Q2 Results: Bajaj Finserv’s Profit Rises On Sale Of Investments
Bajaj Finserv’s profit rose on the back of sale of investments and lower corporate taxes.
Bajaj Finserv Ltd.’s quarterly profit rose aided by sale of investments.
The financial services company’s net profit rose 71 percent over last year to Rs 1,203.7 crore in the quarter ended September, it said in an exchange filing.
Revenue rose by 46.6 percent over last year to Rs 14,221.9 in the three-month period. Profit after tax of the company’s general insurance arm grew 62 percent over last year to Rs 294 crore.
“Despite higher claim ratios, including losses from floods in Kerala and Maharashtra affecting the underwriting results for the quarter, Bajaj Allianz General Insurance Company Ltd.’s profit after tax recorded strong growth, aided by higher profit on sale of investments and lower corporate tax rate,” the company said in the exchange filing.
Shares of Bajaj Finserv closed 3.1 percent lower ahead of the earnings announcement compared with the Nifty 50’s 0.63 percent decline.