Bajaj Finserv's Q3 net profit dips while revenue rises
Premium- Shares of Bajaj Finserv were trading more than 4% lower on the BSE in Thursday's afternoon deals
Bajaj Finserv's consolidated net profit for the quarter ended December 2021 dipped around 2.6% to ₹1,256 crore as compared to ₹1,290 crore in the year-ago quarter. Shares of Bajaj Finserv were trading over 4% lower on the BSE in Thursday's afternoon deals after its Q3 announcement.
Though, the financial services company's total revenue from operations during Q3FY22 rose over 10% to ₹17,587 crore from ₹15,958 crore year-on-year (YoY). Meanwhile, its tax expenses rose to ₹899 crore from ₹697 crore in the same quarter last year.
The Assets Under Management (AUM) as at 31 December 2021 increased by 26% from last year to ₹181,250 crore as compared to ₹143,550 crore as at 31 December 2020.
“Economic conditions were better in Q3FY22 as compared to Q2FY22, although some key indicators like auto sales remain muted. The quarter also witnessed adverse weather events which impact the general insurance business," the company said in an exchange filing today.
Capital adequacy ratio (including Tier-II capital) as of 31 December 2021 was 26.96%. The Tier-I capital stood at 24.44%.
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“Towards the end of Q3, emergence of the Omicron variant has sparked renewed concerns on its spread and containment measures. Under these dynamic circumstances, our businesses focused on growth," the company added.
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