Bajaj Finserv, the holding company for various financial services businesses under the Bajaj Group, on Wednesday said its net profit grew 21.9% year-on-year to Rs 655.09 crore in the first quarter of 2017-18 on the back of good performance in its financing and general insurance businesses.
During the quarter, total revenue grew 25.7% to Rs 6,581.31 crore. The operating margin stood at 22.23%.
Bajaj Finserv said the total shareholders’ net profit for Bajaj Allianz Life Insurance Company stood at Rs 196 crore for the April-June quarter, down 19.7% from Rs 244 crore in the year-ago period. The net profit for Bajaj Allianz General Insurance Company increased 61.4% to Rs 213 crore from Rs132 crore in the year-ago period.
Rahul Bajaj, chairman of Bajaj Finserv, said there will be no change in their shareholding in the insurance joint ventures with with Allianz SE. Bajaj Finserv holds a 74% stake in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company. It holds 57.80% stake in Bajaj Finance.
Bajaj said the two partners had a good relationship and it would continue. “Whether they sell or exit through IPO we do not know,” Bajaj said. “Irrespective of whether they sell or not, as per the government policy, the company will remain with Indian management and it suits us,” he added.
Shares of Bajaj Finserv ended at Rs 4,579 on Wednesday, up 3.61% from the previous close.
Reliance Home Fin PBT up 50%
Reliance Home Finance said its profit before tax rose 50% to rs 45 crore for the June quarter. The company’s profit before tax in the corresponding quarter of the previous fiscal stood at Rs 30 crore, reports PTI.
Total income for the quarter rose by 58% to Rs 374 crore.
The fully owned subsidiary of Reliance Capital said it is on track to be independently listed on the stock exchanges within the next few months.
“We expect robust growth in loan book…driven by affordable housing and loan against property segments. We will further strengthen our distribution capabilities through presence in more than 100 locations,” said Ravindra Sudhalkar, executive director and chief executive of Reliance Home Finance.
