|
The
income from operation of Bajaj Finserv increased 25.73% to Rs 25692.43 crore in
Q2FY2024. The revenue of Insurance (46.04% of total revenues) segment has gone
up 16.43% to Rs 12,558.73 crore. The revenue of Windmill (0.04% of total
revenues) segment has gone up 21.27% to Rs 11.29 crore. The revenue of
Investments & Others (4.86% of total revenues) segment has gone up 62.98%
to Rs 1,324.61 crore. The revenue of Retail financing (49.06% of total
revenues) segment has gone up 34.16% to Rs 13,381.75 crore.
PBIT of
Insurance segment rose 6.52% to Rs 606.70 crore (accounting for 11.46% of total
PBIT). PBIT of Windmill segment rose 91.00% to Rs 9.34 crore (accounting for
0.18% of total PBIT). PBIT of Investments & Others reported loss of Rs
226.83 crore (accounting for (-) 4.29% of total PBIT) compared to loss of Rs
176.41 crore. PBIT of Retail financing segment rose 27.03% to Rs 4,902.96 crore
(accounting for 92.65% of total PBIT).
The
Capital employed for Insurance (5.08% of total) segment has gone up 11.00% to
Rs 16,994.68 crore. The Capital employed for Windmill (0.01% of total) segment
has gone up 13.30% to Rs 41.66 crore. The Capital employed for Investments
& Others (0.58% of total) segment has gone up 21.53% to Rs 1,937.58 crore. The
Capital employed for Retail financing (94.33% of total) segment has gone up
36.77% to Rs 3,15,631.18 crore.
Overall
OPM has increased to 38.73% in Q2FY2024 from 36.15% in Q2FY2023, leading to
34.68% rise in operating profit to Rs 9,949.85 crore. Other expenditure as a
percentage of total income moved down to 47.55% from 49.96% in Q2FY2024. The
staff cost as a percentage of total income declined to 9.52% from 10.19% in
Q2FY2024. The provisions as percentage of total income increased to 4.21% from
3.70% in Q2FY2024.
Interest
cost increased 50.24% to Rs 4449.06 crore. Depreciation moved up 24.01% to Rs
208.83 crore. PBT moved up 24.28% to Rs 5,291.96 crore.
The
effective tax rate declined to 29.03% in Q2FY2024 compared to 29.62% in
Q2FY2023. .Provision for tax was expense of Rs 1536.45 crore, compared to Rs
1261.2 crore. Profit after tax rose 25.31% to Rs 3,755.51 crore.
There
was profit attributable to non-controlling interest of Rs 1,826.76 crore as
compared to Rs 1,439.67 crore. Finally, Net profit attributable to owners moved
up 23.90% to Rs 1,928.96 crore.
Business highlights:
Bajaj Finance
Total income for Q2FY24 increased 34% to Rs 13382 crore from Rs 9,974 crore in Q2FY23.
Profit after tax for Q2FY24 increased 28%
to Rs 3,551 crore from Rs 2.781 crore
in Q2FY23 led by robust AUM growth, higher net interest income and better asset
performance. This includes profit after tax of its 100% mortgage subsidiary,
BHFL of Rs 451 crore in Q2FY24
from Rs 306 crore in Q2FY23 - an increase
of 47%.
Assets Under Management (AUM) end
September 2023 was Rs 290264 crore from Rs 218366 crore end 30 September 2022 -
an increase of 33%. This
includes AUM of Rs 81215 crore of BHFL, which recorded a growth of 29% over the AUM end
September 2022.
Gross NPA
and Net NPA end September 2023 stood at 0.91% and 0.31% respectively as against 1.17% and
0.44% end September 2022. Provisioning coverage ratio on stage 3 assets is 66%.
BFL holds a management and macro-economic overlay of Rs 740 crore end
September 2023.
Capital
adequacy ratio (including Tier-II capital) end September 2023 stood at 23.19%. The Tier-I capital stood at
21.88%.
For BHFL, the capital adequacy ratio
(including Tier-II capital) stood at 22.64%.
Bajaj Allianz General
Insurance Company
Gross written premium for Q2FY24 increased by 53% to Rs 7298 crore from Rs 4781 crore in
Q2FY23. Excluding tender-driven crop and government health insurance premium,
BAGIC`s gross written premium increased
21% to Rs 3,747 crore in
Q2 FY24 from Rs 3088 crore in Q2FY23.
