|
The income from operation of Bajaj
Finserv declined 2% to Rs 13949.45 crore as on 30 June 2021. Overall
OPM eased to 29.32% as on 30 June 2021 from 35.85% as on 30 June 2020, leading
to 20% fall in operating profit to Rs 4,089.89 crore. Other
expenditure as a percentage of total income moved up to 49.0% from 45.3% as on
30 June 2021. The staff cost as a percentage of total income
increased to 8.9% from 7.02% as on 30 June 2021. The provisions as
percentage of total income increased to 12.8% from 11.9% as on 30 June
2021.
Interest cost declined 9% to Rs
2190.46 crore. Depreciation moved up 5% to Rs 132.15
crore. After which, PBT moved down 319% to Rs 1,767.28
crore.
The effective tax rate declined to
18.92% as on 30 June 2021 compared to 25.15% as on 30 June
2020. Provision for tax was expense of Rs 334.45 crore, compared to
Rs 645.86 crore. Profit after tax fell 25% to Rs 1432.83
crore.
There was profit attributable to
non-controlling interest of Rs 599.88 crore as on 30 June 2021 as compared to
profit of Rs 707.07 crore as on 30 June 2020. The share of profit of
associate companies was loss of Rs -0.18 crore. Finally, Net profit
attributable to owners moved down 31% to Rs 832.77 crore.
Book value of the company stood at
Rs 2303.8 per share end June 2021.
Performance
of subsidiaries
Bajaj
Finance (BFL) - Consolidated - Ind AS
Profit after tax
increased by 4% to Rs 1002
crore for Q1FY22 compared with Rs 962
crore in Q1FY21. Pre-provision profitability remained strong and adequate to
cover expected credit losses.
Assets under
Management (AUM) increased 15% to Rs 159057
crore end June 2021 from Rs 138055
crore end June 2020. This includes AUM of Rs 40941 crore of its housing finance subsidiary, BHFL, which
recorded a growth of 24%over the AUM end June2020.
Gross NPA and Net NPA
(ECL Stage 3), recognized as per extant RBI prudential norms and provisioned
applying the expected credit loss (ECL) method prescribed in Ind AS stood at
2.96% and 1.46% respectively.
Capital adequacy
ratio (including Tier-II capital) stood at 28.57%. The Tier-I capital stood at
25.41%.
For Bajaj Housing
Finance (BHFL), a 100%o mortgage subsidiary of BFL, the capital adequacy ratio
(including Tier-II capital) stood at 22.07%.
Bajaj
Allianz General Insurance Company
Gross written premium
for Q1FY22 increased by 9% to Rs 2494
crore from Rs 2289 crore in
Q1FY21. BAGIC did not write any crop insurance business during the quarter.
Net earned premium
for Q1FY22 was Rs 1815 crore compared with Rs 1,818 crore in Q1FY21.
Claim ratio increased
to 75.9% in Q1FY22 compared with 68.1% in Q1FY21, mainly due to 14.8% higher
COVID claim ratio.
Combined ratio stood
at 103.4% in Q1FY22 compared with 97.6% in Q1FY21.
Underwriting profit
stood at Rs 15 crore for Q1FY22 compared with Rs 175 crore in Q1FY21, despite higher COVID-19 claims.
Investment and other
income (net) for Q1FY22 increased by 34% to Rs 470 crore compared with Rs 352 crore in Q1FY21.
Profit after tax for
Q1FY22 stood at Rs 362 crore compared with Rs
395
crore in Q1FY21.
End June 2021, the
solvency ratio was 340%, which is well above the minimum regulatory requirement
of 150%.
Assets Under
Management (AUM), represented by cash and investments end June 2021 stood at Rs
23505 crore compared with Rs
19611
crore end June 2020 - an increase of 20%.
Bajaj
Allianz Life Insurance Company
New business premium
for Q1FY22 was Rs 1296 crore compared with Rs
742
crore in Q1FY21- an increase of 75%
Individual rated new
business premium was Rs 493 crore in Q1FY22 compared with Rs 331 crore in Q1FY21 - an
increase of 49%.
Group protection new
business was Rs 326
crore in Q1FY22 compared with Rs
89
crore in Q1FY21. Q1FY21 was impacted due to lower disbursements by Banks and
NBFCs.
