Bajaj Finserv, the financial services arm of the Bajaj group, posted a 28 per cent increase in its second quarter net profit on a consolidated basis.
The profits came from higher revenues from investments, general insurance and non-banking financial subsidiaries.
In the July-September quarter, the Pune-based company reported a net profit of Rs 277 crore against Rs 217 crore, a year earlier.
The company’s income from general insurance grew 17 per cent to Rs 1,143 crore, and from Bajaj Finance (the NBFC) , by 31 per cent to Rs 962 crore. Investment income rose 27 per cent to Rs 467 crore.
The Pune-based company’s life insurance business saw a 10 per cent drop in premium written.
“In the life insurance segment, the new business premium was flat and renewal business premium dipped. The main reason is because, the overall financial savings is poor,” said S. Sreenivasan, President Finance, Bajaj Finserv.
Total income increased by 30 per cent to Rs 1,309 crore.
Shares of Bajaj Finserv closed at Rs 655.20, up 1.73 per cent, on the Bombay Stock Exchange.