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Results
30-Oct-21
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Analysis
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Bajaj Finserv
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Healthy performance
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Bajaj Finserv has posted 14% growth
in the net profit to Rs 1122.13 crore in the quarter ended September 2021
(Q2FY2022). The income from operation increased 17.98% to Rs 17657.86 crore as
on 30 September 2021.
The revenue of Insurance (55.73% of
total revenues) segment has gone up 20.63% to Rs 10,285.38 crore. The revenue
of Windmill (0.06% of total revenues) segment has gone up 4.76% to Rs 10.34
crore. The revenue of Investments & Others (2.32% of total revenues)
segment has gone up 798.72% to Rs 427.43 crore. The revenue of Retail financing
(41.90% of total revenues) segment has gone up 18.53% to Rs 7,732.07 crore.
PBIT of Insurance segment fell 2.45%
to Rs 854.52 crore (accounting for 30.60% of total PBIT). PBIT of Windmill
segment rose 76.32% to Rs 5.36 crore (accounting for 0.19% of total PBIT). PBIT
of Investments & Others reported loss of Rs 130.26 crore (accounting for
(-) 4.67% of total PBIT) compared to loss of Rs 63.21 crore. PBIT of Retail
financing segment rose 53.84% to Rs 2,062.66 crore (accounting for 73.87% of
total PBIT).
The Capital employed for Insurance
(8.64% of total) segment has gone up 7.43% to Rs 17,420.74 crore. The Capital
employed for Windmill (0.02% of total) segment has gone up 9.39% to Rs 38.81
crore. The Capital employed for Investments & Others (0.41% of total)
segment has gone up 6.96% to Rs 834.30 crore. The Capital employed for Retail
financing (90.93% of total) segment has gone up 15.78% to Rs 1,83,442.06 crore.
Overall OPM eased to 30.09% as on 30
September 2021 from 30.79% as on 30 September 2020, leading to 15.27% rise in
operating profit to Rs 5,312.47 crore. Other expenditure as a percentage of
total income moved up to 53.25% from 51.34% as on 30 September 2021. The staff
cost as a percentage of total income increased to 9.30% from 6.77% as on 30
September 2021. The provisions as percentage of total income declined to 7.37%
from 11.09% as on 30 September 2021.
Interest cost increased 1.78% to Rs
2381.93 crore. Depreciation moved up 21.18% to Rs 138.16 crore. PBT moved up
29.48% to Rs 2,792.38 crore.
The effective tax rate increased to
28.45% as on 30 September 2021 compared to 24.96% as on 30 September 2020. Provision
for tax was expense of Rs 794.41 crore, compared to Rs 538.33 crore. Profit
after tax rose 23.46% to Rs 1,997.97 crore.
There was profit attributable to
non-controlling interest of Rs 875.74 crore as compared to Rs 631.98 crore. The
share of profit of associate companies decreased 11.11% to Rs -0.1 crore. Finally,
Net profit attributable to owners moved up 13.77% to Rs 1,122.13 crore.
Book
value of the company stood at Rs 2380.7 per share end September 2021.
Financial Performance H1FY2022
The income from operation of Bajaj
Finserv increased 7.30% to Rs 31373.12 crore as on 30 September 2021. The
revenue of Insurance (53.93% of total revenues) segment has gone up 8.62% to Rs
17,560.71 crore. The revenue of Windmill (0.05% of total revenues) segment has
gone down 13.57% to Rs 15.29 crore. The revenue of Investments & Others
(1.57% of total revenues) segment has gone up 473.40% to Rs 511.19 crore. The
revenue of Retail financing (44.45% of total revenues) segment has gone up
9.88% to Rs 14,475.07 crore.
PBIT of Insurance segment fell
38.87% to Rs 1,250.96 crore (accounting for 27.44% of total PBIT). PBIT of
Windmill segment fell 10.47% to Rs 5.90 crore (accounting for 0.13% of total
PBIT). PBIT of Investments & Others reported loss of Rs 247.83 crore
(accounting for (-)5.44% of total PBIT) compared to loss of Rs 122.18 crore. PBIT
of Retail financing segment rose 27.08% to Rs 3,550.35 crore (accounting for
77.87% of total PBIT).