Renewal premium for
Q1FY22 was Rs 1220 crore compared with Rs
958
crore in Q1FY21 - an increase of 27%.
Gross written premium
increased by 48% to Rs 2516 crore in Q1FY22 compared with Rs 1700 crore in Q1FY21.
Shareholders` profit
after tax during Q1FY22 stood at Rs 84 crore compared with Rs 130 crore in Q1FY21, mainly
due to COVID-19 claims.
Solvency ratio stood
at a healthy 648% end June 2021 as against the minimum regulatory requirement
of 150%.
Assets under
Management (AUM), represented by total investments stood at Rs 77,270 crore end June 2021
compared with Rs 60,968
crore end June2020 - an increase of 27%.
Full year results analysis
The income from operation of Bajaj Finserv increased 11% to
Rs 60591.20 crore as on 31 March 2021.
Overall OPM eased to 32.19% as on 31
March 2021 from 33.29% as on 31 March 2020, leading to 8% rise in operating
profit to Rs 19,501.89 crore.
Other income declined 92% to Rs 0.37
crore. There is 2% fall in interest cost at Rs 9141.28
crore and 9% rise in depreciation to Rs 498.46
crore, Profit before tax increased 19% to Rs 9,862.52
crore. There is no extraordinary item. After which, PBT
increased 19% to Rs 9,862.52 crore.
The effective tax rate declined to
25.30% as on 31 March 2021 compared to 27.80% as on 31 March 2020. Provision
for tax was expense of Rs 2494.96 crore, compared to Rs 2308.06
crore. Profit after tax rose 23% to Rs 7367.56 crore.
There was profit attributable to
non-controlling interest of Rs 2,896.92 crore as on 31 March 2021 as compared
to Rs 2,624.47 crore as on 31 March 2020. Finally, Net profit
attributable to owners rose 33% yoy to Rs 4,470.46 crore as on 31 March
2021.
|
Bajaj Finserv:
Consolidated Results
|
|
Particulars
|
2106 (3)
|
2006 (3)
|
Var %
|
2103 (12)
|
2003 (12)
|
Var %
|
|
Income from Operations
|
13949.45
|
14189.99
|
-2
|
60591.20
|
54346.69
|
11
|
|
OPM (%)
|
29.32
|
35.85
|
|
32.19
|
33.29
|
|
|
OP
|
4089.89
|
5086.92
|
-20
|
19501.89
|
18091.54
|
8
|
|
Other Income
|
0.00
|
2.02
|
-
|
0.37
|
4.78
|
-92
|
|
PBDIT
|
4089.89
|
5088.94
|
-20
|
19502.26
|
18096.32
|
8
|
|
Interest (Net)
|
2190.46
|
2395.23
|
-9
|
9141.28
|
9338.53
|
-2
|
|
PBDT
|
1899.43
|
2693.71
|
-29
|
10360.98
|
8757.79
|
18
|
|
Depreciation /
Amortization
|
132.15
|
125.38
|
5
|
498.46
|
456.79
|
9
|
|
PBT
|
1767.28
|
2568.33
|
-31
|
9862.52
|
8301.00
|
19
|
|
Tax Expenses
|
334.45
|
645.86
|
-48
|
2494.96
|
2308.06
|
8
|
|
PAT
|
1432.83
|
1922.47
|
-25
|
7367.56
|
5992.94
|
23
|
|
Profit attributable to
non-controlling interest
|
599.88
|
707.07
|
-15
|
2896.92
|
2624.47
|
10
|
|
Share of profit/loss
of Associate
|
-0.18
|
-0.25
|
-
|
-0.18
|
0.66
|
-
|
|
Net Profit after
minority and share in associate
|
832.77
|
1215.15
|
-31
