Bajaj Finserv Ltd on Wednesday reported an over 31 per cent decline in consolidated web revenue at Rs 833 crore for the primary quarter ended June 2021.
The corporate had reported a web revenue of Rs 1,215 crore in the identical quarter of the previous fiscal.
The consolidated complete revenue additionally fell to Rs 13,949 crore in Q1 FY22 as in opposition to Rs 14,192 crore in Q1 FY21, Bajaj Finserv stated in a regulatory submitting.
The consolidated figures of Bajaj Finserv embrace results of its wholly-owned subsidiaries Bajaj Finance Ltd (BFL), Bajaj Allianz Basic Insurance coverage Firm Ltd (BAGIC) and Bajaj Allianz Life Insurance coverage Firm Ltd (BALIC).
As per the break-up, Bajaj Finance witnessed 4.2 per cent rise in consolidated web revenue at Rs 1,002 crore throughout the quarter. BAGIC reported 8.4 per cent decline in web revenue at Rs 362 crore, whereas BALIC’s web revenue declined by 35.4 per cent to Rs 84 crore.
Bajaj Finserv stated its mortgage losses and provisions for the quarter, together with anticipated credit score loss, was raised to Rs 1,750 crore as in opposition to Rs 1,686 crore within the year-ago interval.
“BFL holds a administration overlay and macro provision of Rs 483 crore as of 30 June 2021,” it added.
BAGIC results embrace pre-tax impression of COVID-19 claims of Rs 283 crore within the reported quarter in opposition to Rs 14 crore within the year-ago interval, it added.
The post-tax impression on BFS Q1 FY22 revenue is Rs 157 crore. BALIC’s results embrace pre-tax impression of the pandemic claims of Rs 288 crore as in opposition to Rs 1 crore a 12 months in the past.
It additionally consists of reversal of tax provision on the premise of beneficial revenue tax orders for earlier years of Rs 161 crore. Internet post-tax impression on BFS Q1 FY22 revenue is Rs 70 crore, Bajaj Finserv stated.
Individually, Bajaj Finserv stated its board of administrators has permitted funding of Rs 342 crore in Bajaj Finserv Direct Restricted, a wholly-owned subsidiary of the corporate.
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