A meeting of the Board of Directors of Bajaj Finserv Limited was held recently to consider and approve the results for Q2 FY13.
Bajaj Finserv – a holding company, is the financial services arm of the Bajaj group with business interest in “Protection”, “Lending”, and “Financial advisory and Wealth management” through its subsidiary companies.
PERFORMANCE
In a quarter, in which the economy witnessed slow growth, high inflation and high interest rates, the performance of the company has been quite strong. Gross revenue increased by 13% from Rs. 3,280 crore to Rs. 3,721 crore, while profit after tax grew 37% from Rs. 158 crore to Rs. 217 crore.
HIGHLIGHTS – Q2 FY13 v/s Q2 FY12
ü Consolidated gross revenue – Rs. 3,721 crore v/s Rs. 3,280 crore ↑ 13%
ü Consolidated income from operations – Rs. 1,008 crore v/s Rs. 714 crore ↑ 41%
ü Consolidated profit after tax – Rs. 217 crore v/s Rs. 158 crore ↑ 37%
ü Bajaj Finance, profit after tax – Rs. 129 crore v/s Rs. 87 crore ↑ 48%
ü General insurance, profit after tax – Rs. 78 crore v/s Rs. 64 crore ↑ 22%
ü Life insurance, shareholders’ profit after tax – Rs. 88 crore v/s Rs. 57 crore ↑ 54%
HIGHLIGHTS - H1 FY13 v/s H1 FY12
ü Consolidated gross revenue – Rs. 6,973 crore v/s Rs. 6,180 crore ↑ 13%
ü Consolidated income from operations – Rs. 1,935 crore v/s Rs.1,326 crore ↑ 46%
ü Consolidated profit after tax – Rs. 412 crore v/s Rs. 287 crore ↑ 44%
ü Bajaj Finance, profit after tax – Rs. 267 crore v/s Rs. 178 crore ↑ 50%
ü General insurance, profit after tax – Rs. 142 crore v/s Rs. 102 crore ↑ 39%
ü Life insurance, shareholders’ profit after tax – Rs. 163 crore v/s Rs. 109 crore ↑ 50%
A synopsis on the performance of the individual companies is given below:
Bajaj Finance Limited (BFL)
§ Total income for Q2 FY13 increased by 49% to Rs. 737 crore v/s Rs. 493 crore in Q2 FY12.
§ Profit after tax - Rs. 129 crore in Q2 FY13 v/s Rs. 87 crore in Q2 FY12 – an increase of 48%.
§ Deployments increased by 29% to Rs. 4,334 crore in Q2 FY13 v/s Rs. 3,352 crore in Q2 FY12.
§ Assets under management stood at Rs. 15,370 crore as on 30 September 2012 v/s Rs. 13,107 crore as on 31 March 2012.
§ Net NPA for Q2 FY13 stood at just 0.2%.
§ Capital adequacy ratio stood at a healthy 17.7%.
Bajaj Allianz General Insurance Company Limited (BAGIC)
§ Gross written premium (excluding motor pool) for Q2 FY13 increased by 20.5% to Rs. 976 crore v/s Rs. 810 crore in Q2 FY12.
§ Net earned premium (excluding motor pool) for Q2 FY13 stood at Rs. 639 crore v/s ` 540 crore in Q2 FY12 – an increase of 18%.
§ Profit after tax - Rs. 78 crore in Q2 FY13 v/s Rs. 64 crore in Q2 FY12 – an increase of 22%.
§ Claim ratio stood at 59.2% in Q2 FY13 v/s 58.4% in Q2 FY12, while claim ratio improved by 3.8% to 57.9% in H1 FY13 from 61.7% in H1 FY12.
§ Combined ratio (excluding motor pool losses) was 92.3% in Q2 FY13 v/s 91.6% in Q2 FY12.
§ Cash and investments as on 30 September 2012 stood at Rs. 5,338 crore.
Bajaj Allianz Life Insurance Company Limited (BALIC)
§ New business premium for Q2 FY13 increased by 15.4% to Rs. 651 crore v/s Rs. 564 crore in Q2 FY12.
§ Renewal premium for Q2 FY13 was Rs. 941 crore v/s Rs. 1,115 crore in Q2 FY12.
§ Gross written premium was Rs. 1,592 crore in Q2 FY13 v/s Rs. 1,679 crore in Q2 FY12.
§ BALIC’s business profit for Q2 FY13 was Rs. 308 crore v/s profit of Rs. 295 crore in Q2 FY12. 2
§ Shareholders’ profit during the current quarter was Rs. 88 crore v/s Rs. 57 crore in Q2 FY12 – an increase of 54%.
§ Solvency ratio stood at a healthy 583% as on 30 September 2012 as against the minimum regulatory requirement of 150%.
§ Total investments as at 30 September 2012 stood at Rs. 40,629 crore.
Summary of financial results is given in Annexure D.
RIGHTS ISSUE
On 17 October 2012, the company successfully allotted 14,438,842 equity shares of ` 5 each to its existing shareholders on a rights basis in the ratio of 1 rights equity share for every 10 equity shares of the face value of Rs. 5 each held by such equity shareholder, on the record date i.e. 8 September 2012, at a price of Rs. 650 per share (inclusive of premium of ` 645 per share), aggregating to Rs. 939 crore. In-principle approval from NSE and BSE for the listing of the said shares has been received and final listing will be done shortly. Sanjiv Bajaj Managing Director 19 October 2012.
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