Financial services company Bajaj Finserv has reported a 28 per cent increase in net profit at Rs 277 crore for the quarter ended September, 2013, led by growth in its lending and general insurance businesses.
The company had posted a net profit of Rs 217 crore in the same quarter last fiscal year (FY13).
"Growth in the second quarter (2013-14) was led by Bajaj Finance where we saw a 30 per cent growth in net profit and general insurance business which witnessed 45 per cent increase in profit after tax," said Bajaj Finserv president (finance) S Sreenivasan.
Bajaj Finserv Ltd is in life insurance business through its subsidiary Bajaj Allianz Life Insurance, in general insurance business through Bajaj Allianz General Insurance and in the lending business through Bajaj Finance.
Consolidated gross revenue stood at Rs 4,056 crore in the July-September quarter as against Rs 3,721 crore in the same period last year- a growth of 9 per cent.
The company's income from operations grew 30 per cent to Rs 1,309 crore in Q2, 2013-14 as against Rs 1,008 crore in the year-ago period, it said in a release.
Bajaj Finance's net profit increased by 30 per cent in the July-September period to Rs 167 crore as against Rs 129 crore in the same period last year.
Total income in Q2 FY14 rose 31 per cent to Rs 964 crore as compared to Rs 737 crore in the year-ago period. Bajaj Finance's assets under management (AUM) stood at Rs 19,829 crore as on September 30 compared to Rs 17,517 crore as on March 31, 2013, the release said.
Meanwhile, Bajaj Allianz General Insurance's gross written premium increased to Rs 1,143 crore, up 17 per cent, in Q2 FY'14 as against Rs 976 crore in the year-ago period.
The company's profit after tax increased to Rs 113 crore in Q2 FY14 compared to Rs 78 crore in the same quarter last year, the company said.
Bajaj Allianz Life Insurance's new business premium for the second quarter was Rs 659 crore compared to Rs 651 crore in the same quarter last fiscal year.
Shareholders' profit during the July-September quarter was Rs 107 crore as against Rs 89 crore in Q2 FY13.
Renewal premium for Q2 FY14 was Rs 775 crore as against Rs 941 crore in the corresponding quarter last year, the release said.