Net earned premium for Q2 FY24 stood
at Rs 2250 crore from Rs
p2.090 crore in Q2FY23. Claim ratio increased to 78.0% in Q2FY24 from 75.5% in Q2 FY23. The increase in claim ratio
is largely attributable to higher mix of crop and government health business
and higher claims due to heavy rains & cyclone related claims.
Despite higher claim ratio, combined ratio improved to 95.3% in Q2 FY24 from 99.8% in Q2FY23. This
was mainly due to better expense ratio and reinsurance terms. Underwriting
profit stood at Rs 37 crore for
Q2 FY24 from loss of Rs 18 crore in Q2FY23.
Investment and other income (net) for Q2FY24
increased by 26% to Rs 589 crore from Rs 468 crore.
Profit on sale of investments was higher by Rs 18 crore (before tax) in Q2
FY24. Excluding profit on sale of investments, investment and other income
(net) has risen 29%.
Profit after tax for Q2FY24 increased significantly by 39% to Rs 468 crore from Rs 336 crore in Q2
FY23.
End September 2023, solvency ratio was
352%, which is well above the
minimum regulatory requirement of 150%.
Assets Under Management (AUM),
represented by cash and investments end September 2023 stood at Rs 29511 crore from Rs 26052 crore end September 2022 - an increase of 13%.
Bajaj Allianz Life
Insurance Company
New business premium for Q2FY24 increased by 26% at Rs 2821 crore from Rs 2,235 crore in Q2FY23.
Individual rated new business premium was Rs 1415 crore in Q2FY24 from Rs 1072 crore in Q2FY23 - a growth of 32%. Group protection new
business was Rs 435 crore in Q2FY24 from Rs 517 crore in Q2FY23. Group fund new
business was Rs 808 crore in Q2FY24 from Rs 519
crore in Q2FY23 - a growth of 56%. Renewal
premium for Q2FY24 stood at Rs 2517 crore from Rs 1920 crore in
Q2FY23 - an increase of 31%. Consequently,
gross written premium for Q2FY24 increased
by 28% at Rs 5338 crore from Rs 4155 crore in
Q2FY23.
Shareholders` profit after tax during Q2FY24
increased by 21% to Rs 193 crore from Rs 159 crore in Q2FY23.
Net New Business Value (NBV), which is the metric used to measure profitability
of life insurance business, was at Rs 237 crore in
Q2FY24 from Rs 190 crore in Q2FY23 – an increase
of 25%.
Solvency ratio stood at a healthy 466% end September 2023 as against the
minimum regulatory requirement of 150%.
Assets
Under Management (AUM), represented by total investments stood at Rs 98,700 crore end September 2023 from Rs 86,907 crore end
September 2022 - an increase of 14%.
Financial Performance H1FY2024
The income from operation of Bajaj Finserv
increased 35.35% to Rs 48649.63 crore in H1FY2024. The revenue of Insurance
(45.30% of total revenues) segment has gone up 33.17% to Rs 23,265.51 crore. The
revenue of Windmill (0.03% of total revenues) segment has gone up 2.78% to Rs
17.75 crore. The revenue of Investments & Others (4.28% of total revenues)
segment has gone up 72.16% to Rs 2,196.63 crore. The revenue of Retail
financing (50.39% of total revenues) segment has gone up 34.40% to Rs 25,882.29
crore.
PBIT of Insurance segment rose 75.25% to Rs
1,152.53 crore (accounting for 11.06% of total PBIT). PBIT of Windmill segment
rose 36.77% to Rs 12.72 crore (accounting for 0.12% of total PBIT). PBIT of
Investments & Others reported loss of Rs 395.03 crore (accounting for
(-)3.79% of total PBIT) compared to loss of Rs 370.17 crore. PBIT of Retail
financing segment rose 27.70% to Rs 9,647.32 crore (accounting for 92.61% of
total PBIT).
The Capital employed for Insurance (5.08% of
total) segment has gone up 11.00% to Rs 16,994.68 crore. The Capital employed
for Windmill (0.01% of total) segment has gone up 13.30% to Rs 41.66 crore. The
Capital employed for Investments & Others (0.58% of total) segment has gone
up 21.53% to Rs 1,937.58 crore. The Capital employed for Retail financing
(94.33% of total) segment has gone up 36.77% to Rs 3,15,631.18 crore.
