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Results
28-Apr-23
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Analysis
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Bajaj Finserv
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Continues strong performance
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The
income from operation of Bajaj Finserv increased 25.12% to Rs 23278.06 crore in
Q4FY2023. The revenue of Insurance (51.57% of total revenues) segment has gone
up 19.15% to Rs 12349.03 crore. The revenue of Windmill (0.01% of total
revenues) segment has gone down 66.97% to Rs 2.58 crore. The revenue of
Investments & Others (0.97% of total revenues) segment has gone up 84.39%
to Rs 231.71 crore. The revenue of Retail financing (47.45% of total revenues) segment
has gone up 31.67% to Rs 11363.06 crore.
PBIT of Insurance segment rose 6.35% to Rs
205.21 crore (accounting for 4.52% of total PBIT). PBIT of Windmill segment
fell 91.30% to Rs 0.38 crore (accounting for 0.01% of total PBIT). PBIT of
Investments & Others reported loss of Rs 151.87 crore (accounting for (-) 3.34%
of total PBIT) compared to loss of Rs 160.21 crore. PBIT of Retail financing
segment increased 31.00% to Rs 4486.74 crore (accounting for 98.82% of total
PBIT).
The Capital employed for Insurance (5.65% of
total) segment has gone down 1.99% to Rs 16288.56 crore. The Capital employed
for Windmill (0.01% of total) segment has gone down 4.62% to Rs 33.02 crore. The
Capital employed for Investments & Others (0.45% of total) segment has gone
up 38.74% to Rs 1301.13 crore. The Capital employed for Retail financing
(93.88% of total) segment has gone up 29.68% to Rs 270469.55 crore.
Overall OPM has increased to 35.03% in
Q4FY2023 from 32.75% in Q4FY2022, leading to 33.84% rise in operating profit to
Rs 8154.41 crore. Other expenditure as a percentage of total income moved down
to 50.31% from 53.03% in Q4FY2023. The staff cost as a percentage of total
income increased to 10.96% from 10.28% in Q4FY2023. The provisions as
percentage of total income declined to 3.70% from 3.95% in Q4FY2023.
Interest cost increased 38.46% to Rs 3435.57
crore. Depreciation moved up 20.93% to Rs 180.58 crore. PBT moved up 31.09% to
Rs 4538.60 crore.
The effective tax rate declined to 26.56% in
Q4FY2023 compared to 26.82% in Q4FY2022. .Provision for tax was expense of Rs
1205.32 crore, compared to Rs 928.62 crore. Profit after tax rose 31.56% to Rs
3333.28 crore.
There
was profit attributable to non-controlling interest of Rs 1566.19 crore as
compared to Rs 1187.50 crore. The share of profit of associate companies
increased 18500% to Rs 1.86 crore. Finally, Net profit attributable to owners
moved up 31.41% to Rs 1768.95 crore.
Business highlights:
BFL
recorded highest ever yearly consolidated profit after tax of Rs11508 crore.
Customer franchise stood at 69.14 million as of 31 March 2023 as compared to
57.57 million as of 31 March 2022 - an increase of 20%. Customer franchise
recorded highest ever increase of 11.57 million in FY23.
Its
wholly owned subsidiary, BHFL recorded growth of 77% in profit after tax to Rs
1258 crore.
BAGIC
maintained underwriting discipline being selective in growing business in a
market where competition was seeking growth even by incurring losses. BAGIC
still maintained its market position and registered its highest ever gross
written premium of Rs 15487 crore and profit after tax of Rs 1348 crore. Gross
written premium grew by 12%, excluding bulky tender-driven crop and government
health business growth was 15%.
BALIC
continued its excellent performance and recorded growth of 41% in individual
rated new business premium, registered highest ever gross written premium of Rs
19462 crore and recorded 53% growth in new business value to Rs 950 crore.
Consequently,
BFS` consolidated results yet again reflected an all-time high consolidated
total Income of Rs 82072 crore and profit after tax of Rs 6417 crore,
surpassing the record set in the previous year.
