|
The income from operation of Bajaj
Finserv increased 37.04% to Rs 31899.92 crore in the quarter ended March 2024
(Q3FY2024). Overall OPM eased to 34.27% in Q4FY2024 from 35.03% in Q4FY2023,
leading to 34.07% rise in operating profit to Rs 10,932.54 crore. Other
expenditure as a percentage of total income moved up to 52.84% from 50.31% in
Q4FY2024. The staff cost as a percentage of total income declined to 8.81% from
10.96% in Q4FY2024. The provisions as percentage of total income increased to
4.08% from 3.70% in Q4FY2024.
Other income increased 220.59% to Rs
1.09 crore. Interest cost increased 50% to Rs 5153.51 crore. Depreciation moved
up 42.27% to Rs 256.91 crore. PBT moved up 21.69% to Rs 5,523.21 crore.
The effective tax rate declined to
26.10% in Q4FY2024 compared to 26.56% in Q4FY2023.Provision for tax was expense
of Rs 1441.61 crore, compared to Rs 1205.32 crore. Profit after tax rose 22.45%
to Rs 4,081.60 crore.
There was profit attributable to
non-controlling interest of Rs 1,966.40 crore as compared to Rs 1,566.19 crore.
The share of profit of associate companies increased 79.03% to Rs 3.33 crore. Finally,
Net profit attributable to owners moved up 19.76% to Rs 2,118.53 crore.
Business highlights:
BFL`s consolidated assets under
management (AUM) crossed Rs 330000 crore.
BAGIC became the 3rd largest general
insurer, measured by gross direct premium, overtaking three public sector
insurers of long vintage during the year.
BALI C`s AUM crossed Rs 100000 crore.
Bajaj Finserv Asset Management
received encouraging response to its mutual fund schemes with assets under
management (AUM) of Rs 9552 crore in the first year of launch.
Bajaj Finserv Health entered the hospitalisation
claims management space with acquisition of 100% stake in Vidal Healthcare
Services.
In FY24, amidst favorable macro-economic conditions,
the group company companies have consistently delivered strong operating
performance.
BFL recorded increase in the customer franchise of
14.5 million and number of new loans booked of 36.2 million. Its consolidated
profit after tax increased by 26% while its wholly owned subsidiary - BHFL
recorded growth of 38% in profit after tax.
BAGIC recorded market leading growth of 33% in gross
written premium to Rs 20630 crore, excluding bulky tender-driven crop and
government health business growth was strong at 20%.
BALIC continues to record market beating growth of
21% in individual rated new business premium and growth of 12% in net new
business value.
Bajaj
Finance (BEL) - Consolidated - Ind AS
Net total income for Q4FY24 increased by 25% to Rs
9714 crore against Rs 7775 crore in Q4FY23.
Profit after tax for Q4FY24 increased by 21% to Rs
3825 crore against Rs 3158 crore in Q4FY23.
This includes profit after tax of its 100% mortgage
subsidiary, BHFL, of Rs 381 crore in Q4FY24 against Rs 302 crore in Q4FY23 - an
increase of 26%. The consolidated profit was impacted by approximately 4% due
to regulatory action on two businesses
Assets Under Management (AUM) as on 31 March 2024
were Rs 330615 crore against Rs 247379 crore as on 31 March 2023 - an increase
of 34%. This includes AUM of Rs 91370 crore of BHFL, which recorded a growth of
32% over the AUM as on 31 March 2023.
Gross Non-Performing Assets (NPA) and Net NPA as on
31 March 2024 stood at 0.85% and 0.37% respectively as against 0.94% and 0.34%
as on 31 March 2023. Provisioning coverage ratio on stage 3 assets is 57%. BFL
holds a management and macro-economic overlay of Rs 300 crore as on 31 March
2024.
Capital adequacy ratio (CRAR) (including Tier-II
capital) as on 31 March 2024 increased to 22.52%. The Tier-I capital stood at
21.51%.
For BHFL, the capital adequacy ratio (including
Tier-II capital) stood at 21.28%.
The Company has made required changes in response to
the regulatory restriction imposed by RBI on sanction and disbursal of loans
under `eCOM` and `lnsta EMI Card`. The Company has formally requested RBI for a
review and removal of these restrictions.
Bajaj
Allianz General Insurance Company (BAGIC) - Indian GAAP
Gross written premium for Q4FY24 increased by 32% to
Rs 4962 crore against Rs 3766 crore in Q4FY23.
Excluding tender-driven crop and government health
insurance premium. BAGIC`s gross written premium increased by 13% to Rs 3780
crore in Q4FY24 from Rs 3345 crore in Q4FY23.
Net earned premium increased by 17% to Rs 2338 crore
for Q4FY24 against Rs 1990 crore in Q4FY23.
Claim ratio increased to 70.3% in Q4FY24 against
66.4% in Q4FY23. Claim ratio is higher than previous year on account of higher
claim ratio in Health and Motor TP segments. Partially offset by lower
commercial & crop claims.
