This Article is From May 21, 2015

Bajaj Finserv Reports Flat Net Profit for March Quarter

Bajaj Finserv Reports Flat Net Profit for March Quarter
Mumbai: Bajaj Finserv shares were trading on a muted note in trades on Thursday after the company reported flat net profit for the fourth quarter of FY15.

Financial services company Bajaj Finserv on Wednesday reported a flat consolidated profit after tax at Rs 707.12 crore in the January-March quarter, against Rs 707.63 crore in the same period last year.

"It was a stable quarter as our profit in life insurance business came down, but it was offset by growth in Bajaj Finance and our general insurance arm," managing director Sanjiv Bajaj said.

Bajaj Finserv is the holding company of Bajaj Finance (BFL), Bajaj Allianz Life Insurance Company (BALIC) and Bajaj Allianz General Insurance Company (BAGIC).

The profit from life insurance business stood at Rs 559 crore in the quarter as against Rs 688 crore in the same period last year.

Bajaj Finance reported a net profit of Rs 231 crore against Rs 182 crore in the same period last year.

Bajaj Allianz General Insurance's profit after tax rose to Rs 144 crore from Rs 101 crore.

The full-year consolidated net profit of the company was at Rs 1,689.79 crore against Rs 1,544.08 crore last year.

In the January-March quarter, total consolidated income increased to Rs 2,405.82 crore compared to Rs 2,054.81 crore.

Bajaj Capital's total income was Rs 1,445 crore in the fourth quarter against Rs 1,099 crore last year same period.

Its loan loss provision increased to Rs 114 crore in the fourth quarter from Rs 63 crore in the year-ago period.

Assets under management stood at Rs 32,410 crore as of March 31, 2015, up 35 per cent from Rs 24,061 crore last year.

Gross written premium from the general insurance business in the quarter increased 16 per cent to Rs 1,465 crore from Rs 1,268 crore last year.

The company's life insurance business reported new business premium of Rs 1,127 crore, up 38 per cent as against Rs 817 crore same quarter last year.

Bajaj Finance plans to raise up to Rs 1,400 crore through the qualified institutions placement and Rs 400 crore by preferential issue of warrants to Bajaj Finserv this year.

At 10:23 a.m., the shares of Bajaj Finserv traded 0.14 per cent lower at Rs 1,448.