Bajaj Finserv Q1 Results FY2023, PAT at Rs. 1309 crores

On 28th July 2022, Bajaj Finserv announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- The company reported its total income at Rs. 15888 crores with a growth of 14 % YoY. 

- Profit before tax was reported at Rs. 3593.91 crores with a growth of  103.37% YoY.

- The company reported its PAT at Rs. 1309 crores with a growth of 57.23% YoY.

Business Highlights:

Bajaj Finance Ltd:

-Total income for Q1FY23 increased by 38% to Rs. 9,283 crore v/s Rs. 6,743 crores in Q1FY22. 

- Profit after tax for Q1FY23 increased by 159% to Rs. 2,596 crore v/s Rs. 1,002 crores in Q1FY22 mainly on account of robust AUM growth, higher net interest income, and better asset performance. This includes profit after tax of its 100% mortgage subsidiary, BHFL, ofRs. 316 crore in Q1FY23 v/s Rs. 161 crores in Q1FY22, an increase of 96%. 

- Assets Under Management (AUM) as on 30 June 2022 was Rs. 204,018 crores v/s Rs. 159,057 crores as on 30 June 2021- an increase of 28%. This includes an AUM of Rs. 57,425 crores of BHFL, which recorded a growth of 40% over the AUM as on 30 June 2021. 

- Gross NPA and Net NPA as on 30 June 2022 stood at 1.25% and 0.51% respectively as against 2.96% and 1.46% as on 30 June 2021. The provisioning coverage ratio of 60% is there on stage 3 assets. BFL holds a management and macroeconomic overlay of Rs. 1,000 crores as on 30 June 2022.

Bajaj Allianz General Insurance Company Limited:

- Gross written premium for Q1 FY23 increased by 25% to Rs. 3,119 crore v/s Rs. 2,494 crores in Q1 FY22. BAGIC wrote government health insurance Rs. 108 crores in Q1 FY23 v/s Rs. Nil in Q1 FY22. 

- Net earned premium for Q1 FY23 was Rs. 1,852 crore v/s Rs. 1,815 crores in Q1 FY22. 

- Claim ratio increased to 77 .9% in Q1 FY23 v/s 75.9% in Q1 FY22, largely on account of higher severity (impact of inflation) in motor and health segments. 

- Profit after tax for Q1 FY23 increased by 14% to Rs. 411 crore 

- Assets Under Management (AUM), represented by cash and investments as on 30 June 2022 stood at Rs. 25,362 crore v/s Rs. 23,505 crores as on 30 June 2021- an increase of 8%. 

Bajaj Allianz Life Insurance Company Limited:

- New business premium for Q1FY23 more than doubled to Rs. 2,917 crore v/s Rs. 1,296 crores in Q1FY22. 

- Individual-rated new business premium was Rs. 895 crore in Q1FY23 v/s Rs. 493 crore in Q1FY22, a market-beating growth of 81%. 

- Group protection new business was Rs. 574 crore in Q1FY23 v/s Rs. 326 crores in Q1FY22, an increase of 76%. 

- Renewal premium for Q1FY23 was Rs. 1,452 crore v/s Rs. 1,220 crores in Q1FY22, an increase of 19%. 

- Gross written premium for Q1FY23 increased by 74% to Rs. 4,369 crores from Rs. 2,516 crores in Q1FY22. 

- Shareholders' profit after tax during Q1FY23 stood at Rs.124 crore v/s Rs. 84 crores in Q1FY22, an increase of 48%. 

- Assets Under Management (AUM), represented by total investments stood at Rs. 83,072 crores as on 30 June 2022 v/s Rs. 77,270 crores as on 30 June 2021, an increase of 8%.

The Board of Directors of Bajaj Finserv Limited has announced a stock split of equity shares of face value of Rs. 5 each to Rs. 1 each and the issue of one fully paid bonus equity share of the face value of Rs. 1 each