On the strength of strong results from its subsidiary companies, Bajaj Finserv announced a 57% increase in net profit at Rs 1,309 crore for the first quarter that ended on June 30. The business had previously reported a net profit of Rs 833 crore.
Bajaj Finserv reported in a regulatory filing that the company's consolidated assets under management (AUM) crossed the milestone of Rs 2,00,000 crore during this period and stood at Rs 2,04,018 crore. The company's consolidated total income for the April through June 2022–23 period increased 14% to Ps 15,888 crore. In the three months ending in June 2022, its wholly-owned subsidiary Bajaj Housing Finance Ltd. (BHFL) had an increase in earnings after tax of 96%.
Bajaj Allianz General Insurance Company (BAGIC), one of the other significant subsidiaries, saw a good increase in gross written premium of 25% and profit growth of 14% in QIFY23, according to Bajaj Finserv. According to the statement, "Bajaj Allianz Life Insurance Company (BALIC) continued its great performance and delivered industry-beating growth of 81% in individual rated new business premium while boosting new business value significantly in QIFY23." According to the corporation, shareholders' profit after tax for the current quarter was Rs 124 crore as opposed to Rs 84 crore in the same quarter last year.
Regarding bonuses and stock splits, the company stated that subject to shareholder approval, its board had considered and approved the division of equity shares with face values of Rs 5 each to Rs 1 each as well as the issuance of one fully paid bonus equity share with a face value of Rs 1 against one equity share with a face value of Rs leach.
The holding company for the numerous financial services companies is Bajaj Finserv (BFS). Through its 74 per cent (each) interest in two unlisted companies, BAGIC and BALIC, it owns a 52.49 per cent stake in Bajaj Finance (BFL) and a 52.49 per cent stake in the life, general, and health insurance industries. It also holds an 80.13 per cent stake in Bajaj Finserv Direct Limited (BFSD), which is a digital marketplace for financial services products ranging from loans, insurance, mutual funds, investments, lifestyle products, and payments. The balance of 19.87 per cent is held by BFL Stocks of BFS were trading at Rs 14,546 apiece on BSE, up 9.34 per cent from its previous closing.