Bajaj Finserv Q4 profit jumps 31% to Rs 1,769 crore; dividend announced

Bajaj Finserv on Thursday reported a 31 per cent year-on-year (YoY) rise in consolidated profit after tax (PAT) at Rs 1,769 crore for the March compared with Rs 1,346 crore in the same quarter last year. Consolidated revenue for the quarter rose 25 per cent to Rs 23,625 crore compared with Rs 18,862 crore in the year-ago quarter.

Bajaj Finserv said its consolidated PAT, excluding mark to market gain or loss, stood at Rs 1,836 crore, up 48 per cent YoY.

The board members of the company have recommended a dividend of Re 0.80 per share for FY23. The said dividend, if declared, by the shareholders at the ensuing Annual General Meeting, will be credited on July 28 or July 29.

Inflationary pressure sustained throughout the FY23, Bajaj Finserv said in a note.

The RBI increased repo rate by 250 basis points in FY23, with clear focus on inflation and balancing the impact of rate increases by central banks across the world. In April 2023, the RBI kept the repo rate unchanged with a statement that the pause was only for this meeting.

"Conditions were conducive for savings which resulted in a favourable growth for the life insurance sector. 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 te general insurance sector. In this environment of higher interest rates and insurance claims, our companies continued to do well," it said.

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