loan losses and provisions for Q3 FY16 was up 35% to R146 crore as against R108 crore in Q3 FY15.
Gross NPA and net NPA as of 31 December 2015 stood at 1.29% and 0.26% respectively.
Bajaj Finserv’s stand-alone numbers, which includes the wind energy assets, saw a 85% drop in net profit to R10.20 crore while total income increased 9.95% to R28.34 crore.