New Delhi: Indian financial services company Bajaj Finserv Ltd's fiscal first quarter (Apr-Jun) net profit surged 51% on-year to Rs 1.95 billion from Rs 1.29 billion in the same quarter a year ago on the back of strong performance of its subsidiaries.
The company's income from operations in the three months to June 30 increased by 51% to Rs 9.27 billion from Rs 6.13 billion in the corresponding period previous fiscal year, Bajaj Finserv said in a statement filed with the stock exchanges Tuesday.
Total expenditure was at Rs 2.66 billion during the quarter, marking a rise of 31.68% from Rs 2.02 billion in the year-ago period.
Bajaj Finance Ltd, the listed subsidiary of Bajaj Finserv, posted a 53% on-year jump in its net profit to Rs 1.39 billion from Rs 910 million in the same quarter a year ago on the back of higher income from operations and fall in provisions.
Bajaj Finserv's insurance subsidiaries, Bajaj Allianz General Insurance Co recorded a 66% on-year surge in net profit to Rs 650 million, while Bajaj Allianz Life Insurance Co posted a 40% on-year rise in shareholders' profit to Rs 740 million.
Shares of Bajaj Finserv Wednesday were trading at Rs 711 on the Bombay Stock Exchange (BSE) in late afternoon session, up 4.12% from the previous close.