Bajaj Finserv, engaged in lending, investment, protection and advisory, on Thursday reported a 14% rise in consolidated net profit at Rs 11,221 million for the quarter ended September 2021 as compared with Rs 9,860 million in the same quarter, a year ago.
The non-bank lender reported a 19.7% in its consolidated revenue from operations to Rs 180,082 million for the current quarter.
After the disruption caused by the second wave of the pandemic, recovery in the business gathered momentum on the back of reopening of the economy in most states, rapid vaccinations and policy support, the company said.
The non-bank lender said the business has now shifted focus to growth and remains "cautiously optimistic" about its prospects for the remainder of the current financial year.
The company’s subsidiary Bajaj Allianz General Insurance reported a 28% rise in net profit to Rs 4,250 million in the reported quarter. The business’ gross written premium for Q2 FY22 increased 21% to Rs 50,340 million in the quarter versus Rs 41,560 million in Q2 FY21.
Bajaj Allianz Life Insurance also reported a robust quarter of earnings as new business premium rose 62% to Rs 22,270 million in the quarter. Renewal premium for Q2 FY22 was up 22% whereas, gross written premium climbed 42%.
Shares of the company gained Rs 27.55, or 0.15%, to trade at Rs 18,041.05. The total volume of shares traded was 15,547 at the BSE (3.01 p.m, Thursday).