Bajaj Finance (BFL) -
Consolidated - Ind AS
Total income for Q4FY23 increased by 32% to Rs 11363 crore against Rs 8629 crore in
Q4FY22.
Profit after tax for Q4FY23 increased by 30% to Rs 3158 crore against Rs 2420 crore in Q4FY22 mainly
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 302 crore in
Q4FY23 against Rs 198 crore in Q4FY22 - an Increase of 53%.
Assets Under Management (AUM) as on 31
March 2023 was Rs 247379 crore against Rs 197452 crore as on 31 March 2022 - an
increase of 25%. This includes
AUM of Rs 69228 crore of BHFL, which recorded a growth of 30% over the AUM as on 31
March 2022.
Gross NPA and Net NPA end March 2023
stood at 0.94% and 0.34% respectively as against 1.60% and 0.68% end March
2022. Provisioning coverage ratio on stage 3 assets is 64%. BFL holds a
management and macro-economic overlay in provisions of Rs 960
crore as on 31 March 2023.
Capital adequacy ratio (including
Tier-II capital) stood at 24.97% end
March 2023. The Tier-I capital stood at 23.20%.
For BHFL, the capital adequacy ratio
(including Tier-II capital) stood at 22.97%.
Bajaj
Allianz General Insurance Company (BAGIC) - Indian GAAP
Gross written premium for Q4FY23 increased by 14% to Rs 3766 crore against Rs 3300 crore in Q4FY22.
Excluding tender-driven crop and
government health insurance premium, BAGIC`s gross written premium increased by 17% to Rs 3345 crore in Q4FY23 from Rs
2871
crore in Q4FY22.
Net earned premium for Q4FY23 stood at
Rs 1990 crore against Rs 1988
crore in Q4FY22.
Claim ratio decreased to 66.4% in Q4FY23 against 68.8% in
Q4FY22. The decrease in claim ratio is attributable to lower claims in motor,
health and some commercial lines.
Sequentially from Q1FY23, claim ratio
improved by 2.4% in Q2FY23, 3.4% in Q4FY23 and further by 5.7% in Q4FY 23 due
to better selection of business and normalisation of some aberrations such as
high motor own damage and crop loss ratios.
Combined ratio stood at 97.3% in Q4FY23 against 98.3% in
Q4FY22.
Underwriting loss stood at Rs 2
crore for Q4FY23 against profit of Rs 9 crore in Q4FY22.
Investment and other income (net) for
Q4FY23 stood at Rs 431 crore against
Rs 327 crore in Q4FY22. Profit on sale of
investments was higher by Rs 16 crore (before tax)
in Q4FY23.
Profit after tax for Q4FY23 stood at
Rs 322 crore against Rs 248
crore in Q4FY22.
The solvency ratio was 391% end March 2023, which is well
above the minimum regulatory requirement of 150%.
Assets Under Management (AUM)
represented by cash and investments as on 31 March 2023 stood at Rs 27809 crore against Rs 24633
crore as on 31 March 2022- an increase
of 13%
Bajaj Allianz Life
Insurance Company (BALIC) - Indian GAAP
Gross written premium for Q4FY23 increased by 13% to Rs 6434 crore from Rs 5719
crore in Q4FY22.
New business premium for Q4FY23 stood
at Rs 3297 crore against Rs 3236
crore in Q4FY22 - an increase of 2% due
to lower group fund business.
Individual rated new business premium
was Rs 1992 crore in Q4FY23 against Rs 1347 crore in Q4FY22 - a growth of 48%.
Group protection new business stood at
Rs 675 crore in Q4FY23 against Rs 750
crore in Q4FY22.
Group fund new business stood at Rs 505 crore in Q4FY23 against Rs 1030
crore in Q4FY22.
Renewal premium for Q4FY23 was Rs 3137 crore against Rs 2483 crore in Q4FY22 - an increase of 26%.
