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Results
29-Apr-22
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Analysis
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Bajaj Finserv
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Lending business continues strong performance, insurance shows healthy growth
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The
income from operation of Bajaj Finserv increased 21.64% to Rs 18605.04 crore as
on 31 March 2022. The revenue of Insurance (54.18% of total revenues) segment
has gone up 20.41% to Rs 10363.90 crore. The revenue of Windmill (0.04% of
total revenues) segment has gone up 229.54% to Rs 7.81 crore. The revenue of
Investments & Others (0.66% of total revenues) segment has gone down 59.69%
to Rs 125.66 crore. The revenue of Retail financing (45.12% of total revenues)
segment has gone up 25.90% to Rs 8630.28 crore.
PBIT of
Insurance segment fell 64.98% to Rs 192.95 crore (accounting for 5.57% of total
PBIT). PBIT of Windmill reported profit of Rs 4.37 crore (accounting for 0.13%
of total PBIT) compared to loss of Rs 1.33 crore. PBIT of Investments &
Others reported loss of Rs 160.21 crore (accounting for (-)4.63% of total PBIT)
compared to loss of Rs 103.26 crore. PBIT of Retail financing segment rose
79.13% to Rs 3425.09 crore (accounting for 98.93% of total PBIT).
The
Capital employed for Insurance (7.35% of total) segment has gone up 1.01% to Rs
16619.38 crore. The Capital employed for Windmill (0.02% of total) segment has
gone up 4.28% to Rs 34.62 crore. The Capital employed for Investments &
Others (0.41% of total) segment has gone up 28.51% to Rs 937.79 crore. The
Capital employed for Retail financing (92.22% of total) segment has gone up
23.90% to Rs 208566.12 crore.
Overall
OPM has increased to 32.75% as on 31 March 2022 from 30.34% as on 31 March
2021, leading to 31.29% rise in operating profit to Rs 6092.86 crore. Other
expenditure as a percentage of total income moved up to 53.03% from 51.87% as
on 31 March 2022. The staff cost as a percentage of total income increased to
10.28% from 9.55% as on 31 March 2022. The provisions as percentage of total
income declined to 3.95% from 8.24% as on 31 March 2022.
Interest
cost increased 15.55% to Rs 2481.34 crore. Depreciation moved up 10.43% to Rs
149.33 crore. PBT moved up 46.81% to Rs 3462.19 crore.
The
effective tax rate increased to 26.82% as on 31 March 2022 compared to 26.01%
as on 31 March 2021. Provision for tax was expense of Rs 928.62 crore, compared
to Rs 613.46 crore. Profit after tax rose 45.20% to Rs 2533.57 crore.
There
was profit attributable to non-controlling interest of Rs 1187.50 crore as
compared to Rs 765.98 crore. The share of profit of associate companies
decreased 94.44% to Rs 0.01 crore. Finally, Net profit attributable to owners
moved up 37.49% to Rs 1346.08 crore.
Business highlights:
Bajaj Finance (BFL} - Consolidated - Ind AS
Total income for Q4 FY22
increased by 26% to Rs 8630
crore against Rs 6855 crore in
Q4FY21.
Profit after tax for Q4
FY22 increased by 80% to R 2420
crore against Rs 1347 crore in Q4FY21 mainly on account of robust
AUM growth, higher net interest income and better asset performance.
Assets Under Management
(AUM) as at 31 March 2022 was Rs 197452 crore against Rs
152947 crore as at 31 March 2021 - an increase
of 29%. This includes AUM of Rs 53322 crore of its 100% mortgage subsidiary,
BHFL, which recorded a growth of 37% over
the AUM as on 31 March 2021.
Gross NPA and Net NPA as
of 31 March 2022 stood at 1.60% and 0.68% respectively as against 1.79% and 0.75%
as of 31 March 2021. Provisioning coverage ratio of 58% is there on stage 3 assets.
BFL holds a management
and macro-economic overlay of Rs 1060 crore as at 31
March 2022 (Rs 840 crore as at 31 March 2021).
Capital adequacy ratio
(including Tier-II capital) as of 31 March 2022 was 27.22%. The Tier-I capital stood at 24.75%.
For Bajaj Housing
Finance Limited (BHFL), the capital adequacy ratio (including Tier-II capital)
stood at 19.72%.
Bajaj Allianz General Insurance Company
Gross written premium
for Q4FY22 increased by 18% to Rs 3300
crore against Rs 2787 crore
in Q4 FY21. BAGIC wrote crop & government
health insurance of Rs 429
crore in Q4 FY22 against Rs 96
crore in Q4FY21.
Net earned premium for
Q4 FY22 increased by 11% to Rs 1988 crore against Rs 1794 crore in Q4FY21.
