The non-bank lender reported a 19.7 per cent on-year increase in its consolidated revenue from operations to Rs 18,008.2 crore for the reported quarter.
Bajaj Finserv said after the disruption caused by the second wave of the pandemic, recovery in the business gathered momentum on the back of reopening of the economy in most states, rapid vaccinations and policy support.
The non-bank lender said the business has now shifted focus to growth and remains “cautiously optimistic” about its prospects for the remainder of the current financial year.
The company’s subsidiary Bajaj Allianz General Insurance reported a 28 per cent YoY rise in net profit to Rs 425 crore in the reported quarter. The business’ gross written premium jumped 21 per cent on-year to Rs 5,034 crore in the quarter.
Bajaj Allianz Life Insurance also reported a solid quarter of earnings as new business premium rose 62 per cent on-year to Rs 2,227 crore in the quarter. Renewal premium in the quarter was up 22 per cent whereas, gross written premium climbed 42 per cent.
The net profit of Bajaj Allianz Life grew to Rs 104 crore in the reported quarter from Rs 98 crore in the year ago period, Bajaj Finserv said.
Shares of Bajaj Finserv were down 0.2 per cent at Rs. 17,986 on the National Stock Exchange.
