Bajaj Finserv posts 42% growth in Q3 net profit to ₹1,782 crore
Published On: Monday, January 30, 2023 | By: Team KnowMyStock
Bajaj Finserv on Monday posted a 42 percent growth in its profit to ₹1,782 crore for the quarter ended 2022, against ₹1,256 crore in the year-ago period. Total income during the quarter rose 23% to Rs 21,755 crore as compared to Rs 17,620 crore a year ago. Bajaj Finserv is a holding company for a number of businesses under the Bajaj brand including its lending and insurance businesses. Bajaj Finserv recorded healthy growth across its companies despite the higher interest rates scenario in Q3FY23. According to the statement shared with the exchanges, the finance costs of the company went up to ₹3,240.78 crores from ₹2,444.53 crores. Total expenses of the firm surged 17.10 percent to ₹17,336.45 crore from ₹14,370.55 crore in the year-ago period.
The company also said profit after tax of its subsidiary - Bajaj Finance - for the third quarter increased 40 per cent to ₹2,973 crore, against ₹2,125 crore in the year-ago period, mainly led by robust assets under management (AUM) growth. higher net interest income and better asset performance.
In its result statement, Bajaj Finserv said, "Inflationary pressure remained throughout 9 months of FY23. The RBI increased repo rate by 225 basis points during 9 months of FY23 with clear inflation targeting as well as to balance the impact of rate increases by central banks across the world. By the end of the quarter, the pace of rate hikes by most of the central banks seems to have eased. In this environment of higher interest rates. our companies continued to do well."
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