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Profit before tax in the third quarter of FY25 stood at Rs 5,811.51 crore, up by 7.01% from Rs 5,430.95 crore posted in same quarter last year.
Total expenses spiked 11.12% year on year (YoY) to Rs 26,233.40 crore in the quarter ended 31 December 2024.
Bajaj Finserv is the holding company for the various financial services businesses under the Bajaj group. It participates in the financing business through its 51.34% holding in Bajaj Finance and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company.
Bajaj Finance (BFL) recorded 16.68% increase in consolidated net profit to Rs 4,246 crore in Q3 FY25 as against Rs 3,639 crore in Q3 FY24. Loan loss provisions stood to Rs 2,043 crore in the third quarter of FY25, up 63.7% YoY.
Net total income for the December 2024 quarter rose 25.54% to Rs 11,673 crore from Rs 9,298 crore posted in corresponding quarter previous quarter.
Gross NPA and Net NPA as on 31 December 2024 stood at 1.12% and 0.48% respectively as against 0.95% and 0.37% as on 31 December 2023. Provisioning coverage ratio on stage 3 assets is 57%.
Assets under Management (AUM) grew 28% to Rs 3,98,043 crore as on 31 December 2024 as against Rs 3,10,968 crore as on 31 December 2023.
Capital adequacy ratio (CRAR) (including Tier-II capital) as on 31 December 2024 stood at 21.56%. The Tier-I capital was at 20.79%.
Bajaj Allianz General Insurance Company (BAGIC) stated that effective from 1 October 2024, as mandated by IRDAI, gross premium on long-term products are measured on 1/n basis (where 'n' is contract duration) prospectively, hence Q3 & 9M FY2025 are not comparable with prior years.
BAGIC’s gross written premium for Q3 FY25 increased by 46% to Rs 6,626 crore from Rs 4,536 crore in Q3 FY24. Excluding tender-driven crop and government health insurance premium, BAGIC's gross written premium shed by 2% YoY to Rs 3,639 crore in Q3 FY25.
Claim ratio increased to 77.7% in Q3 FY25 as against 72.9% in Q3 FY24, due to elevated claims in health segment. Excluding tender driven crop and government health business, claim ratio reduced to 73.9% in Q3 FY25 as against 71.1% in Q3 FY24.
Profit after tax for third quarter of FY25 stood at Rs 400 crore, up 39% as compared with Rs 287 crore in Q3 FY24.
As on 31 December 2024, solvency ratio was 300%, which is well above the minimum regulatory requirement of 150%.
Assets under Management (AUM), represented by cash and investments as on 31 December 2024 stood at Rs 32,633 crore as compared to Rs 30,296 crore as on 31 December 2023, an increase of 8%.
Bajaj Allianz Life Insurance Company's (BALIC) new business premium for Q3 FY25 stood at Rs 2,761 crore as against Rs 2,561 crore in Q3 FY24, an increased of 8%. Renewal premium for Q3 FY25 was Rs 3,600 crore, an increase of 24% on YoY basis.
Shareholders' profit after tax during Q3 FY25 increased 106% to Rs 222 crore from Rs 103 crore in Q3 FY24, due to higher investment income and reversal of income tax provisions in respect of earlier years basis favorable income tax orders.
Gross written premium for Q3 FY25 rose by 16% to Rs 6,361 crore from Rs 5,464 crore in Q3 FY24.
Net new business value (NBV), which is the metric used to measure profitability of life insurance businesses, up by 1.2% to Rs 254 crore in Q3 FY25.
The solvency ratio stood at a healthy 369% as on 31 December 2024 as against the minimum regulatory requirement of 150%. Assets under Management (AUM), represented by total investments increased 17% Rs 122,023 crore as on 31 December 2024.
The scrip rose 1.82% to close at Rs 7,899.30 on the BSE.
The barometer index, the S&P BSE Sensex, rallied 226.85 points or 0.30% to 76,759.81. The Nifty 50 index added 86.40 points or 0.37% to 23,249.50. In three consecutive trading sessions, the Sensex and Nifty added by 1.85% and 1.84%, respectively.
In the broader market, the S&P BSE Mid-Cap index shed 0.04% and the S&P BSE Small-Cap index rose 0.02%.
The market breadth was strong. On the BSE, 2,139 shares rose and 1,808 shares fell. A total of 127 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 6.70% to 17.39.
Among the sectoral indices, the Nifty Realty index (up 1.78%), the Nifty Oil & Gas index (up 1.55%) and the Nifty Healthcare index (up 1.29%) outperformed the Nifty 50 index.
