Bajaj Finserv (BAJAJFINSV) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 consolidated total income rose 35% year-over-year to ₹31,480 crore, with PAT at ₹2,138 crore, up 10% sequentially and 8% year-over-year excluding MTM impacts; total comprehensive income was ₹4,722 crore.

• Strong growth across insurance, lending, and emerging businesses, with market share gains in key segments and robust digital expansion.

• One-time items, including changes in shareholding and deferred tax reversals, impacted consolidated PAT growth by 7% year-over-year.

• Bajaj Finance and Housing Finance resumed full operations post-RBI restrictions; BHFL filed DRHP for IPO.

• Total comprehensive income for the quarter stood at ₹4,722 crore.

Financial highlights

• Consolidated net worth grew 29% year-over-year to ₹63,324 crore; book value per share up 29% to ₹397.

• Bajaj Finance AUM up 31% year-over-year to ₹3,54,192 crore; PAT up 14% to ₹3,912 crore.

• Bajaj Allianz General Insurance GWP up 24% to ₹4,761 crore; PAT up 39% to ₹576 crore; ROE at 21.3%.

• Bajaj Allianz Life Insurance IRNB up 26% to ₹1,294 crore; gross written premium up 24% to ₹5,018 crore; PAT down 37% to ₹97 crore due to new business strain.

• Bajaj Housing Finance AUM up 31% to ₹97,071 crore; PAT up 5% to ₹483 crore.

Outlook and guidance

• Management expects some one-time impacts on PAT to not recur in future quarters.

• Focus on sustainable, profitable growth across all business lines; continued investment in technology and digital platforms.

• BALIC margins may see a temporary pause due to regulatory changes but are expected to expand in the medium term.

• BFL and BHFL expect improved collection efficiencies and continued portfolio pruning in H2.

• BHFL IPO pending regulatory clearance; ongoing expansion in digital and health businesses.