Bajaj Finserv Profit Surges More Than 5 Times To Rs 979 Crore In Q4

The Pune-based non-banking finance firm – Bajaj Finserv – on Wednesday reported web revenue of Rs 979 crore in January-March quarter, that marked a rise of 5 occasions from revenue of Rs 194 crore throughout the identical quarter final 12 months. Its complete income from operations jumped 16 per cent to Rs 15,385 crore, Bajaj Finance change submitting confirmed. 

“Given the impact of the COVID-19 pandemic, FY21 was expected to be an extremely demanding year and so it turned out to be. In fact, the negative growth in GDP was much larger than expected in Q1 FY21 as GDP contracted by 24.4%, followed by a further 7.3% contraction in Q2 FY21. Thankfully, we began to witness resumption of economic activity in the second half of the year wherein Q3 FY21 recorded a GDP growth of 0.4% and Q4 FY21 is expected to show relatively robust growth. The second advance estimates of national income for FY21 released by the Central Statistical Office (CSO) indicates a negative GDP growth of 8% for FY21,” Bajaj Finance stated in a press launch. 

Bajaj Allianz General Insurance Company recorded an all-time excessive annual revenue and continued to ship sturdy enchancment in its underwriting consequence and Bajaj Allianz Life Insurance Company registered an all-time excessive annual gross written premium in FY21 at Rs 12,025 crore. It’s Assets Under Management reached an all-time excessive degree of Rs 73,773 crore at 12 months finish. 

As of 1:17 pm, Bajaj Finance shares traded 4.2 per cent greater at Rs 10,511, outperforming the Sensex which was up 1.66 per cent.