|
The income from operation of Bajaj
Finserv increased 33.50% to Rs 28655.48 crore in Q3FY2024. The revenue of
Insurance (49.98% of total revenues) segment has gone up 32.85% to Rs 14,676.23
crore. The revenue of Windmill (0.01% of total revenues) segment has gone up
2.42% to Rs 3.39 crore. The revenue of Investments & Others (1.77% of total
revenues) segment has gone up 164.53% to Rs 519.78 crore. The revenue of Retail
financing (48.24% of total revenues) segment has gone up 31.34% to Rs 14,165.98
crore.
PBIT of Insurance segment rose
62.02% to Rs 566.67 crore (accounting for 10.43% of total PBIT). PBIT of
Windmill segment fell 16.05% to Rs 0.68 crore (accounting for 0.01% of total
PBIT). PBIT of Investments & Others reported loss of Rs 197.80 crore
(accounting for (-)3.64% of total PBIT) compared to loss of Rs 58.72 crore. PBIT
of Retail financing segment rose 22.64% to Rs 5,061.40 crore (accounting for
93.20% of total PBIT).
Overall OPM eased to 35.94% in
Q3FY2024 from 36.00% in Q3FY2023, leading to 33.29% rise in operating profit to
Rs 10,437.82 crore. Other expenditure as a percentage of total income moved up
to 49.96% from 49.53% in Q3FY2024. The staff cost as a percentage of total
income declined to 9.29% from 10.05% in Q3FY2024. The provisions as percentage
of total income increased to 4.32% from 3.94% in Q3FY2024.
Interest cost increased 47.39% to Rs
4776.53 crore. Depreciation moved up 35.29% to Rs 232.09 crore. PBT moved up
22.86% to Rs 5,429.20 crore.
The effective tax rate increased to
25.52% in Q3FY2024 compared to 25.32% in Q3FY2023. Provision for tax was
expense of Rs 1385.66 crore, compared to Rs 1118.75 crore. Profit after tax
rose 22.53% to Rs 4,043.54 crore.
There was profit attributable to
non-controlling interest of Rs 1,887.62 crore as compared to Rs 1,518.19 crore.
The share of profit of associate companies increased 2,816.67% to Rs 1.75
crore. Finally, Net profit attributable to owners moved up 21.08% to Rs
2,157.67 crore.
Business highlights:
Bajaj Finance BFL)
Net
total income for Q3FY24 increased by 25% to Rs 9298 crore against Rs 7438 crore
in Q3FY23.
Profit
after tax for Q3FY24 increased by 22% to Rs 3639 crore against Rs 2973 crore in
Q3FY23. This includes profit after tax of its 100% mortgage subsidiary, BHFL of
Rs 437 crore in Q3FY24 against Rs 334 crore in Q3FY23 - an increase of 31%.
While net interest margin continues to soften gradually on account of lagged
effect of cost of funds increase in Q3FY24, elevated loan losses and impact of
Regulatory action have led to profit growth being lower by approximately 5-6%.
Assets
Under Management (AUM) end December 2023 were Rs 310968 crore against Rs 230842
crore end December 2022 - an increase of 35%. This includes AUM of Rs 85,929
crore of BHFL, which recorded a growth of 31% over the AUM end December 2022.
Gross
Non-Performing Assets (NPA) stood at 0.95% and Net NPA 0.37% end December 2023 as
against 1.14% and 0.41% end December 2022. Provisioning coverage ratio on stage
3 assets is 62%. BFL holds a management and macroeconomic overlay of Rs 590
crore end December 2023.
Capital
adequacy ratio (CRAR) (including Tier-II capital) end December 2023 increased
to 23.87%. The Tier-I capital stood at 22.80%. On 16 November 2023, Reserve Bank
of India (RBI) increased risk weight on consumer credit exposure from 100% to
125% which had an impact of 290 bps on CRAR. Adjusted for this change CRAR
would have been 26.77%.
For
BHFL, the capital adequacy ratio (including Tier-II capital) stood at 21.92%.
Bajaj Allianz General Insurance Company
(BAGIC)
Gross
written premium for Q3FY24 increased by 19% to Rs 4536 crore against Rs 3821
crore in Q3FY23.