Overall OPM has increased to 39.66% in
H1FY2024 from 38.12% in H1FY2023, leading to 40.81% rise in operating profit to
Rs 19,295.13 crore. Other expenditure as a percentage of total income moved
down to 45.99% from 46.34% in H1FY2024. The staff cost as a percentage of total
income declined to 10.04% from 11.29% in H1FY2024. The provisions as percentage
of total income increased to 4.30% from 4.24% in H1FY2024.
Interest cost increased 53.29% to Rs 8469.47
crore. Depreciation moved up 26.24% to Rs 411.13 crore. PBT moved up 32.63% to
Rs 10,414.53 crore.
The effective tax rate declined to 28.35% in
H1FY2024 compared to 29% in H1FY2023. Provision for tax was expense of Rs
2952.4 crore, compared to Rs 2277.52 crore. Profit after tax rose 33.85% to Rs
7,462.13 crore.
There
was profit attributable to non-controlling interest of Rs 3,593.55 crore in
H1FY2024 as compared to Rs 2,707.88 crore in H1FY2023. Finally, Net profit
attributable to owners rose 35.07% yoy to Rs 3,871.59 crore in H1FY2024.
|
Bajaj Finserv:
Consolidated Results
|
|
Particulars
|
2309 (3)
|
2209 (3)
|
Var %
|
2309 (6)
|
2209 (6)
|
Var %
|
2303 (12)
|
2203 (12)
|
Var %
|
|
Income from Operations
|
26022.66
|
20803.22
|
25
|
49302.64
|
35943.88
|
37
|
82071.24
|
68406.08
|
20
|
|
OPM (%)
|
38.24
|
35.51
|
|
39.14
|
38.12
|
|
36.17
|
31.14
|
|
|
OP
|
9949.85
|
7387.32
|
35
|
19295.13
|
13702.95
|
41
|
29688.39
|
21298.67
|
39
|
|
Other Income
|
0.00
|
0.41
|
-100
|
0.00
|
0.23
|
-100
|
0.77
|
33.29
|
-98
|
|
PBDIT
|
9949.85
|
7387.73
|
35
|
19295.13
|
13703.18
|
41
|
29689.16
|
21331.96
|
39
|
|
Interest (Net)
|
4449.06
|
2961.23
|
50
|
8469.47
|
5525.07
|
53
|
12201.42
|
9498.26
|
28
|
|
PBDT
|
5500.79
|
4426.50
|
24
|
10825.66
|
8178.11
|
32
|
17487.74
|
11833.70
|
48
|
|
Depreciation /
Amortization
|
208.83
|
168.40
|
24
|
411.13
|
325.67
|
26
|
677.80
|
562.73
|
20
|
|
PBT
|
5291.96
|
4258.10
|
24
|
10414.53
|
7852.44
|
33
|
16809.94
|
11270.97
|
49
|
|
Tax Expenses
|
1536.45
|
1261.20
|
22
|
2952.40
|
2277.52
|
30
|
4601.59
|
2957.05
|
56
|
|
PAT
|
3755.51
|
2996.90
|
25
|
7462.13
|
5574.92
|
34
|
12208.35
|
8313.92
|
47
|
|
Profit attributable to
non-controlling interest
|
1826.76
|
1439.67
|
27
|
3593.55
|
2707.88
|
33
|
5792.26
|
3756.76
|
54
|
|
Share of profit/loss
of Associate
|
0.21
|
-0.30
|
-
|
3.01
|
-0.73
|
-
|
1.19
|
-0.39
|
-
|
|
Net Profit after
minority and share in associate
|
1928.96
|
1556.93
|
24
|
3871.59
|
2866.31
|
35
|
6417.28
|
4556.77
|
41
|
|
EPS *
|
48.45
|
39.10
|
|
48.6
|
36.0
|
|
40.3
|
28.6
|
|
|
BV (Rs)
|
319.43
|
266.8
|
|
319.4
|
266.8
|
|
291.39
|
252.90
|
|
|
* Annualized on
current equity of Rs 159.26 crore. Face Value: Rs 1, Figures in Rs crore
|
|
Source: Capitaline
Corporate Database
|
|
Bajaj Finserv:
Consolidated Segment Results
