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Bajaj Finserv Q1 Results FY22-23

28 July 2022

The Indian NBFC Bajaj Finserv announced its financial results for the first quarter of FY23 on 28th July 2022. On account of improved business conditions, the company displayed a growth in its profit after tax, which increased 57.23% YoY to Rs. 1,309.38 crore in Q1 FY23 from Rs. 832.77 crore in Q1 FY22. According to management, this quarter recorded the highest ever quarterly consolidated PAT for the company.

This increase in Bajaj Finserv's PAT is a direct impact of the rise in the total income of the company, which stood at Rs. 15,888.38 crore in Q1 FY23, increasing 13.9% YoY from Rs. 13,949.45 crore in Q1 FY22. Of this, the interest income was reported at Rs.8,971.49 crore in Q1 FY23, growing 29.32% YoY from Rs. 6,937.32 crore in Q1 FY22. Dividend income too had a growth of 27.09% YoY to Rs. 49.96 crore in Q1 FY23. 

Bajaj Finserv's consolidated assets under management crossed a major milestone and stood at Rs. 2,04,018 crore in Q1 FY23.

There was also an increase in the fees and commission income, sale of energy generated and services (Note that Bajaj Finserv owns and operates 138 windmills in Maharashtra with total installed capacity of 65.2 MW), and premium and other operating income from the insurance business. This was further complemented by a decrease in expenses on impairment of financial instruments (lending assets and investments) as well as a decline in the net change in insurance and investment contract liabilities.

The financial company’s wholly owned subsidiary, Bajaj Housing Finance Limited, recorded a growth of 96% YoY in its profit after tax, which stood at Rs. 316 crore in Q1 FY23. 

Bajaj Allianz General Insurance Company recorded a healthy growth of 25% YoY in gross written premium and 14% YoY growth in profit, which stood at Rs. 411 crore in Q1 FY23. 

Meanwhile, Bajaj Allianz Life Insurance Company continued its excellent performance and recorded a profit after tax of Rs. 124 crore, up 48% YoY. It also displayed an industry-beating growth of 81% YoY in individual rated new business premium, while growing new business value significantly in the quarter ended 30th June 2022. 

Stating that the company and its subsidiaries have grown significantly and in the spirit of shareholder inclusion, the company’s management proposed a stock split of equity shares of face value of Rs. 5 each to Rs. 1 each. Moreover, the issue of fully paid bonus equity shares of face value of Rs. 1 each was proposed against each equity share of Rs. 1 face value. However, this is still subject to shareholders' approval.  

The EPS of the company stood at Rs 82.3 for the quarter. The Bajaj Finserv share reacted positively to the results announcement, rising about 9.24% to Rs. 14,537 per share, minutes after the result was declared during the trading hours.

Hits of Bajaj Finserv Q1 Results 2022-23

  • Profit after tax increased 57.23% YoY to Rs. 1,309.38 crore in Q1 FY23. This was the highest ever quarterly consolidated PAT for the company.
  • Total income of the company stood at Rs. 15,888.38 crore in Q1 FY23, increasing 13.9% YoY.
  • Consolidated assets under management crossed a major milestone and stood at Rs. 2,04,018 crore in Q1 FY23.
  • Bajaj Housing Finance Limited recorded a growth of 96% YoY in profit after tax. 
  • Bajaj Allianz General Insurance Company recorded a 14% YoY growth in profit, which stood at Rs. 411 crore.
  • Bajaj Allianz Life Insurance Company recorded a profit after tax of Rs. 124 crore, up 48% YoY. 
  • EPS of the company stood at 82.3 for the quarter.

Segment-wise revenue in Q1 by Bajaj Finserv

  • Life insurance: Revenue increased 73.67% YoY to Rs. 4,368.74 crore in Q1 FY23 from Rs. 2,515.48 crore in Q1 FY22.
  • General insurance: Revenue increased 25.04% YoY to Rs. 3,118.98 crore in Q1 FY23 from Rs. 2,494.36 crore in Q1 FY22.

Other things to know 

  • The P/E ratio of Bajaj Finserv stood at 46.45 as against the sector P/E ratio of 19.65.
  • The P/B ratio of Bajaj Finserv stood at 3.19 as against the sector P/B ratio of 2.13.
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