(PTI) Bajaj Finserv Ltd (BFL) on Wednesday reported a 31 per cent jump in its consolidated net profit at ₹1,769 crore for the fourth quarter ended in March 2023.
The company had posted a net profit of ₹1,346 crore during the corresponding January-March period of 2021-22.
The total consolidated income during the March 2023 quarter increased to ₹23,625 crore, as against ₹18,862 crore in the corresponding period of the previous financial year, BFL, the holding company for the various financial services businesses under the Bajaj group, said in a regulatory filing.
The board recommended a dividend of ₹0.80 per share or 80 per cent on face value of Re 1. The total amount of dividend is ₹127.43 crore as compared to ₹63.65 crore.
For the financial year 2022-23, the company witnessed 41 per cent increase in profit at ₹6,417 crore, as against ₹4,557 crore in the previous fiscal.
The total consolidated income rose to ₹82,072 crore, as against ₹68,439 crore in the previous financial year.
"With Covid-19 threat having waned, there was significant increase in vehicles on the road and non-Covid treatments which had been postponed earlier, resulting in higher frequency of claims for the general insurance sector. In this environment of higher interest rates and insurance claims, our companies continued to do well," it said.
During the year, the general insurance arm posted a profit of ₹1,348 crore, as against ₹1,339 crore in the previous fiscal.
As on March 31, 2023, solvency ratio was 391 per cent, which is well above the minimum regulatory requirement of 150 per cent.
The life insurance arm reported net new business value (NBV) of ₹950 crore, as against ₹621 crore in the previous year.