Bajaj Finserv reported a 31.5 per cent drop in its consolidated internet revenue to ₹832.77 crore for the quarter-ended June 30, 2021 as in opposition to ₹1,215.15 crore in the identical interval a 12 months in the past.
Its consolidated complete earnings declined by 1.7 per cent to ₹13,949 crore within the first quarter of the fiscal as in opposition to ₹14,192 crore a 12 months in the past.
“After a quick restoration within the fourth quarter of 2020-21, financial circumstances worsened within the first quarter of 2021-22 because the second wave of Covid unfold throughout the nation accompanied by localised lockdowns in lots of States. Gross sales of client durables and motor automobiles have been affected in lots of States and, consequently, danger ranges remained elevated within the quarter,” Bajaj Finserv stated in a press release on Wednesday.
Insurance coverage enterprise
The life insurance coverage enterprise, particularly, recorded robust progress within the first quarter this fiscal, properly above the business progress, it additional stated.
Bajaj Allianz Life Insurance coverage reported a 35.4 per cent drop within the shareholders’ internet revenue to ₹84 crore within the quarter-ended June 30, 2021 as in opposition to ₹130 crore a 12 months in the past. The decline in revenue was primarily as a result of Covid-19 claims.
Gross written premium elevated by 48 per cent to ₹2,516 crore within the first quarter this fiscal versus ₹1,700 crore in the identical interval final fiscal.
It reported a solvency ratio of 648 per cent as on June 30, 2021.
Bajaj Allianz Normal Insurance coverage noticed its internet revenue fall by 8.4 per cent to ₹362 crore in Q1FY22 as in opposition to ₹395 crore within the corresponding interval of final fiscal.
Gross written premium for the primary quarter elevated by 9 per cent to ₹2,494 crore versus ₹2,289 crore within the first quarter of 2020-21.
The insurer didn’t write any crop insurance coverage enterprise throughout the quarter. Its mixed ratio stood at 103.4 per cent as on June 30, 2021.
Bajaj Finance reported a 4 per cent 12 months on 12 months progress in its consolidated internet revenue to Rs 1,002 crore within the first quarter this fiscal.
In a separate inventory trade submitting, Bajaj Finserv stated its board of administrators has accepted an funding of Rs 342 crore in its wholly owned subsidiary Bajaj Finserv Direct, which is into distribution of economic merchandise by digital market.