The Pune-based non-banking finance company - Bajaj Finserv - on Wednesday reported net profit of Rs 979 crore in January-March quarter, that marked an increase of 5 times from profit of Rs 194 crore during the same quarter last year. Its total revenue from operations jumped 16 per cent to Rs 15,385 crore, Bajaj Finance exchange filing showed.
"Given the impact of the COVID-19 pandemic, FY21 was expected to be an extremely demanding year and so it turned out to be. In fact, the negative growth in GDP was much larger than expected in Q1 FY21 as GDP contracted by 24.4%, followed by a further 7.3% contraction in Q2 FY21. Thankfully, we began to witness resumption of economic activity in the second half of the year wherein Q3 FY21 recorded a GDP growth of 0.4% and Q4 FY21 is expected to show relatively robust growth. The second advance estimates of national income for FY21 released by the Central Statistical Office (CSO) indicates a negative GDP growth of 8% for FY21," Bajaj Finance said in a press release.
Bajaj Allianz General Insurance Company recorded an all-time high annual profit and continued to deliver robust improvement in its underwriting result and Bajaj Allianz Life Insurance Company registered an all-time high annual gross written premium in FY21 at Rs 12,025 crore. It's Assets Under Management reached an all-time high level of Rs 73,773 crore at year end.
As of 1:17 pm, Bajaj Finance shares traded 4.2 per cent higher at Rs 10,511, outperforming the Sensex which was up 1.66 per cent.