The Capital employed for Insurance
(8.64% of total) segment has gone up 7.43% to Rs 17,420.74 crore. The Capital
employed for Windmill (0.02% of total) segment has gone up 9.39% to Rs 38.81
crore. The Capital employed for Investments & Others (0.41% of total)
segment has gone up 6.96% to Rs 834.30 crore. The Capital employed for Retail
financing (90.93% of total) segment has gone up 15.78% to Rs 1,83,442.06 crore.
Overall OPM eased to 29.97% as on 30
September 2021 from 33.16% as on 30 September 2020, leading to 3.03% fall in
operating profit to Rs 9,402.36 crore. Other expenditure as a percentage of
total income moved up to 51.03% from 48.55% as on 30 September 2021. The staff
cost as a percentage of total income increased to 9.18% from 6.87% as on 30
September 2021. The provisions as percentage of total income declined to 9.82%
from 11.43% as on 30 September 2021.
Interest cost declined 3.44% to Rs
4572.39 crore. Depreciation moved up 12.92% to Rs 270.31 crore. After which,
PBT moved down 3.50% to Rs 4,559.66 crore.
The effective tax rate declined to
24.76% as on 30 September 2021 compared to 25.06% as on 30 September 2020. Provision
for tax was expense of Rs 1128.86 crore, compared to Rs 1184.19 crore. Profit
after tax fell 3.11% to Rs 3,430.80 crore.
There was profit attributable to non-controlling
interest of Rs 1,475.62 crore as on 30 September 2021 as compared to Rs
1,339.05 crore as on 30 September 2020. The share of profit of associate
companies increased 17.65% to Rs -0.28 crore. Finally, Net profit attributable
to owners fell 11.20% yoy to Rs 1,954.90 crore as on 30 September 2021.
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Bajaj Finserv:
Consolidated Results
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Particulars
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2109 (3)
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2009 (3)
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Var %
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2109 (6)
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2009 (6)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Income from Operations
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18008.22
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15049.58
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20
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31957.67
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29239.57
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9
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60591.20
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54346.69
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11
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OPM (%)
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29.50
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30.62
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29.42
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33.16
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32.19
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33.29
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OP
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5312.55
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4608.80
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15
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9402.26
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9695.65
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-3
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19501.89
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18091.54
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8
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Other Income
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0.00
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2.01
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-100
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0.00
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4.03
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-100
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0.37
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4.78
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-92
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PBDIT
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5312.55
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4610.81
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15
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9402.26
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9699.68
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-3
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19502.26
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18096.32
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8
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Interest (Net)
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2381.93
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2340.20
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2
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4572.39
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4735.43
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-3
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9141.28
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9338.53
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-2
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PBDT
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2930.62
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2270.61
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29
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4829.87
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4964.25
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-3
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10360.98
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8757.79
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18
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Depreciation /
Amortization
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138.16
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114.01
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21
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270.31
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239.39
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13
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498.46
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456.79
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9
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PBT
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2792.46
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2156.60
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29
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4559.56
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4724.86
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-3
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9862.52
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8301.00
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19
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Tax Expenses
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794.41
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538.33
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48
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1128.86
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1184.19
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-5
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2494.96
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2308.06
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8
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PAT
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1998.05
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1618.27
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23
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3430.70
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3540.67
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-3
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7367.56
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5992.94
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23
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Profit attributable to
non-controlling interest
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875.74
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631.98
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39
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1475.62
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1339.05
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10
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2896.92
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2624.47
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10
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Share of profit/loss
of Associate
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-0.18
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0.00
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-
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-0.18
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-0.18
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-
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-0.18
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0.66
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-
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Net Profit after
minority and share in associate
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1122.13
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986.29
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14
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1954.90
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2201.44
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-11
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4470.46
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3369.13
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33
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EPS *
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282.0
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247.9
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245.7
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276.7
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280.9
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211.7
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* Annualized on
current equity of Rs 79.57 crore. Face Value: Rs 5, Figures in Rs crore
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Source: Capitaline
Corporate Database
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Bajaj Finserv: Segment
Results
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Particulars
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2109 (3)
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2009 (3)
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(%) of Total
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Var (%)
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2109 (6)
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2009 (6)
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(%) of Total
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Var (%)
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2103 (12)
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2003 (12)
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(%) of Total
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Var (%)
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Segment Revenue
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Life insurance
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3813.10
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2677.12
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21
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42
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6328.58
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4376.80
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19
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45
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3444.00
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3169.16
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18
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9
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General insurance
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5034.46
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4155.57
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27
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21
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7528.82
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6444.69
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23
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17
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5147.75
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4830.07
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27
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7
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Insurance
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8847.56
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6832.69
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48
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29
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13857.40
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10821.49
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43
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28
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8591.75
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7999.23
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45
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7
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Less: Reinsurance
ceded and Reserve for unexpired risk
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1770.47
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899.24
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10
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97
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1816.88
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913.50
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6
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99
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1166.41
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1500.59
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6
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-22
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Add : Investment and
other income
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3208.29
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2592.73
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17
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24
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5520.19
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6259.53
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17
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-12
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2839.91
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3417.47
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15
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-17
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Insurance total
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10285.38
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8526.18