Shareholders` profit after tax during
Q4FY23 stood at Rs 26 crore against
Rs 48 crore in Q4FY22, mainly due to the new
business strain arising out of strong growth in individual new business
premium.
Net new business value (NBV), which is
the metric used to measure profitability of life insurance businesses, increased by 35% to Rs 415 crore in Q4FY23 against Rs 308
crore in Q4FY22.
Solvency ratio stood at a healthy 516% as on 31 March 2023 as against
the minimum regulatory requirement of 150%.
Assets under Management (AUM).
represented by total investments stood at Rs 90584 crore as
on 31March 2023 against Rs 85623 crore as on 31 March 2022- an Increase of 6%.
Financial Performance FY2022
The income from operation increased 20.03% to
Rs 80687.06 crore in FY2023. The revenue of Insurance (48.65% of total
revenues) segment has gone up 10.21% to Rs 40867.25 crore. The revenue of
Windmill (0.03% of total revenues) segment has gone down 21.17% to Rs 23.16
crore. The revenue of Investments & Others (2.03% of total revenues)
segment has gone up 71.18% to Rs 1704.11 crore. The revenue of Retail financing
(49.29% of total revenues) segment has gone up 30.86% to Rs 41405.69 crore.
PBIT of Insurance segment fell 31.81% to Rs
1212.61 crore (accounting for 7.21% of total PBIT). PBIT of Windmill segment
rose 65.98% to Rs 10.49 crore (accounting for 0.06% of total PBIT). PBIT of
Investments & Others reported loss of Rs 580.76 crore (accounting for (-) 3.45%
of total PBIT) compared to loss of Rs 514.10 crore. PBIT of Retail financing
segment rose 61.69% to Rs 16168.79 crore (accounting for 96.18% of total PBIT).
The Capital employed for Insurance (5.65% of
total) segment has gone down 1.99% to Rs 16288.56 crore. The Capital employed
for Windmill (0.01% of total) segment has gone down 4.62% to Rs 33.02 crore. The
Capital employed for Investments & Others (0.45% of total) segment has gone
up 38.74% to Rs 1301.13 crore. The Capital employed for Retail financing
(93.88% of total) segment has gone up 29.68% to Rs 270469.55 crore.
Overall OPM has increased to 36.79% in FY2023
from 31.68% in FY2022, leading to 39.39% rise in operating profit to Rs
29688.39 crore. The provisions as percentage of total income declined to 4%
from 7.27% in FY2023. Other expenditure as a percentage of total income moved down
to 48.34% from 51.28% in FY2023. The staff cost as a percentage of total income
increased to 10.87% from 9.76% in FY2023.
Other income declined 97.66% to Rs 0.77
crore. There is 28.46% rise in interest cost at Rs 12201.42 crore and 20.45%
rise in depreciation to Rs 677.8 crore, Profit before tax increased 49.14% to
Rs 16809.94 crore. There is no extraordinary item. After which, PBT increased
49.14% to Rs 16809.94 crore.
The effective tax rate increased to 27.37% in
FY2023 compared to 26.24% in FY2022. Provision for tax was expense of Rs
4601.59 crore, compared to Rs 2957.05 crore. Profit after tax jumped 46.84% to
Rs 12208.35 crore.
There was profit attributable to
non-controlling interest of Rs 5792.26 crore in FY2023 as compared to Rs
3756.76 crore in FY2022. Finally, Net profit attributable to owners rose 40.83%
yoy to Rs 6417.28 crore in FY2023.
