Corporate News
Bajaj Finserv Q1 results: PAT falls 31% YoY to Rs 833 crore hit by Covid 2.0

Bajaj Finserv today reported a 31 per cent year-on-year decline in its consolidated net profit to Rs 833 crore for the quarter ended June as operations took a hit due to the second wave of Covid-19 infections. The company’s consolidated total income in the quarter fell by 1.7 per cent year-on-year to Rs 13,949 crore. “Under these challenging times, our businesses focused on managing risk with a calibrated approach to growth,” the company said in an exchange filing. The company’s bottomline in the quarter was also adversely affected by a sharp drop in unrealized mark-to-market gains on investment during the quarter. The unrealized mark-to-market gains on investment plummeted to Rs 25 crore in the June quarter from Rs 330 crore in the year-ago quarter. The life insurance business of the company had a solid quarter despite the challenges posed by localized lockdowns. New business premium in the quarter grew 75 per cent on-year to Rs 1,296 crore, while renewal premium jumped 27 per cent.

News Source:- https://economictimes.indiatimes.com/industry/banking/finance/bajaj-finserv-q1-results-pat-falls-31-yoy-to-rs-833-crore-hit-by-covid-2-0/articleshow/84609962.cms