Excluding
tender-driven crop and government health insurance premium, BAGIC`s gross written
premium increased by 20% to Rs 3707 crore in Q3FY24 from Rs 3097 crore in Q3FY23.
Net
earned premium increased by 13% to Rs 2358 crore for Q3FY24 against Rs 2086
crore in Q3FY23.
Claim
ratio increased to 72.9% in Q3FY24 against 72.1% in Q3FY23. The increase in
claim ratio is largely attributable to higher NATCAT claims of Rs 79 crore,
excluding which the claim ratio would have been lower at 69.5%.
Combined
ratio increased to 102.9% in Q3FY24 against 100.3% in Q3FY23. Excluding t he NATCAT
impact combined ratio for Q3FY24 stood at 99.5%.
Underwriting
loss increased to Rs 85 crore for Q3FY24 against loss of Rs 40 crore in Q3FY23.
Investment
and other income (net) for Q3FY24 increased 14% to Rs 469 crore as against Rs 413
crore in Q3FY23. Profit on sale of investments was lower by Rs 26 crore (before
tax) in Q3FY24. Excluding profit on sale of investments, investment and other income
(net) has shown a healthy growth of 22%.
Profit
after tax for Q3FY24 increased by 3% to Rs 281 crore against Rs 278 crore in Q3FY23,
mainly on account of NATCAT claims and lower profit on sale of investments.
End
December 2023, solvency ratio was 355%, which is well above the minimum regulatory
requirement of 150%.
Assets
Under Management (AUM), represented by cash and investments end December 2023
stood at Rs 30296 crore against Rs 25977 crore end December 2022 - an increase
of 17%.
Bajaj Allianz Life Insurance Company (BALIC)
New
business premium for Q3FY24 increased by 12% to Rs 2561 crore against Rs 2289
crore in Q3FY23.
Individual
rated new business premium was Rs 1553 crore in Q3FY24 against Rs 1255 crore in
Q3FY23 - a strong growth of 24%.
Group
protection new business was Rs 555 crore in Q3FY24 against Rs 605 crore in Q3FY23.
Group
fund new business was Rs 340 crore in Q3FY24 against Rs 291 crore in Q3FY23, a growth
of 17%.
Renewal
premium for Q3FY24 stood at Rs 2903 crore against Rs 2215 crore in Q3FY23, an increase
of 31%.
Consequently,
gross written premium for Q3FY24 increased by 21% to Rs 5464 crore against Rs 4504
crore in Q3FY23.
Shareholders`
profit after tax during Q3FY24 increased 33% to Rs 108 crore against Rs 81 crore
in Q3FY23.
Net New
Business Value (NBV) which is the key metric used to measure profitability of
life insurance business was Rs 251 crore in Q3FY24 against Rs 210 crore in Q3FY23
- an increase of 20%.
Solvency
ratio stood at a healthy 446% end December 2023 as against the minimum regulatory
requirement of 150%.
Assets
Under Management (AUM) represented by total investments stood at Rs 104737 crore
end December 2023 against Rs 89466 crore end December 2022 - an increase of 17%.
Financial Performance 9MFY2024
The income from operation of Bajaj
Finserv increased 34.66% to Rs 77305.11 crore in 9MFY2024. The revenue of
Insurance (47.00% of total revenues) segment has gone up 33.04% to Rs 37,941.74
crore. The revenue of Windmill (0.03% of total revenues) segment has gone up
2.72% to Rs 21.14 crore. The revenue of Investments & Others (3.36% of
total revenues) segment has gone up 84.49% to Rs 2,716.41 crore. The revenue of
Retail financing (49.61% of total revenues) segment has gone up 33.30% to Rs
40,048.27 crore.
PBIT of Insurance segment rose
70.66% to Rs 1,719.20 crore (accounting for 10.85% of total PBIT). PBIT of
Windmill segment rose 32.54% to Rs 13.40 crore (accounting for 0.08% of total
PBIT). PBIT of Investments & Others reported loss of Rs 592.83 crore
(accounting for (-)3.74% of total PBIT) compared to loss of Rs 428.89 crore. PBIT
of Retail financing segment rose 25.91% to Rs 14,708.72 crore (accounting for
92.81% of total PBIT).