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Bajaj Finserv:
Consolidated Results
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Particulars
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2303 (3)
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2203 (3)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Income from Operations
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23624.61
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18861.67
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25
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82071.24
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68406.08
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20
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OPM (%)
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34.52
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32.30
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36.17
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31.14
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OP
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8154.41
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6092.86
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34
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29688.39
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21298.67
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39
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Other Income
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0.34
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0.00
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-
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0.77
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33.29
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-98
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PBDIT
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8154.75
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6092.86
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34
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29689.16
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21331.96
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39
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Interest (Net)
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3435.57
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2481.34
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38
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12201.42
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9498.26
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28
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PBDT
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4719.18
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3611.52
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31
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17487.74
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11833.70
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48
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Depreciation /
Amortization
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180.58
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149.33
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21
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677.80
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562.73
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20
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PBT
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4538.60
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3462.19
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31
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16809.94
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11270.97
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49
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Tax Expenses
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1205.32
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928.62
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30
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4601.59
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2957.05
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56
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PAT
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3333.28
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2533.57
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32
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12208.35
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8313.92
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47
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Profit attributable to
non-controlling interest
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1566.19
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1187.50
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32
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5792.26
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3756.76
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54
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Share of profit/loss
of Associate
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1.86
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0.01
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-
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1.19
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-0.39
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-
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Net Profit after
minority and share in associate
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1768.95
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1346.08
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31
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6417.28
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4556.77
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41
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EPS *
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44.43
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33.81
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40.3
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28.6
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BV (Rs)
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291.39
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252.90
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291.39
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252.90
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* Annualized on
current equity of Rs 159.26 crore. Face Value: Rs 1, 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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2303 (3)
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2203 (3)
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Var (%)
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% of (Total)
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2303 (12)
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2203 (12)
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Var (%)
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Segment Revenue
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Insurance
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51.57
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12349.03
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10363.9
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19.15
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48.65
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40867.25
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37080.72
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10.21
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Windmill
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0.01
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2.58
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7.81
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-66.97
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0.03
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23.16
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29.38
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-21.17
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Investments &
Others
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0.97
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231.71
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125.66
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84.39
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2.03
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1704.11
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995.53
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71.18
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Retail financing
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47.45
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11363.06
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8630.28
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31.67
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49.29
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41405.69
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31640.41
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30.86
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Total Segment Revenue
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100
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23946.38
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19127.65
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25.19
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100
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84000.21
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69746.04
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20.44
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Less: Inter segment
revenues
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321.43
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265.98
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20.85
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1928.2
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1307.06
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47.52
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Total Segment Revenue
from Operations (Net)
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100
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23624.95
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18861.67
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25.25
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100
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82072.01
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68438.98
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19.92
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PBIT
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Insurance
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4.52
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205.21
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192.95
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6.35
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7.21
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1212.61
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1778.21
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-31.81
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Windmill
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0.01
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0.38
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4.37
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-91.3
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0.06
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10.49
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6.32
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65.98
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Investments &
Others
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-3.34
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-151.87
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-160.21
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5.21
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-3.45
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-580.76
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-514.1
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-12.97
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Retail financing
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98.82
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4486.74
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3425.09
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31
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96.18
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16168.79
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10000.15
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61.69
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Total PBIT
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100
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4540.46
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3462.2
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31.14
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100
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16811.13
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11270.58
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49.16
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Less : Interest
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0
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0
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-
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0
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0
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-
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PBT
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100
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4540.46
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3462.2
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31.14
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100
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16811.13
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11270.58
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49.16
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Capital Employed
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Insurance
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5.65
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16288.56
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16619.38
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-1.99
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5.65
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16288.56
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16619.38
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-1.99
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Windmill
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0.01
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33.02
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34.62
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-4.62
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0.01
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33.02
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34.62
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-4.62
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Investments &
Others
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0.45
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1301.13
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937.79
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38.74
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0.45
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1301.13
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937.79
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38.74
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Retail financing
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93.88
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270469.55
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208566.12
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29.68
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93.88
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270469.55
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208566.12
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29.68
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Total Segment
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100
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288092.26
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226157.91
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27.39
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100
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288092.26
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226157.91
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27.39
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Add: Unallocated
Corporate
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31.58
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30.99
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1.9
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31.58
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30.99
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1.9
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Total
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100
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288123.84
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226188.9
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27.38
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100
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288123.84
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226188.9
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27.38
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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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Previous News |
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