Bajajfinsv / Q2-FY24

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Positive2023-10-27Back to BAJAJFINSV

Revenue

₹26,023 Cr

verified against source

Revenue YoY

25%

reported change

EBITDA

Pending

latest reported figure

Source

screener in

record provenance

Actual signal trajectory

Where this quarter sits.

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Revenue (₹ Cr)PositiveWatchNegative
12 actual records
Actual quarterly Revenue (₹ Cr) trajectoryReported values plotted by quarter. Hover or focus a point for its quarter, value, and source sentiment.Q1 FY24: 23,280 · Positive source sentiment · 2023-07-25Q1 FY24Q2 FY24: 26,023 · Positive source sentiment · 2023-10-27Q2 FY24Q3 FY24: 29,038 · Positive source sentiment · 2024-01-31Q3 FY24Q4 FY24: 32,041 · Positive source sentiment · 2024-04-30Q4 FY24Q1 FY25: 31,480 · Watch source sentiment · 2024-07-24Q1 FY25Q2 FY25: 33,703 · Watch source sentiment · 2024-10-24Q2 FY25Q3 FY25: 32,042 · Watch source sentiment · 2025-01-31Q3 FY25Q4 FY25: 36,595 · Watch source sentiment · 2025-04-30Q4 FY25Q1 FY26: 35,439 · Positive source sentiment · 2025-07-25Q1 FY26Q2 FY26: 37,403 · Positive source sentiment · 2025-10-30Q2 FY26Q3 FY26: 39,708 · Positive source sentiment · 2026-02-04Q3 FY26Q4 FY26: 38,494 · Watch source sentiment · 2026-04-30Q4 FY2639,70823,280
Values are taken from the available verified source records; sentiment color is a separate source-read indicator.

Quarter read

What the record says.

Bajaj Finserv delivered a strong Q2 FY24 with consolidated revenue up 25% YoY to INR 26,023 crore and PAT up 24% YoY to INR 1,929 crore. Growth was driven by robust performance across subsidiaries: BAGIC reported a 95.3% combined ratio (lowest in 14 quarters) and 39% PAT growth, while BALIC saw NBV growth of 25% to INR 237 crore. BFL continued its momentum with 33% AUM growth and asset quality improvement. The AMC business launched with INR 5,235 crore AUM. Management guided for continued balanced growth, with BAGIC targeting sub-100% combined ratio despite near-term investment costs. Key risk: elevated claims volatility in government health and crop insurance segments could pressure underwriting profitability.

Colored figures show movement against the previous available record.

Guidance to track

  • Due to investments in manpower and rural expansion, combined ratio may temporarily exceed 100% before normalizing.
  • Management expects NBV growth to sustain as par product mix improves and new bank partnerships contribute.
  • BFL continues to deliver on AUM growth, profitability, and asset quality targets as per its stated guidance.

Risks flagged

  • The Gujarat government health scheme may have higher loss ratios due to backlog claims, though 80% is reinsured.
  • BAGIC's expense ratio may rise as investments in manpower and rural branches continue, impacting near-term profitability.
  • Analyst raised concern about sustainability of crop and government health business given competitive pricing and tender-based nature.
  • Higher share of lower-margin products (ULIP, non-par) and investments in new channels may keep VNB margins below prior year levels.

Key quotes

  • We have never done business in a desperate manner. We have always done business the way business should be done.
  • Our purpose is to create platform to carry out health transactions for customers. It's not about acquiring customers, it's all about enabling transactions digitally.
  • In insurance, you always do business on expectation of profit. If I definitely know that I'm going to lose money, I'll never do that business.

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