Bajaj Finserv published its results for Q3 ended on December 2021 wherein it reported a 2.63% decline in profits to Rs 1,256 crores from Rs 1,290 crores in the same quarter last year. However its revenue rose 10.21% YoY to Rs 17,589 crores from Rs 15,959 crores last year. For the unversed, Bajaj Finserv is the holding company of Bajaj Finance, Bajaj Allianz Life Insurance and Bajaj Allianz General Insurance.
“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. 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 said.
“Risk of this (pandemic) is expected to remain elevated in Q4 of FY22. We, at Bajaj Finserv, remain watchful of the emerging situation. With strong solvency, well above the required capital supported by healthy liquidity, continued focus on risk and collections, digitised processes, improved cost structures and experience of the last 2 years, we hope to be in a better shape to face any adverse event,” the company added.
The company witnessed a full gap-down opening today as it opened on Rs 17000 and it fell nearly 4%.
Highlight by Aman Agarwal.