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56
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21
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17560.71
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16167.52
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54
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9
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10265.25
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9916.11
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54
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4
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Investments and others
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427.43
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47.56
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2
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799
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511.19
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89.15
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2
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473
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355.15
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146.96
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2
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142
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Retail financing
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7732.07
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6523.29
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42
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19
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14475.07
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13173.03
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44
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10
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8237.66
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5899.86
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44
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40
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Windmill
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10.34
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9.87
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0
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5
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15.29
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17.69
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0
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-14
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45.27
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37.61
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0
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20
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Total Revenue
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18455.22
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15106.90
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100
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22
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32562.26
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29447.39
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100
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11
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18903.33
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16000.54
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100
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18
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Less : Inter-segment
revenue
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447.00
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55.31
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708
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604.59
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203.79
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197
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433.88
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198.56
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119
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Net Revenue
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18008.22
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15051.59
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20
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31957.67
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29243.60
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9
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18469.45
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15801.98
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17
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Segment PBT
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Life insurance
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232.92
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288.86
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8
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-19
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154.21
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749.84
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3
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-79
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344.83
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465.88
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9
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-26
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General insurance
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621.60
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587.16
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22
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6
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1096.75
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1296.53
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24
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-15
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737.88
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707.08
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19
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4
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Insurance total
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854.52
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876.02
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31
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-2
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1250.96
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2046.37
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27
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-39
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1082.71
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1172.96
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28
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-8
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Investments and others
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-130.26
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-63.21
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-5
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106
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-247.83
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-122.18
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-5
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103
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-63.12
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-16.04
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-2
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294
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Retail financing
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2062.66
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1340.75
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74
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54
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3550.35
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2793.90
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78
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27
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2771.15
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1677.96
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73
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65
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Windmill
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5.36
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3.04
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0
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76
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5.90
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6.59
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0
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-10
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9.91
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8.35
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0
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19
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Total profit before
tax
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2792.28
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2156.60
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100
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29
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4559.38
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4724.68
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100
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-3
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3800.65
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2843.23
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100
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34
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Capital Employed
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Life insurance
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9646.19
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9723.73
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5
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-1
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9646.19
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9723.73
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5
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-1
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9048.30
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9246.08
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8
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-2
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General insurance
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7774.55
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6491.60
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4
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20
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7774.55
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6491.60
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4
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20
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4312.20
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4136.72
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4
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4
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Insurance total
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17420.74
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16215.33
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9
|
7
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17420.74
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16215.33
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9
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7
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13360.50
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13382.80
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12
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0
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Investments and others
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834.30
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779.99
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0
|
7
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834.30
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779.99
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0
|
7
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192.96
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97.21
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0
|
98
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Retail financing
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183442.06
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158436.00
|
91
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16
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183442.06
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158436.00
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91
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16
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99272.31
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69188.03
|
88
|
43
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Windmill
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38.81
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35.48
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0
|
9
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38.81
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35.48
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0
|
9
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37.39
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40.53
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0
|
-8
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Unallocable
|
6.67
|
21.21
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0
|
-69
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6.67
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21.21
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0
|
-69
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-7.89
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-16.95
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0
|
-53
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Total
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201742.58
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175488.01
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100
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15
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201742.58
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175488.01
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100
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15
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112855.27
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82691.62
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100
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36
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Figures in Rs crore,
PL: Profit to Loss; LP Loss to Profit
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Source: Capitaline
Corporate Database
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