|
4470.46
|
3369.13
|
33
|
|
EPS *
|
209.32
|
305.43
|
|
280.91
|
211.71
|
|
|
* Annualized on
current equity of Rs 79.57 crore. Face Value: Rs 5, Figures in Rs crore
|
|
Source: Capitaline
Corporate Database
|
|
Bajaj Finserv: Segment
Results
|
|
Particulars
|
2106 (3)
|
2006 (3)
|
(%) of Total
|
Var (%)
|
2103 (12)
|
2003 (12)
|
(%) of Total
|
Var (%)
|
|
Segment Revenue
|
|
|
|
|
|
|
|
|
|
Life insurance
|
2515.48
|
1699.68
|
18
|
48
|
3444.00
|
3169.16
|
18
|
9
|
|
General insurance
|
2494.36
|
2289.12
|
18
|
9
|
5147.75
|
4830.07
|
27
|
7
|
|
Insurance
|
5009.84
|
3988.80
|
36
|
26
|
8591.75
|
7999.23
|
45
|
7
|
|
Less: Reinsurance
ceded and Reserve for unexpired risk
|
46.41
|
14.26
|
0
|
225
|
1166.41
|
1500.59
|
6
|
-22
|
|
Add : Investment and
other income
|
2311.90
|
3666.80
|
16
|
-37
|
2839.91
|
3417.47
|
15
|
-17
|
|
Insurance total
|
7275.33
|
7641.34
|
52
|
-5
|
10265.25
|
9916.11
|
54
|
4
|
|
Investments and others
|
83.76
|
41.59
|
1
|
101
|
355.15
|
146.96
|
2
|
142
|
|
Retail financing
|
6743.00
|
6649.74
|
48
|
1
|
8237.66
|
5899.86
|
44
|
40
|
|
Windmill
|
4.95
|
7.82
|
0
|
-37
|
45.27
|
37.61
|
0
|
20
|
|
Total Revenue
|
14107.04
|
14340.49
|
100
|
-2
|
18903.33
|
16000.54
|
100
|
18
|
|
Less : Inter-segment
revenue
|
157.59
|
148.48
|
|
6
|
433.88
|
198.56
|
|
119
|
|
Net Revenue
|
13949.45
|
14192.01
|
|
-2
|
18469.45
|
15801.98
|
|
17
|
|
Segment PBT
|
|
|
|
|
|
|
|
|
|
Life insurance
|
-78.71
|
460.98
|
-4
|
-117
|
344.83
|
465.88
|
9
|
-26
|
|
General insurance
|
475.15
|
709.37
|
27
|
-33
|
737.88
|
707.08
|
19
|
4
|
|
Insurance total
|
396.44
|
1170.35
|
22
|
-66
|
1082.71
|
1172.96
|
28
|
-8
|
|
Investments and others
|
-117.57
|
-58.97
|
-7
|
99
|
-63.12
|
-16.04
|
-2
|
-
|
|
Retail financing
|
1487.69
|
1453.15
|
84
|
2
|
2771.15
|
1677.96
|
73
|
65
|
|
Windmill
|
0.54
|
3.55
|
0
|
-85
|
9.91
|
8.35
|
0
|
19
|
|
Total profit before
tax
|
1767.10
|
2568.08
|
100
|
-31
|
3800.65
|
2843.23
|
100
|
34
|
|
Capital Employed
|
|
|
|
|
|
|
|
|
|
Life insurance
|
9266.89
|
9731.53
|
5
|
-5
|
9048.30
|
9246.08
|
8
|
-2
|
|
General insurance
|
7248.25
|
6226.16
|
4
|
16
|
4312.20
|
4136.72
|
4
|
4
|
|
Insurance total
|
16515.14
|
15957.69
|
9
|
3
|
13360.50
|
13382.80
|
12
|
0
|
|
Investments and others
|
454.18
|
906.90
|
0
|
-50
|
192.96
|
97.21
|
0
|
98
|
|
Retail financing
|
170923.43
|
153844.34
|
91
|
11
|
99272.31
|
69188.03
|
88
|
43
|
|
Windmill
|
34.58
|
34.23
|
0
|
1
|
37.39
|
40.53
|
0
|
-8
|
|
Unallocable
|
16.71
|
12.85
|
0
|
30
|
-7.89
|
-16.95
|
0
|
-53
|
|
Total
|
187944.04
|
170756.01
|
100
|
10
|
112855.27
|
82691.62
|
100
|
36
|
|
Figures in Rs crore,
PL: Profit to Loss; LP Loss to Profit
|
|
Source: Capitaline
Corporate Database
|
|