Bajaj Finserv's Q2 net jumps 28% to Rs 277 cr

MUMBAI: Financial services company, Bajaj Finserv has reported 28 per cent increase in net profit at Rs 277 crore for the July-September quarter, led by growth in its lending and general insurance businesses.

The company had posted a net profit of Rs 217 crore in the same quarter of last fiscal, 2012-13.

"Growth in the second quarter (2013-14) was led by Bajaj Finance where we saw a 30 per cent growth in net profit and general insurance business which witnessed 45 per cent increase in profit after tax," said S Sreenivasan, president finance at Bajaj Finserv.

Bajaj Finserv Ltd is in life insurance business through its subsidiary Bajaj Allianz Life Insurance, in general insurance business through Bajaj Allianz General Insurance and in the lending business through Bajaj Finance.

Finserv's consolidated gross revenue stood at Rs 4,056 crore in the July-September quarter as against Rs 3,721 crore in the same period last year, a growth of 9 per cent.

The company's income from operations grew 30 per cent to Rs 1,309 crore in Q2, 2013-14 as against Rs 1,008 crore in the year-ago period, the company said in a release.

Bajaj Finance's net profit increased by 30 per cent in the July-September period to Rs 167 crore as against Rs 129 crore in the same period last year.

Its total income in Q2 FY'14 rose 31 per cent to Rs 964 crore as compared to Rs 737 crore in the year-ago period.

Bajaj Finance assets under management (AUM) stood at Rs 19,829 crore as on September 30 compared to Rs 17,517 crore as on March 31, 2013, the release said.