Bajaj Finserv Q3FY22 Results: Consolidated PAT slips 2.6% to Rs 1256 cr; revenue up 10% on better demand situation

Bajaj Finserv Limited today reported mixed numbers for the October-December quarter of the financial year 2021-22 (Q3FY22).  The consolidated profit after tax (PAT) dipped 2.6 per cent to Rs 1,256 crore in third quarter of FY22 as compared to Rs 1,290 crore in a year ago quarter, the company said in its filing to exchanges. 

The general insurance profit slipped by 8 per cent YoY and life insurance profit after tax slumped over 25 per cent YoY, the company said in its results. 

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While its consolidated total income jumped over 10 per cent to Rs 17,620 crore in Q3FY22 as against Rs 15,961 crore in the same quarter a year ago, the company’s earnings filing revealed. This was on the back of improvement in overall demand amid better economic conditions, the company said in its results filing to the BSE. 

Core AUM growth came at Rs 14,700 crore for Q3FY22 - highest ever quarterly growth, Bajaj Finserv also said. 

Bajaj Finserv recorded its highest ever quarterly consolidated profit after tax with its 9MFY22 consolidated profit after tax surpassing the annual profit for FY21.  

“New loans booked by BFL during Q3 FY22 were 7.44 million as against 6.04 million in Q3 FY21 - an increase of 23 per cent,” the company said in its Q3 results release on exchanges.

Economic conditions were better in Q3FY22 as compared to Q2FY22, although some key indicators like auto sales remain muted, the company said in a management commentary. The quarter also witnessed adverse weather events which impact the general insurance business, its further said.

The company’s shares extended decline by almost 5.5 per cent to Rs 17109 share price on the BSE intraday. The stock was already trading weak ahead of Q3 results.