Overall OPM has increased to 37.95% in
9MFY2024 from 36.84% in 9MFY2023, leading to 38.07% rise in operating profit to
Rs 29,732.95 crore. Other expenditure as a percentage of total income moved
down to 47.46% from 47.54% in 9MFY2024. The staff cost as a percentage of total
income declined to 9.77% from 10.83% in 9MFY2024. The provisions as percentage
of total income increased to 4.31% from 4.13% in 9MFY2024.
Interest cost increased 51.11% to Rs
13246 crore. Depreciation moved up 29.36% to Rs 643.22 crore. PBT moved up
29.11% to Rs 15,843.73 crore.
The effective tax rate declined to
27.38% in 9MFY2024 compared to 27.68% in 9MFY2023. Provision for tax was
expense of Rs 4338.06 crore, compared to Rs 3396.27 crore. Profit after tax
rose 29.64% to Rs 11,505.67 crore.
There was profit attributable to
non-controlling interest of Rs 5,481.17 crore in 9MFY2024 as compared to Rs
4,226.07 crore in 9MFY2023. Finally, Net profit attributable to owners rose
29.71% yoy to Rs 6,029.26 crore in 9MFY2024.
|
Bajaj Finserv:
Consolidated Results
|
|
Particulars
|
2312 (3)
|
2212 (3)
|
Var %
|
2312 (9)
|
2212 (9)
|
Var %
|
2303 (12)
|
2203 (12)
|
Var %
|
|
Income from Operations
|
29038.43
|
21755.15
|
33
|
78341.07
|
58446.63
|
34
|
82071.24
|
68406.08
|
20
|
|
OPM (%)
|
35.94
|
36.00
|
|
37.95
|
36.84
|
|
36.17
|
31.14
|
|
|
OP
|
10437.82
|
7831.03
|
33
|
29732.95
|
21533.31
|
38
|
29688.39
|
21298.67
|
39
|
|
Other Income
|
0.00
|
0.20
|
-100
|
0.00
|
1.10
|
-100
|
0.77
|
33.29
|
-98
|
|
PBDIT
|
10437.82
|
7831.23
|
33
|
29732.95
|
21534.41
|
38
|
29689.16
|
21331.96
|
39
|
|
Interest (Net)
|
4776.53
|
3240.78
|
47
|
13246.00
|
8765.85
|
51
|
12201.42
|
9498.26
|
28
|
|
PBDT
|
5661.29
|
4590.45
|
23
|
16486.95
|
12768.56
|
29
|
17487.74
|
11833.70
|
48
|
|
Depreciation /
Amortization
|
232.09
|
171.55
|
35
|
643.22
|
497.22
|
29
|
677.80
|
562.73
|
20
|
|
PBT
|
5429.20
|
4418.90
|
23
|
15843.73
|
12271.34
|
29
|
16809.94
|
11270.97
|
49
|
|
Tax Expenses
|
1385.66
|
1118.75
|
24
|
4338.06
|
3396.27
|
28
|
4601.59
|
2957.05
|
56
|
|
PAT
|
4043.54
|
3300.15
|
23
|
11505.67
|
8875.07
|
30
|
12208.35
|
8313.92
|
47
|
|
Profit attributable to
non-controlling interest
|
1887.62
|
1518.19
|
24
|
5481.17
|
4226.07
|
30
|
5792.26
|
3756.76
|
54
|
|
Share of profit/loss
of Associate
|
1.75
|
0.06
|
-
|
4.76
|
-0.67
|
-
|
1.19
|
-0.39
|
-
|
|
Net Profit after
minority and share in associate
|
2157.67
|
1782.02
|
21
|
6029.26
|
4648.33
|
30
|
6417.28
|
4556.77
|
41
|
|
EPS *
|
54.19
|
44.76
|
|
50.5
|
38.9
|
|
40.3
|
28.6
|
|
|
BV (Rs)
|
332.98
|
277.78
|
|
333.0
|
277.8
|
|
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
|
2312 (3)
|
2212 (3)
|
Var (%)
|
(%) of Total
|
2312 (9)
|
2212 (9)
|
Var (%)
|
(%) of Total
|
2303 (12)