Claim ratio increased to
68.8% in Q4 FY22 against 64.3% in Q4 FY21, mainly due to
increase in severity of non Covid health claims.
Combined ratio was 98.3%
in Q4 FY22 against 96.6% in Q4FY21.
Underwriting profit
stood at Rs 9 crore for Q4 FY22 against Rs 6 crore in Q4FY21.
Investment and other
income (net) for Q4 FY22 stood at` 327 crore against Rs 353 crore in Q4 FY21. Profit
on sale of investments was lower by Rs 18 crore (before tax) in Q4 FY22.
Profit after tax for Q4
FY22 stood at Rs 248 crore against Rs 273 crore in Q4 FY21.
As on 31 March 2022,
solvency ratio was 344%, which is well above the minimum regulatory requirement
of 150%.
Assets Under Management
(AUM), represented by cash and investments as on 31
March 2022 stood at Rs 24633
crore against Rs 23150 crore as on 31 March 2021.
Bajaj Allianz Life Insurance Company
New business premium for
Q4 FY22 was Rs 3236 crore
against Rs 2493 crore in Q4 FY21 - an increase of 30%.
Individual rated new
business premium was Rs 1347 crore in Q4 FY22 against Rs 989 crore in Q4 FY21 -
a market beating growth of 36%.
Group protection new
business was Rs 750 crore in Q4 FY22 against Rs 739 crore in Q4 FY21.
Renewal
premium for Q4 FY22 was Rs 2483 crore against Rs 2008 crore in Q4 FY21 - an
increase of 24%.
Gross written premium
for Q4 FY22 increased by 27% to Rs 5719 crore from Rs 4501 crore in Q4 FY21.
Shareholders` profit
after tax during Q4 FY22 stood at Rs 48
crore against Rs 234 crore in Q4 FY21, impacted mainly due to higher new
business strain and lower investment income.
New Business Value
(NBV), which is the metric used to measure profitability of life insurance
businesses, increased by 72% yoy to 621
crore in FY22 from Rs 361 crore in FY21.
Solvency ratio stood at
a healthy 581% as on 31 March 2022 as against the minimum regulatory
requirement of 150%.
Assets Under Management
(AUM), represented by total investments increased by 16% to Rs 85623 crore as on 31 March 2022 against
Rs 73773 crore as on 31 March 2021.
Financial Performance FY2022
The
income from operation of Bajaj Finserv increased 11.51% to Rs 67223.2 crore as
on 31 March 2022.
The
revenue of Insurance (53.17% of total revenues) segment has gone up 8.50% to Rs
37080.72 crore. The revenue of Windmill (0.04% of total revenues) segment has
gone up 22.72% to Rs 29.38 crore. The revenue of Investments & Others
(1.43% of total revenues) segment has gone up 107.32% to Rs 995.53 crore. The
revenue of Retail financing (45.37% of total revenues) segment has gone up
18.58% to Rs 31640.41 crore.
PBIT of
Insurance segment fell 52.90% to Rs 1778.21 crore (accounting for 15.78% of
total PBIT). PBIT of Windmill segment rose 28.72% to Rs 6.32 crore (accounting
for 0.06% of total PBIT). PBIT of Investments & Others reported loss of Rs
514.10 crore (accounting for (-)4.56% of total PBIT) compared to loss of Rs
304.75 crore. PBIT of Retail financing segment rose 56.58% to Rs 10000.15 crore
(accounting for 88.73% of total PBIT).
Overall
OPM eased to 31.68% as on 31 March 2022 from 32.35% as on 31 March 2021,
leading to 9.22% rise in operating profit to Rs 21299.03 crore. The provisions
as percentage of total income declined to 7.27% from 9.92% as on 31 March 2022.
Other expenditure as a percentage of total income moved up to 51.28% from
49.94% as on 31 March 2022. The staff cost as a percentage of total income
increased to 9.76% from 7.79% as on 31 March 2022.
Other
income increased 8791.89% to Rs 32.9 crore. There is 3.91% rise in interest
cost at Rs 9498.26 crore and 12.89% rise in depreciation to Rs 562.73 crore,
Profit before tax increased 14.28% to Rs 11270.94 crore. There is no
extraordinary item. After which, PBT increased 14.28% to Rs 11270.94 crore.
The
effective tax rate increased to 26.24% as on 31 March 2022 compared to 25.30%
as on 31 March 2021. Provision for tax was expense of Rs 2957.05 crore,
compared to Rs 2494.96 crore. Profit after tax rose 12.84% to Rs 8313.89 crore.
There
was profit attributable to non-controlling interest of Rs 3756.76 crore as on
31 March 2022 as compared to Rs 2896.92 crore as on 31 March 2021. The share of
profit of associate companies decreased 100% to Rs -0.36 crore. Finally, Net
profit attributable to owners rose 1.93% yoy to Rs 4556.77 crore as on 31 March
2022.
