Bajaj Finserv Ltd Q1 net profit down -31.47% at Rs832.77cr on higher claims and investment losses

Bajaj Finserv Ltd reported -1.70% fall in total revenues for the Jun-21 quarter on consolidated basis at Rs13,949cr

Jul 22, 2021 10:07 IST India Infoline News Service

Bajaj Finserv Ltd reported -1.70% fall in total revenues for the Jun-21 quarter on consolidated basis at Rs13,949cr  as investment gains came under pressure. On a sequential basis, the revenues were down -9.34% compared to Rs15,387cr revenues reported in the Mar-21 quarter.

The premium income fell sharply on a sequential basis, which along with financial services, constitutes the chunk of revenue flows into the holding company Bajaj Finserv. Net gains on fair value changes also dropped by nearly 75% on a yoy basis.

The net profit for the Jun-21 quarter fell by -31.47% to Rs832.77cr on a yoy basis, due to tepid premium income, lower investment income and higher claims triggered by a plethora of COVID cases spurting in the quarter due to the second round of the epidemic.

Finance costs were lower in the quarter but impairment was substantially higher. Net margins at 5.97% in Jun-21 quarter were lower than 8.56% in Jun-20 and also lower than 6.36% in the sequential Mar-21 quarter. Life insurance business made losses in Q1 due to claims.


Financial highlights for Jun-21 compared yoy and sequentially


Bajaj Finserv
Rs in Crore Jun-21 Jun-20 YOY Mar-21 QOQ
Total Income (Rs cr) ₹ 13,949.45 ₹ 14,189.99 -1.70% ₹ 15,386.88 -9.34%
Net Profit (Rs cr) ₹ 832.77 ₹ 1,215.15 -31.47% ₹ 979.06 -14.94%
Diluted EPS (Rs) ₹ 52.30 ₹ 76.40 ₹ 61.50
Net Margins 5.97% 8.56% 6.36%

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