Bajaj Finserv Q3 FY24 Financial Highlights: Robust Growth in Profit and Revenue

Bajaj Finserv reported impressive financial results for the third quarter of FY24, showcasing substantial growth in both profit and revenue.

1. Consolidated Net Profit:
   • Year-on-Year (YoY) Growth: The consolidated net profit for Q3 FY24 surged by 21% YoY.
   • Absolute Figures: The net profit stood at ₹2,158 crore, compared to ₹1,782 crore in the same quarter of the previous year.
2. Consolidated Revenue:
   • YoY Increase: Bajaj Finserv witnessed a remarkable YoY growth of 34% in consolidated revenue for Q3 FY24.
   • Revenue Figures: The consolidated revenue reached ₹29,038 crore, up from ₹21,755 crore in Q3 of the previous fiscal year.
3. Mutual Fund Schemes Performance:
   • Encouraging Response: Bajaj Finserv Asset Management Ltd. received a positive response to its mutual fund schemes.
   • Assets Under Management (AUM): As of December 31, 2023, the AUM for the mutual fund schemes stood at ₹6,395 crore.
4. Insurance Business Performance:
   • Life Insurance: The gross written premium for life insurance recorded a 21% YoY increase and a 2.4% QoQ increase.
   • General Insurance: Gross written general insurance premium saw a 25% YoY growth but experienced a 38% QoQ decline.
5. Overall Financial Strength:
   • Bajaj Finserv’s robust performance in both life and general insurance segments contributes to its overall financial strength.

Conclusion: Bajaj Finserv’s Q3 FY24 results reflect a resilient financial performance with notable growth in both net profit and revenue. The encouraging response to mutual fund schemes and the positive trajectory in the insurance business further underscore the company’s market positioning and customer trust. Investors may find confidence in Bajaj Finserv’s ability to navigate the financial landscape successfully.