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Bajaj Finserv :
Consolidated Results
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Particulars
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2203 (3)
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2103 (3)
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Var (%)
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2203 (12)
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2103 (12)
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Var (%)
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Income from Operations
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18605.04
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15295.50
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22
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67223.20
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60284.69
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12
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OPM (%)
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32.75
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30.34
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31.68
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32.35
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OP
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6092.86
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4640.61
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31
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21299.03
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19501.89
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9
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Other Inc.
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0.00
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0.37
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-
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32.90
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0.37
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8792
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PBDIT
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6092.86
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4640.98
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31
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21331.93
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19502.26
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9
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Interest
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2481.34
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2147.43
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16
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9498.26
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9141.28
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4
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PBDT
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3611.52
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2493.55
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45
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11833.67
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10360.98
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14
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Depreciation
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149.33
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135.23
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10
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562.73
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498.46
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13
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PBT before EO
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3462.19
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2358.32
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47
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11270.94
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9862.52
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14
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EO
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0.00
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0.00
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-
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0.00
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0.00
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-
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PBT after EO
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3462.19
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2358.32
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47
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11270.94
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9862.52
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14
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Tax Expenses
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928.62
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613.46
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51
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2957.05
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2494.96
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19
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PAT
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2533.57
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1744.86
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45
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8313.89
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7367.56
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13
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Profit attributable to
non-controlling interest
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1187.50
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765.98
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55
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3756.76
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2896.92
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30
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Share of Profit/(Loss)
from Associates
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0.01
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0.18
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-94
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-0.36
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-0.18
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-100
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Net profit
attributable to owners
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1346.08
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979.06
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37
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4556.77
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4470.46
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2
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EPS (Rs)*
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338.3
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246.1
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286.3
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280.9
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BV (Rs)
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2529.0
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2251.5
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2529.0
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2251.5
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* Annualised on
current equity of Rs 79.57 crore, Face value of Rs 5, Excluding extraordinary
items.
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Figures in Rs crore
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Source: Capitaline
Corporate Database
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Bajaj Finserv :
Consolidated Segment Results
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% of Total
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2203 (3)
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2103 (3)
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Var (%)
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% of Total
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2203 (12)
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2103 (12)
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Var (%)
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Segment Revenue
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Insurance
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54.18
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10363.90
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8606.88
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20
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53.17
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37080.72
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34176.28
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9
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Windmill
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0.04
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7.81
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2.37
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230
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0.04
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29.38
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23.94
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23
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Investments &
Others
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0.66
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125.66
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311.71
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-60
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1.43
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995.53
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480.19
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107
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Retail financing
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45.12
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8630.28
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6854.94
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26
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45.37
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31640.41
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26683.05
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19
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Total Segment Revenue
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100
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19127.65
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15775.90
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21
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100
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69746.04
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61363.46
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14
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Less: Inter segment
revenues
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265.98
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388.65
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-32
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1307.06
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771.89
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69
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Total Segment Revenue
from Operations (Net)
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100
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18861.67
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15387.25
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23
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100
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68438.98
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60591.57
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13
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PBIT
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Insurance
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5.57
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192.95
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550.99
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-65
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15.78
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1778.21
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3775.54
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-53
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Windmill
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0.13
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4.37
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-1.33
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LP
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0.06
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6.32
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4.91
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29
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Investments &
Others
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-4.63
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-160.21
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-103.26
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-55
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-4.56
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-514.10
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-304.75
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-69
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Retail financing
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98.93
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3425.09
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1912.10
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79
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88.73
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10000.15
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6386.64
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57
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Total PBIT
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100
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3462.20
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2358.50
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47
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100
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11270.58
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9862.34
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14
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Less : Interest
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0.00
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0.00
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-
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0.00
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0.00
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-
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PBT
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100
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3462.20
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2358.50
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47
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100
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11270.58
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9862.34
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14
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Capital Employed
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Insurance
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7.35
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16619.38
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16452.67
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1
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7.35
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16619.38
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16452.67
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1
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Windmill
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0.02
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34.62
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33.20
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4
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0.02
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34.62
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33.20
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4
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Investments &
Others
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0.41
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937.79
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729.74
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29
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0.41
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937.79
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729.74
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29
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Retail financing
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92.22
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208566.12
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168335.65
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24
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92.22
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208566.12
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168335.65
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24
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Total Segment
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100
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226157.91
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185551.26
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22
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100
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226157.91
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185551.26
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22
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Add: Unallocated
Corporate
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30.99
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29.44
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5
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30.99
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29.44
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5
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Total
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100
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226188.90
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185580.70
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22
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100
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226188.90
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185580.70
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22
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