Bajaj Finserv posts 59% jump in net profit at Rs 170 cr
"The profit from the lending company was good due to a healthy jump in disbursals. Moreover, our strategy of diversifying into various classes and funding for various needs is paying in otherwise difficult times like these," Bajaj Finserv Managing Directo
Bajaj Group's financial services holding company Bajaj Finserv on Wednesday posted a 59 per cent jump in post-tax profit at Rs 170 crore for the quarter ended December 31, on the back of a healthy performance from the lending business.
The company's net profit for the corresponding period last fiscal, 2010-11, was Rs 107 crore.
Bajaj Finance, the lending company, reported a 58 per cent increase in net profit to Rs 120 crore.
"The profit from the lending company was good due to a healthy jump in disbursals. Moreover, our strategy of diversifying into various classes and funding for various needs is paying in otherwise difficult times like these," Bajaj Finserv Managing Director Sanjiv Bajaj told PTI.
Bajaj Allianz General Insurance Company posted a post-tax profit of Rs 60 crore versus the year-ago's Rs 35 crore, with a 15 per cent increase in premium at Rs 775 crore.
Bajaj Allianz Life Insurance Company, the life cover arm, reported a slip in profit at Rs 283 crore versus the year-ago Rs 300 crore due to erosion of premium from the unit-linked life plans.
The gross premium was Rs 1,674 crore in Q3 FY'12 as against Rs 2,256 crore in Q3 FY'11.
Bajaj said the silver lining, when it comes to life insurance, is that the rate of decline in profits has come down to 21 per cent on a sequential basis.
He said the bottomlines will grow starting second quarter of next fiscal.
The company scrip closed at Rs 469.15, up 0.54 per cent, on the BSE whose 30-share Sensex ended the trading session in the red.