Bajaj Finserv Q1 net profit rises 10% to ₹2,138 crore, revenue surges 35% YoY

The company had reported a net profit of ₹1,942.6 crore in the year-ago period.

The non-banking finance company reported a 35.2% increase in its revenue from operations at ₹31,479.9 crore as against ₹23,279.9 crore in the corresponding period last year.

The stock was trading 2% lower at ₹1,586 on the National Stock Exchange (NSE) at 12:42 pm. It was trading at ₹1,584.9, down 2%, on the BSE.

Gross non-performing assets (NPA) and net NPA as of June 30, 2024, stood at 0.8% and 0.3%, respectively, compared to 0.87% and 0.31% as of June 30, 2023.

As of June 30, 2024, the assets under management (AUM) were ₹3.54 lakh crore, up from ₹2.70 crore crore in the year-ago period.

"Bajaj Finserv Services (BFS) continues to grow its emerging businesses which include Bajaj Firiserv Health, Bajaj Finserv Direct. Bajaj Finserv Asset Management and Bajaj Finserv Ventures. Losses from these businesses have increased but are as planned," the company said in an exchange filing.

It also informed that Bajaj Finserv Health had completed the acquisition of Vidal Healthcare after receiving the necessary approvals. "The integration and upgrading of technology, policies and other aspects of business is in progress," it said.

Year to date, Bajaj Finserv stock has declined 6%, while it has shed 4% in the past year.