Combined ratio stood at 101.6 % in Q4FY24 against
97.3% in Q4FY23. For FY24. Combined ratio improved to 99.9% against 100.5% in
FY23 despite natural catastrophes (NAT CAT) claims of Rs 118 crore (net).
Underwriting loss stood at Rs 76 crore for Q4FY24 v/
s loss of Rs 2 crore in Q4FY23.
Investment and other income (net) for Q4FY24
increased by 31% to Rs 566 crore as against Rs 431 crore in Q4FY23. Profit on
sale of investments was higher by Rs 63 crore (before tax) in Q4FY24. Excluding
profit on sale of investments, investment and other income (net) has shown a
healthy growth of 17%.
Profit after tax for Q4FY24 increased by 18% to Rs
380 crore against Rs 322 crore in Q4FY23.
As on 31 March 2024, solvency ratio was 349%, which
is well above the minimum regulatory requirement of 150%.
Assets Under Management (AUM) represented by cash
and investments as on 31 March 2024 stood at Rs 31196 crore against Rs 27809
crore as on 31 March 2023 - an increase of 12%.
Bajaj
Allianz Life Insurance Company (BALIC) - Indian GAAP
New business premium for Q4FY24 increased by 20% to
Rs 3953 crore against Rs 3297 crore in Q4FY23.
Individual rated new business premium was Rs 2330
crore in Q4FY24 against Rs 1992 crore in Q4FY23 - a strong growth of 17%.
Group protection new business was Rs 678 crore in
Q4FY24 against Rs 675 crore in Q4FY23.
Group fund new business was Rs 816 crore in Q4FY24
against Rs 505 crore in Q4FY23 – a growth of 62%.
Renewal premium for Q4FY24 stood at Rs 4230 crore
against Rs 3137 crore in Q4FY23 – an increase of 35%.
Consequently, gross written premium for Q4FY24
increased by 27% to Rs 8183 crore against Rs 6434 crore in Q4FY23.
Shareholders` profit after tax during Q4FY24
increased to Rs 106 crore against Rs 26 crore in Q4FY23.
Net New Business Value (NBV), which is the key
metric used to measure profitability of life insurance business, was Rs 480
crore in Q4FY24 against Rs 415 crore in Q4FY23 - an increase of 16%.
Solvency ratio stood at a healthy 432% end March
2024 as against the minimum regulatory requirement of 150%.
Assets Under Management (AUM). represented by total
investments stood at Rs 109829 crore end March 2024 against Rs 90584 crore end
March 2023 - an increase of 21%.
Financial Performance FY2024
The income from operation of Bajaj
Finserv increased 35.34% to Rs 109205.03 crore in FY2024. Overall OPM has
increased to 37.24% in FY2024 from 36.79% in FY2023, leading to 36.97% rise in
operating profit to Rs 40,665.49 crore. The provisions as percentage of total
income increased to 4.24% from 4% in FY2024. Other expenditure as a percentage
of total income moved up to 49.03% from 48.34% in FY2024. The staff cost as a
percentage of total income declined to 9.49% from 10.87% in FY2024.
Other income increased 41.56% to Rs
1.09 crore. There is 50.80% rise in interest cost at Rs 18399.51 crore and
32.80% rise in depreciation to Rs 900.13 crore, Profit before tax increased
27.11% to Rs 21,366.94 crore. There is no extraordinary item. After which, PBT
increased 27.11% to Rs 21,366.94 crore.
The effective tax rate declined to
27.05% in FY2024 compared to 27.37% in FY2023. Provision for tax was expense of
Rs 5779.66 crore, compared to Rs 4601.59 crore. Profit after tax rose 27.68% to
Rs 15,587.28 crore.
There was profit attributable to
non-controlling interest of Rs 7,447.58 crore in FY2024 as compared to Rs
5,792.26 crore in FY2023. The share of profit of associate companies increased
579.83% to Rs 8.09 crore. Finally, Net profit attributable to owners rose
26.97% yoy to Rs 8,147.79 crore in FY2024.