|
2203 (12)
|
Var (%)
|
|
Segment Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
|
49.98
|
14676.2
|
11047.4
|
33
|
47.00
|
37941.7
|
28518.2
|
33
|
48.65
|
40867.25
|
37081
|
10
|
|
Windmill
|
0.01
|
3.39
|
3.31
|
2
|
0.03
|
21.14
|
20.58
|
3
|
0.03
|
23.16
|
29.38
|
-21
|
|
Investments &
Others
|
1.77
|
519.78
|
196.49
|
165
|
3.36
|
2716.41
|
1472.4
|
84
|
2.03
|
1704.11
|
995.53
|
71
|
|
Retail financing
|
48.24
|
14166
|
10785.5
|
31
|
49.61
|
40048.3
|
30042.6
|
33
|
49.29
|
41405.69
|
31640
|
31
|
|
Total Segment Revenue
|
100.00
|
29365.4
|
22032.6
|
33
|
100.00
|
80727.6
|
60053.8
|
34
|
100.00
|
84000.21
|
69746
|
20
|
|
Less: Inter segment
revenues
|
|
326.95
|
277.29
|
18
|
|
2386.49
|
1606.77
|
49
|
|
1928.2
|
1307.1
|
48
|
|
Total Segment Revenue
from Operations (Net)
|
100.00
|
29038.4
|
21755.4
|
33
|
100.00
|
78341.1
|
58447.1
|
34
|
100.00
|
82072.01
|
68439
|
20
|
|
PBIT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
|
10.43
|
566.67
|
349.76
|
62
|
10.85
|
1719.2
|
1007.4
|
71
|
7.21
|
1212.61
|
1778.2
|
-32
|
|
Windmill
|
0.01
|
0.68
|
0.81
|
-16
|
0.08
|
13.4
|
10.11
|
33
|
0.06
|
10.49
|
6.32
|
66
|
|
Investments &
Others
|
-3.64
|
-197.8
|
-58.72
|
-
|
-3.74
|
-592.83
|
-428.89
|
-38
|
-3.45
|
-580.76
|
-514.1
|
-13
|
|
Retail financing
|
93.20
|
5061.4
|
4127.11
|
23
|
92.81
|
14708.7
|
11682.1
|
26
|
96.18
|
16168.79
|
10000
|
62
|
|
Total PBIT
|
100.00
|
5430.95
|
4418.96
|
23
|
100.00
|
15848.5
|
12270.7
|
29
|
100.00
|
16811.13
|
11271
|
49
|
|
Less : Interest
|
|
0
|
0
|
-
|
|
0
|
0
|
-
|
|
0
|
0
|
-
|
|
PBT
|
100.00
|
5430.95
|
4418.96
|
23
|
100.00
|
15848.5
|
12270.7
|
29
|
100.00
|
16811.13
|
11271
|
49
|
|
Capital Employed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
|
5.00
|
17924.8
|
15912.2
|
13
|
5.00
|
17924.8
|
15912.2
|
13
|
5.65
|
16288.56
|
16619
|
-2
|
|
Windmill
|
0.01
|
40.91
|
33.33
|
23
|
0.01
|
40.91
|
33.33
|
23
|
0.01
|
33.02
|
34.62
|
-5
|
|
Investments &
Others
|
0.42
|
1504.66
|
1505.91
|
0
|
0.42
|
1504.66
|
1505.91
|
0
|
0.45
|
1301.13
|
937.79
|
39
|
|
Retail financing
|
94.57
|
338796
|
251877
|
35
|
94.57
|
338796
|
251877
|
35
|
93.88
|
270469.6
|
208566
|
30
|
|
Total Segment
|
100.00
|
358266
|
269328
|
33
|
100.00
|
358266
|
269328
|
33
|
100.00
|
288092.3
|
226158
|
27
|
|
Add: Unallocated
Corporate
|
|
-14.89
|
-0.69
|
-
|
|
-14.89
|
-0.69
|
-
|
|
31.58
|
30.99
|
2
|
|
Total
|
100.00
|
358251
|
269328
|
33
|
100.00
|
358251
|
269328
|
33
|
100.00
|
288123.8
|
226189
|
27
|
*************************************************************
Bajaj
Finserv
Healthy
growth and margins
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
|
26.68
|
|
319.4
|
26.7
|
|
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
|
|