New Delhi: Bajaj Finserv Ltd. (BFL) reported a 31 per cent jump in its consolidated net on Wednesday Benefit 1,769 crore for the fourth quarter ending March 2023.
The company had posted a net profit of Rs 1,346 crore during the corresponding January-March period of 2021-22.
Total consolidated income rose to Rs 23,625 crore during the March 2023 quarter, as against Rs 18,862 crore in the corresponding period last fiscal, BFL, the holding company for various financial services businesses under the Bajaj Group, said in a regulatory filing.
The board recommended a dividend of Rs 0.80 per share or 80 per cent on the face value of Re 1. The total amount of dividend is Rs 127.43 crore as against Rs 63.65 crore.
For the financial year 2022-23, the company eyes a profit of Rs 6,417 crore, a growth of 41 per cent, as against Rs 4,557 crore in the previous financial year.
Total consolidated income increased to Rs 82,072 crore as compared to Rs 68,439 crore in the previous financial year.
“With the threat of Covid-19 receding, there was a significant increase in vehicles on the road and non-Covid treatments, which were earlier postponed, resulted in higher frequency of claims for the general insurance sector. Higher interest rates and In this environment of insurance claims, our companies continued to perform well,” it said.
During the year, the general insurance arm registered a profit of Rs 1,348 crore as against Rs 1,339 crore in the previous financial year.
As on March 31, 2023, the solvency ratio stood at 391 per cent, which is well above the minimum regulatory requirement of 150 per cent.
The life insurance arm registered a net new business value (NBV) of Rs 950 crore as compared to Rs 621 crore in the previous year.
The company had posted a net profit of Rs 1,346 crore during the corresponding January-March period of 2021-22.
Total consolidated income rose to Rs 23,625 crore during the March 2023 quarter, as against Rs 18,862 crore in the corresponding period last fiscal, BFL, the holding company for various financial services businesses under the Bajaj Group, said in a regulatory filing.
The board recommended a dividend of Rs 0.80 per share or 80 per cent on the face value of Re 1. The total amount of dividend is Rs 127.43 crore as against Rs 63.65 crore.
For the financial year 2022-23, the company eyes a profit of Rs 6,417 crore, a growth of 41 per cent, as against Rs 4,557 crore in the previous financial year.
Total consolidated income increased to Rs 82,072 crore as compared to Rs 68,439 crore in the previous financial year.
“With the threat of Covid-19 receding, there was a significant increase in vehicles on the road and non-Covid treatments, which were earlier postponed, resulted in higher frequency of claims for the general insurance sector. Higher interest rates and In this environment of insurance claims, our companies continued to perform well,” it said.
During the year, the general insurance arm registered a profit of Rs 1,348 crore as against Rs 1,339 crore in the previous financial year.
As on March 31, 2023, the solvency ratio stood at 391 per cent, which is well above the minimum regulatory requirement of 150 per cent.
The life insurance arm registered a net new business value (NBV) of Rs 950 crore as compared to Rs 621 crore in the previous year.