|
|
Particulars
|
(%) of Total
|
2309 (3)
|
2209 (3)
|
Var (%)
|
(%) of Total
|
2309 (6)
|
2209 (6)
|
Var (%)
|
(%) of Total
|
2303 (12)
|
2203 (12)
|
Var (%)
|
|
Segment Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
|
46.04
|
12558.7
|
10787
|
16.43
|
45.3
|
23265.5
|
17470.8
|
33.17
|
48.65
|
40867.25
|
37081
|
10.21
|
|
Windmill
|
0.04
|
11.29
|
9.31
|
21.27
|
0.03
|
17.75
|
17.27
|
2.78
|
0.03
|
23.16
|
29.38
|
-21.17
|
|
Investments &
Others
|
4.86
|
1324.61
|
812.76
|
62.98
|
4.28
|
2196.63
|
1275.91
|
72.16
|
2.03
|
1704.11
|
995.53
|
71.18
|
|
Retail financing
|
49.06
|
13381.8
|
9974.47
|
34.16
|
50.39
|
25882.3
|
19257.2
|
34.4
|
49.29
|
41405.69
|
31640
|
30.86
|
|
Total Segment Revenue
|
100
|
27276.4
|
21583.5
|
26.38
|
100
|
51362.2
|
38021.2
|
35.09
|
100
|
84000.21
|
69746
|
20.44
|
|
Less: Inter segment
revenues
|
|
1253.72
|
780.17
|
60.7
|
|
2059.54
|
1329.48
|
54.91
|
|
1928.2
|
1307.1
|
47.52
|
|
Total Segment Revenue
from Operations (Net)
|
100
|
26022.7
|
20803.3
|
25.09
|
100
|
49302.6
|
36691.7
|
34.37
|
100
|
82072.01
|
68439
|
19.92
|
|
PBIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
|
11.46
|
606.7
|
569.57
|
6.52
|
11.06
|
1152.53
|
657.64
|
75.25
|
7.21
|
1212.61
|
1778.2
|
-31.81
|
|
Windmill
|
0.18
|
9.34
|
4.89
|
91
|
0.12
|
12.72
|
9.3
|
36.77
|
0.06
|
10.49
|
6.32
|
65.98
|
|
Investments &
Others
|
-4.29
|
-226.83
|
-176.41
|
-28.58
|
-3.79
|
-395.03
|
-370.17
|
-6.72
|
-3.45
|
-580.76
|
-514.1
|
-12.97
|
|
Retail financing
|
92.65
|
4902.96
|
3859.75
|
27.03
|
92.61
|
9647.32
|
7554.94
|
27.7
|
96.18
|
16168.79
|
10000
|
61.69
|
|
Total PBIT
|
100
|
5292.17
|
4257.8
|
24.29
|
100
|
10417.5
|
7851.71
|
32.68
|
100
|
16811.13
|
11271
|
49.16
|
|
Less : Interest
|
|
0
|
0
|
-
|
|
0
|
0
|
-
|
|
0
|
0
|
-
|
|
PBT
|
100
|
5292.17
|
4257.8
|
24.29
|
100
|
10417.5
|
7851.71
|
32.68
|
100
|
16811.13
|
11271
|
49.16
|
|
Capital Employed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
|
5.08
|
16994.7
|
15310
|
11
|
5.08
|
16994.7
|
15310
|
11
|
5.65
|
16288.56
|
16619
|
-1.99
|
|
Windmill
|
0.01
|
41.66
|
36.77
|
13.3
|
0.01
|
41.66
|
36.77
|
13.3
|
0.01
|
33.02
|
34.62
|
-4.62
|
|
Investments &
Others
|
0.58
|
1937.58
|
1594.35
|
21.53
|
0.58
|
1937.58
|
1594.35
|
21.53
|
0.45
|
1301.13
|
937.79
|
38.74
|
|
Retail financing
|
94.33
|
315631
|
230779
|
36.77
|
94.33
|
315631
|
230779
|
36.77
|
93.88
|
270469.6
|
208566
|
29.68
|
|
Total Segment
|
100
|
334605
|
247720
|
35.07
|
100
|
334605
|
247720
|
35.07
|
100
|
288092.3
|
226158
|
27.39
|
|
Add: Unallocated
Corporate
|
|
-72.59
|
-43.05
|
-68.62
|
|
-72.59
|
-43.05
|
-68.62
|
|
31.58
|
30.99
|
1.9
|
|
Total
|
100
|
334533
|
247677
|
35.07
|
100
|
334533
|
247677
|
35.07
|
100
|
288123.8
|
226189
|
27.38
|
|