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Bajaj Finserv, the holding company for all financial services businesses under the Bajaj Group, saw a robust 31 per cent year-on-year growth in net profit for the second quarter of FY17 at ₹576 crore. This came on the back of strong gross revenue generation, which increased 33 per cent from the year-ago period to ₹6,912 crore. Income from operations grew 35 per cent y-o-y to ₹3,000 crore.
Commenting on the performance, S Sreenivasan, CFO, Bajaj Finserv, said: “We have a cohesive management team, focussed execution besides sensible strategising and a lot of passion for work. The quarterly results are strong also due to the feeling of empowerment and strategic support that we receive.”
Bajaj Finserv participates in the financing business through its 57.28 per cent holding in Bajaj Finance (BFL) and in the insurance business through its 74 per cent stake in Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company. It holds 92.5 lakh warrants convertible into equity shares of Bajaj Finance on or before December 1, 2016. When exercised, its holding will increase to 58 per cent from 57.28 per cent.
The net profit of the company’s general insurance business grew 66 per cent to ₹234 crore in Q2 FY17, while the net profit of the life insurance business declined 6.48 per cent to ₹202 crore from ₹216 crore in the year-ago period.
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