Bajaj Finserv Q1FY22 Results: Declared! PAT down 31% YoY at Rs 833 cr – See Key HIGHLIGHTS – including results of subsidiaries
Bajaj Finserv Q1FY22 Results - The total income for the reporting quarter stood at Rs 13,949 cr versus Rs 14,192 cr in the Q1FY21. The total income is down 1.7 per cent on the YoY basis. Bajaj Finserv's consolidated PAT stood at Rs 833 cr which is down by almost 31% YoY. The net profit during the June quarter in FY21 stood at 1215 cr
Bajaj Finserv Q1FY22 Results – Bajaj Finserv today posted a consolidated Profit After Tax (PAT) of Rs 833 cr for the quarter ended June 30 which is down by almost 31 per cent year-on-year (YoY). The net profit during the June quarter in FY21 stood at 1215 cr, the company informed in its exchange filings.
The total income for the reporting quarter stood at Rs 13,949 cr versus Rs 14,192 cr in the Q1FY21. The total income is down 1.7 per cent on the YoY basis.
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Key Highlights of the Q1 FY22 results:
- Loan losses and provisions for BFL in Q1 FY22 including expected credit loss was Rs 1,750 crore v/s Rs 1,686 crore in Q1 FY21. BFL holds a management overlay and macro provision of Rs 483 crore as of 30 June 2021.
- Bajaj Allianz General Insurance Company Limited (BAGIC) results include pre-tax impact of COVI0-19 claims of Rs 283 crore in Q1 FY22 v/s Rs 14 crore in Q1 FY21 (post tax impact on BFS Q1 FY22 profit Rs 157 crore).
- BALIC results include pre-tax impact of COVID-19 claims of Rs 288 crore in Q1 FY22 v/s Rs 1 crore in Q1 FY21 and reversal of tax provision on the basis of favourable income tax orders for earlier years of z 161 crore in Q1 FY22 (net post tax impact on BFS Q1 FY22 profit Rs 70 crore).
- Bajaj Finance, consolidated profit after tax - Rs 1,002 crore v/s Rs 962 crore
- General insurance, profit after tax Rs 362 crore v/s Rs 395 crore
- Life insurance, shareholders' profit after tax - Rs 84 crore v/s Rs 130 crore
“With signs of the second wave ebbing, all our businesses will pursue opportunities to grow while maintaining focus on risk. At the same time, we remain cognisant and vigilant of a possible third wave.” the company has said in its filing to exchanges.
“Backed by strong solvency, well above the required capital supported by healthy liquidity, continued focus on risk and collections, digitised processes and improved cost structures, we manoeuvre through these times,” it further said.
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