Bajaj Finserv, which is the holding company of Bajaj group’s financial services firms, for Q2FY21, posted a 18% (YoY) drop in consolidated net profit at Rs.986 crore – a reflection of contraction all across the group companies. Its total income rose 6% at Rs.15,051 crore.
This consolidated numbers include the earnings of Bajaj Allianz Life Insurance, Bajaj Allianz General Insurance, Bajaj Finance. Yesterday, Bajaj Finance already reported a 36% drop in net profit for Q2; that of Bajaj Allianz Life Insurance fell 53% and Bajaj Allianz General Insurance reported a 13% increase in net profit.
Blaming it on Covid, the company was optimistic of the future. It said that with signs of normalcy being evident across sectors, the company’s businesses will be seeking to grow in H2FY21 and enter FY22 with a positive outlook.
The market shrugged off these flat numbers and opened with a positive gap, rising 3% to hit an intraday high at Rs.6079.25. Its 10% UC of the day is at Rs.6496.45.