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Results
29-Jul-22
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Analysis
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Bajaj Finserv
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Strong performance across businesses
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The
income from operation of Bajaj Finserv increased 13.08% to Rs 15509.09 crore in
Q1FY2023. The revenue of Insurance (40.66% of total revenues)
segment has gone down 8.13% to Rs 6,683.87 crore. The revenue of
Windmill (0.05% of total revenues) segment has gone up 60.81% to Rs 7.96
crore. The revenue of Investments & Others (2.82% of total
revenues) segment has gone up 452.95% to Rs 463.15 crore. The
revenue of Retail financing (56.47% of total revenues) segment has gone up
37.66% to Rs 9282.71 crore.
PBIT of
Insurance segment fell 77.78% to Rs 88.07 crore (accounting for 2.45% of total
PBIT). PBIT of Windmill segment rose 716.67% to Rs 4.41 crore
(accounting for 0.12% of total PBIT). PBIT of Investments &
Others reported loss of Rs 193.76 crore (accounting for (-) 5.39% of total
PBIT) compared to loss of Rs 117.57 crore. PBIT of Retail financing
segment rose 148.38% to Rs 3,695.19 crore (accounting for 102.82% of total
PBIT).
The
Capital employed for Insurance (6.31% of total) segment has gone down 10.43% to
Rs 14,791.83 crore. The Capital employed for Windmill (0.02% of
total) segment has gone up 7.75% to Rs 37.26 crore. The Capital
employed for Investments & Others (0.72% of total) segment has gone up
270.44% to Rs 1682.46 crore. The Capital employed for Retail
financing (92.96% of total) segment has gone up 27.54% to Rs 217993.43 crore.
Overall
OPM has increased to 40.72% in Q1FY2023 from 29.82% in Q1FY2022, leading to
54.41% rise in operating profit to Rs 6,315.33 crore. Other
expenditure as a percentage of total income moved down to 41.58% from 48.17% in
Q1FY2023. The staff cost as a percentage of total income increased
to 12.75% from 9.03% in Q1FY2023. The provisions as percentage of
total income declined to 4.95% from 12.98% in Q1FY2023.
Interest
cost increased 17.05% to Rs 2563.84 crore. Depreciation moved up
19.01% to Rs 157.27 crore. PBT moved up 103.38% to Rs 3,594.34
crore.
The
effective tax rate increased to 28.28% in Q1FY2023 compared to 18.92% in
Q1FY2022. Provision for tax was expense of Rs 1016.32 crore,
compared to Rs 334.45 crore. Profit after tax rose 79.93% to Rs
2,578.02 crore.
There
was profit attributable to non-controlling interest of Rs 1,268.21 crore as
compared to Rs 599.88 crore. The share of profit of associate
companies decreased 138.89% to Rs -0.43 crore. Finally, Net profit
attributable to owners moved up 57.23% to Rs 1,309.38 crore.
Business highlights:
BFL`s consolidated
assets under management crossed a milestone of Rs 2 lakh crore in Q1FY23 and
stood at Rs 204018 crore. It also recorded highest ever quarterly consolidated profit
after tax of Rs 2596 crore in Q1FY23.
BHFL recorded
growth of 96% in profit after tax.BAGIC recorded healthy growth of 25% in gross
written premium and 14% growth in profit in Q1FY23. BALIC continued its excellent
performance and recorded industry beating growth of 81% in individual rated new
business premium while growing new business value significantly in Q1FY23.
Bajaj Finance
Total income
for Q1FY23 increased by 38% to Rs 9283 crore. Profit after tax for Q1FY23 increased
by 159% to Rs 2596 crore 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 of Rs 316 crore in Q1FY23 against Rs 161 crore in Q1FY22
- an increase of 96%.
Assets Under
Management (AUM) was Rs 204018 crore end June 2022 against Rs 159057 crore end June
2021- an increase of 28%. This includes AUM of Rs 57425 crore of BHFL, which
recorded a growth of 40% over the AUM end June 2021.
Gross
NPA stood at 1.25% and Net NPA 0.51% end June 2022 as against 2.96% and 1.46% end
June 2021. Provisioning coverage ratio of 60% is there on stage 3 assets. BFL
holds a management and macro-economic overlay of Rs 1000 crore end June 2022.
Capital
adequacy ratio (including Tier-II capital) end June 2022 stood at 26.16%. The Tier-I
capital stood at 23.84%.
For BHFL,
the capital adequacy ratio (including Tier-II capital) stood at 24.57%.
Bajaj Allianz General Insurance Company
Gross
written premium for Q1FY23 increased by 25% to Rs 3119 crore from Rs 2494 crore
in Q1FY22. BAGIC wrote government health insurance of Rs 108 crore in Q1FY23 against
Nil in Q1FY22.
Net earned
premium for Q1FY23 was Rs 1852 crore against Rs 1815 crore in Q1FY22.
Claim ratio
increased to 77 .9% in Q1FY23 against 75.9% in Q1FY22, largely on account of higher
severity (impact of inflation) in motor and health segments.