|
Bajaj Finserv:
Consolidated Results
|
|
Particulars
|
2403 (3)
|
2303 (3)
|
Var %
|
2403 (12)
|
2303 (12)
|
Var %
|
|
Income from Operations
|
32040.84
|
23624.61
|
36
|
110381.91
|
82071.24
|
34
|
|
OPM (%)
|
34.12
|
34.52
|
0
|
36.84
|
36.17
|
0
|
|
OP
|
10932.54
|
8154.41
|
34
|
40665.49
|
29688.39
|
37
|
|
Other Income
|
1.09
|
0.34
|
221
|
1.09
|
0.77
|
42
|
|
PBDIT
|
10933.63
|
8154.75
|
34
|
40666.58
|
29689.16
|
37
|
|
Interest (Net)
|
5153.51
|
3435.57
|
50
|
18399.51
|
12201.42
|
51
|
|
PBDT
|
5780.12
|
4719.18
|
22
|
22267.07
|
17487.74
|
27
|
|
Depreciation /
Amortization
|
256.91
|
180.58
|
42
|
900.13
|
677.80
|
33
|
|
PBT
|
5523.21
|
4538.60
|
22
|
21366.94
|
16809.94
|
27
|
|
Tax Expenses
|
1441.61
|
1205.32
|
20
|
5779.66
|
4601.59
|
26
|
|
PAT
|
4081.60
|
3333.28
|
22
|
15587.28
|
12208.35
|
28
|
|
Profit attributable to
non-controlling interest
|
1966.40
|
1566.19
|
26
|
7447.58
|
5792.26
|
29
|
|
Share of profit/loss
of Associate
|
3.33
|
1.86
|
-
|
8.09
|
1.19
|
-
|
|
Net Profit after
minority and share in associate
|
2118.53
|
1768.95
|
20
|
8147.79
|
6417.28
|
27
|
|
EPS *
|
53.16
|
44.39
|
|
51.11
|
40.26
|
|
|
BV (Rs)
|
378.4
|
291.4
|
|
378.4
|
291.4
|
|
|
* Annualized on
current equity of Rs 159.41 crore. Face Value: Rs 1, Figures in Rs crore
|
|
Source: Capitaline
Corporate Database
|
|
Bajaj Finserv: Consolidated
Segment Results
|
|
Particulars
|
(%) of Total
|
2403 (3)
|
2303 (3)
|
Var (%)
|
(%) of Total
|
2403 (12)
|
2303 (12)
|
Var (%)
|
|
Segment Revenue
|
|
|
|
|
|
|
|
|
|
Insurance
|
52.50
|
17030.67
|
12349.03
|
38
|
48.65
|
40867.3
|
37080.7
|
10
|
|
Windmill
|
0.01
|
2.94
|
2.58
|
14
|
0.03
|
23.16
|
29.38
|
-21
|
|
Investments &
Others
|
1.46
|
473.52
|
231.71
|
104
|
2.03
|
1704.11
|
995.53
|
71
|
|
Retail financing
|
46.03
|
14934.23
|
11363.06
|
31
|
49.29
|
41405.7
|
31640.4
|
31
|
|
Total Segment Revenue
|
100.00
|
32441.36
|
23946.38
|
35
|
100.00
|
84000.2
|
69746
|
20
|
|
Less: Inter segment
revenues
|
|
399.43
|
321.43
|
24
|
|
1928.2
|
1307.06
|
48
|
|
Total Segment Revenue
from Operations (Net)
|
100.00
|
32041.93
|
23624.95
|
36
|
100.00
|
82072
|
68439
|
20
|
|
PBIT
|
|
|
|
|
|
|
|
|
|
Insurance
|
12.32
|
680.91
|
205.21
|
232
|
7.21
|
1212.61
|
1778.21
|
-32
|
|
Windmill
|
0.01
|
0.46
|
0.38
|
21
|
0.06
|
10.49
|
6.32
|
66
|
|
Investments &
Others
|
-4.49
|
-247.87
|
-151.87
|
63
|
-3.45
|
-580.76
|
-514.1
|
13
|
|
Retail financing
|
92.17
|
5093.96
|
4486.74
|
14
|
96.18
|
16168.8
|
10000.2
|
62
|
|
Total PBIT
|
100.00
|
5526.54
|
4540.46
|
22
|
100.00
|
16811.1
|
11270.6
|
49
|
|
Less : Interest
|
|
0.00
|
0.00
|
-
|
|
0
|
0
|
-
|
|
PBT
|
100.00
|
5526.54
|
4540.46
|
22
|
100.00
|
16811.1
|
11270.6
|
49
|
|
Capital Employed
|
|
|
|
|
|
|
|
|
|
Insurance
|
5.10
|
19923.20
|
16288.56
|
22
|
5.65
|
16288.6
|
16619.4
|
-2
|
|
Windmill
|
0.01
|
40.91
|
33.02
|
24
|
0.01
|
33.02
|
34.62
|
-5
|
|
Investments &
Others
|
0.40
|
1578.26
|
1301.13
|
21
|
0.45
|
1301.13
|
937.79
|
39
|
|
Retail financing
|
94.48
|
369284.32
|
270469.55
|
37
|
93.88
|
270470
|
208566
|
30
|
|
Total Segment
|
100.00
|
390861.00
|
288092.26
|
36
|
100.00
|
288092
|
226158
|
27
|
|
Add: Unallocated
Corporate
|
|
34.31
|
31.58
|
9
|
|
31.58
|
30.99
|
2
|
|
Total
|
100.00
|
390895.31
|
288123.84
|
36
|
100.00
|
288124
|
226189
|
27
|
|