Bajaj Finserv Records 20% Surge In Q4 Profit To Rs 2,119 Cr

Bajaj Finserv (BFL) announced a 20 per cent surge in consolidated net profit to Rs 2,119 crore for the quarter ending in March. This marks a significant increase from the net profit of Rs 1,769 crore reported in the corresponding period last year.

The company's total consolidated income for the fourth quarter of FY24 rose to Rs 32,042 crore, compared to Rs 23,625 crore in the previous year. BFL, the holding company for various financial services businesses within the Bajaj group, disclosed this information in a regulatory filing.

The Board of Directors proposed a dividend of Re 1 (100 per cent) per equity share with a face value of Re 1 for the fiscal year ending 31 March 2024. The total dividend outgo is projected to be Rs 159.55 crore, an increase from Rs 127.43 crore in the previous fiscal year.

In FY23-24, the company recorded a 27 per cent rise in profit to Rs 8,148 crore compared to Rs 6,417 crore in the preceding fiscal year. Additionally, the total consolidated income surged to Rs 1,10,383 crore from Rs 82,072 crore in the previous financial year.

BFS actively engages in financing through its 51.34 per cent stake in Bajaj Finance (BFL) and in life, general and health insurance businesses through its 74 per cent ownership in two unlisted subsidiaries, namely Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC).

The general insurance segment witnessed a 15 per cent increase in profit to Rs 1,550 crore compared to Rs 1,348 crore in the previous fiscal year. The solvency ratio as of 31 March 2024, was reported at 349 per cent, significantly higher than the regulatory requirement of 150 per cent.

Meanwhile, the life insurance division reported a net new business value (NBV) of Rs 1,061 crore, up from Rs 950 crore in the previous year. The solvency ratio for the life business was a robust 432 per cent as of 31 March 2024, surpassing the minimum regulatory requirement of 150 per cent.