Combined
ratio stood at 104.6% in Q1FY23 against 103.4% in Q1FY22 mainly due to higher claims
ratio.
Underwriting
loss stood at Rs 61 crore for Q1FY23 against profit of Rs 15 crore in Q1FY22.
Investment
and other income (net) for Q1FY23 increased by 30% to Rs 612 crore against Rs 470
crore.
Profit on
sale of investments was higher by Rs 147 crore (before tax) in Q1FY23.
Profit after
tax for Q1FY23 increased by 14% to Rs 411 crore.
End June
2022, the solvency ratio was 349%, which is well above the minimum regulatory requirement
of 150%.
Assets
Under Management (AUM), represented by cash and investments end June 2022 stood
at Rs 25362 crore against Rs 23505 crore end June 2021- an increase of 8%.
Bajaj Allianz Life Insurance Company
New
business premium for Q1FY23 more than doubled to Rs 2917 crore against Rs 1296
crore in Q1FY22. Individual rated new business premium was Rs 895 crore in Q1FY23
against Rs 493 crore in Q1FY22 - a market beating growth of 81%.
Group
protection new business was Rs 574 crore in Q1FY23 against Rs 326 crore in Q1FY22
- an increase of 76%. Renewal premium for Q1FY23 was Rs 1452 crore against Rs 1220
crore in Q1FY22 - an increase of 19%.
Gross written
premium for Q1FY23 increased by 74% to Rs 4369 crore from Rs 2516 crore in Q1FY22.
Shareholders`
profit after tax during Q1FY23 stood at Rs 124 crore against Rs 84 crore in Q1FY22
- an increase of 48%.
Net New
Business Value (NBV), which is the metric used to measure profitability of life
insurance business, was significantly higher to Rs 135 crore in Q1FY23 against Rs
25 crore in Q1FY22.
Solvency
ratio stood at a healthy 527% end June 2022 as against the minimum regulatory requirement
of 150%.
Assets Under
Management (AUM), represented by total investments stood at Rs 83072 crore end June
2022 against Rs 77270 crore end June 2021- an increase of 8%.
Bonus and stock split by Bajaj Finserv
The Board
of Directors of Bajaj Finserv has considered and approved sub-division of equity
shares of face value of Rs 5 each to Rs 1 each and issue of one fully paid
bonus equity share of the face value of Rs 1 each against one equity share of
the face value of Rs 1 each.
Financial Performance FY2022
The
income from operation of Bajaj Finserv increased 11.51% to Rs 67223.2 crore as
on 31 June 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 June 2022 from 32.35% as on 31 June 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 June 2022.
Other expenditure as a percentage of total income moved up to 51.28% from
49.94% as on 31 June 2022. The staff cost as a percentage of total income
increased to 9.76% from 7.79% as on 31 June 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 June 2022 compared to 25.30% as
on 31 June 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 June 2022 as compared to Rs 2896.92 crore as on 31 June 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 June
2022.
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Bajaj Finserv :
Consolidated Results
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Particulars
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2206 (3)
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2106 (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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15888.26
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13949.45
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14
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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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39.75
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29.32
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31.68
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32.35
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OP
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6314.99
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4089.89
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54
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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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0.12
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0.00
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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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6315.11
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4089.89
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54
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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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2563.84
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2190.46
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17
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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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3751.27
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1899.43
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97
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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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157.27
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132.15
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19
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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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3594.00
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1767.28
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103
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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
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0
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0
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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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3594.00
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1767.28
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103
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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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1016.32
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334.45
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204
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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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2577.68
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1432.83
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80
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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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1268.21
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599.88
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111
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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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-0.09
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-0.18
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-
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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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1309.38
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832.77
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57
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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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329.11
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209.32
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286.3
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280.9
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BV (Rs)
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2611.30
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2303.81
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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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40.66
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6683.87
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7275.33
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-8
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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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0.05
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7.96
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4.95
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61
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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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2.82
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463.15
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83.76
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453
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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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56.47
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9282.71
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6743.00
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38
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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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100.00
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16437.69
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14107.04
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17
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100.00
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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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549.31
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157.59
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249
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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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100.00
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15888.38
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13949.45
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14
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100.00
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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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2.45
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88.07
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396.44
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-78
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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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0.12
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4.41
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0.54
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717
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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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-5.39
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-193.76
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-117.57
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-65
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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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102.82
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3695.19
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1487.69
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148
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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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100.00
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3593.91
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1767.10
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103
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100.00
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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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100.00
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3593.91
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1767.10
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103
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100.00
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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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6.31
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14791.83
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16515.14
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-10
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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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37.26
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34.58
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8
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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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0.72
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1682.46
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454.18
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270
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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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92.96
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217993.43
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170923.43
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28
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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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100.00
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234504.98
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187927.33
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25
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100.00
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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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-6.70
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16.71
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PL
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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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100.00
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234498.28
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187944.04
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25
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100.00
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226188.90
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185580.70
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22
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