Bajaj Finserv reported a 37.5% year-on-year (YoY) rise in consolidated net profit at Rs 1,346.1 crore for the March quarter of the financial year 2021-22. In the corresponding quarter of fiscal 2021, its consolidated net profit stood at Rs 979 crore.

The non-bank finance company said its total revenue from operations surged 22.58% to Rs 18,861.7 crore in the March quarter of fiscal 2022 from Rs 15,387 crore in the same quarter of fiscal 2021.

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The Board of Directors of the company recommended a dividend of Rs 4 per share to shareholders. The total dividend payout is Rs 64 crore, up from Rs 48 crore in the previous year.

The solid topline growth of the company was driven by its insurance business. The gross premium written of the life insurance business grew 27% YoY to Rs 5,718.7 crore. The same for the general insurance operations rose 18.4% YoY.

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Bajaj Finserv said that it recorded its highest ever assets under management (AUM) and annual consolidated profit after tax in fiscal 2022. AUM of the life insurance business rose to Rs 86,623 crore in the March 2022 quarter, a growth of 16% YoY. AUM of the general insurance operations stood at Rs 24,633 crore in the reported quarter compared to Rs 23,150 crore in the year-ago period.

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Customer franchise stood at 57.57 million as of March 31, 2022, up 19% from 48.57 million as of March 31, 2021. Customer franchise recorded the highest ever increase of 9.0 million in the financial year 2022.

The company said that business conditions improved significantly in the fourth quarter of fiscal 2022 although they were volatile due to the outbreak of war in Ukraine. “Although lower sales of automobiles due to supply chain problems affected the general insurance business, the overall environment was conducive and all our businesses recorded excellent growth,” Bajaj Finserv said in an earnings release.

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The bottom-line growth came on the account of strong growth at Bajaj Finance during the reported quarter as insurance businesses struggled.

The results of Bajaj Finserv include those of its subsidiaries Bajaj Finance, Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC).

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Bajaj Allianz General Insurance Company posted a net profit of Rs 248 crore as against Rs 278 crore in the March 2021 quarter. Bajaj Allianz Life Insurance saw a sharp decline in net profit to Rs 48 crore in March 2022 quarter from Rs 234 crore in the year-ago quarter.

Shares of Bajaj Finserv closed 208.45 points or 1.41% higher at Rs 14,993.25 on the National Stock Exchange (NSE).