1. Bajaj Finserv consolidated PAT grows 31%

Bajaj Finserv consolidated PAT grows 31%

Bajaj Finserv on Thursday reported a 31% growth in its consolidated profit after tax (PAT) to Rs 576 crore for the second quarter ended September 30.

By: | Pune | Published: October 28, 2016 6:15 AM

Bajaj Finserv on Thursday reported a 31% growth in its consolidated profit after tax (PAT) to Rs 576 crore for the
second quarter ended September 30.

“These strong numbers were posted with Bajaj Finance reporting a 46% rise in PAT to Rs 408 crore and another group firm, Bajaj Allianz General Insurance, reporting its highest-ever quarterly profit and gross written premiums,” Bajaj Finserv chief financial officer S Sreenivasan said.

Profits from the general insurance business rose 66% to Rs 234 crore in Q2.

Bajaj Finserv’s gross revenues saw a 33% increase to Rs 6,912 crore while there was a 35% rise in consolidated income from operation to Rs 3,00 crore.

Bajaj Allianz General Insurance’s PAT zoomed by 66% to Rs 234 crore from Rs 141 crore a year ago.

The underwriting profit was Rs 57 crore as against an underwriting loss of Rs 8 crore in the year-ago period.

Bajaj Alliance General Life Insurance reported a 6.4% decline in the PAT to Rs 202 crore. The life insurance business was sluggish in the past but is showing growth, Sreenivasan said.

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