Meanwhile, the Nifty Consumer Durables index (down 1.84%), the Nifty Media index (down 1.21%) and the Nifty IT index (down 1.14%) underperformed the Nifty 50 index.
Numbers to Track:
The yield on India's 10-year benchmark federal paper advanced 0.04% to 6.794 as compared with the previous close of 6.791.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.6325, compared with its close of 86.5575 during the previous trading session.
MCX Gold futures for 5 February 2025 settlement gained 0.78% to Rs 80,960.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.11% to 108.07.
The United States 10-year bond yield fell 0.58% to 4.507.
In the commodities market, Brent crude for March 2025 settlement declined 18 cents or 0.24% to $76.40 a barrel.
Stocks in Spotlight:
Adani Enterprises slipped 2.85% after the company’s consolidated net profit tanked 96.93% to Rs 57.83 crore in Q3 FY25 as against Rs 1,888.45 crore reported in Q3 FY24. Revenue from operations declined 8.78% to Rs 22,848.42 crore in Q3 FY25 from Rs 25,050.23 crore recorded in the same period a year ago.
Bajaj Finserv's consolidated net profit increased 3.4% to Rs 2,231 crore on a 10.34% rise in total income to Rs 32,041.81 crore in Q3 FY25 over Q3 FY24.
Bharat Electronics (BEL) advanced 4.38% after the company’s standalone net profit surged 47.33% to Rs 1,316.06 crore on 39.15% rise in revenue from operations to Rs 5,756.12 crore in Q3 FY25 over Q3 FY24.
Tata Motors slipped 7.37% after its consolidated net profit declined 22.41% to Rs 5,451 crore despite of 2.71% rise in revenue from operations to Rs 113,575 crore in Q3 FY25 over Q3 FY24.
Adani Ports and Special Economic Zone (APSEZ) fell 1.86%. The company’s consolidated net profit jumped 14.12% to Rs 2,520.26 crore on 15.07% rise in revenue from operations to Rs 7,963.55 crore in Q3 FY25 over Q3 FY24.
Bajaj Finance rallied 2.36% after the company’s consolidated net profit jumped 18% to Rs 4308 crore in Q3 FY25 as compared with Rs 3,639 crore in Q3 FY24. Net interest income (NII) increased 23% YoY to Rs 9,382 crore in Q3 FY25.
Hitachi Energy India hit an upper circuit of 20% after the company’s standalone net profit stood at Rs 137.28 crore in Q3 FY25, steeply higher than Rs 22.97 crore in Q3 FY24. Revenue from operations jumped 27.16% to Rs 1,620.27 crore in Q3 FY25 as compared with Rs 1,274.20 in Q3 FY24.
Whirlpool of India hit the lower circuit of 20% after the company’s parent, Whirlpool Corporation, announced its intention to sell a 20% stake in the company by mid-to-late 2025 by way of one or more market sales.
SRF gained 5.76% after the specialty chemical maker's consolidated net profit rose 6.96% to Rs 271.08 crore on 14.36% increase in total revenue from operations to Rs 3,491.31 crore in Q3 FY25 over Q3 FY24.
Info Edge (India) added 2.17% after the company informed that its board will meet on Wednesday, 5 February 2025, to consider the subdivide or split of its existing equity shares with a face value of Rs 10 each.
Ifb Agro Industries rallied 6.17% after the company reported consolidated net profit of Rs 11.28 crore in Q3 FY25, compared with net loss of Rs 5.05 crore posted in Q3 FY24.
Aarti Drugs advanced 2.42% after the pharmaceutical company’s consolidated net profit rose 1.04% to Rs 37.05 crore in Q3 FY25, compared with Rs 36.67 crore recorded in Q3 FY24.
Brigade Enterprises added 2.53% after the company reported a consolidated net profit of Rs 236.2 crore in Q3 FY25, which is more than 3 times the PAT of Rs 73.5 crore posted in Q3 FY24. Revenue rose by 27% YoY to Rs 1,529.7 crore during the period under review.
Olectra Greentech soared 7.31% after the company’s consolidated net profit rallied 71.68% to Rs 46.32 crore on 50.62% rise in revenue to Rs 515.36 crore in Q3 FY25 over Q3 FY24.
Global Markets:
The US Dow Jones index futures were currently up by 163 points, signaling a positive opening for US stocks today.
European shares advanced on Thursday as investors await key earnings, economic data and the European Central Bank’s latest monetary policy decision.
Markets in Japan and Australia ended mixed, breaking ranks with Wall Street that fell overnight as the Federal Reserve kept interest rates unchanged. Several Asia-Pacific markets were closed for the Lunar New Year holiday.
Recent data released by the Australian Bureau of Statistics showed that Australia’s export price index climbed 3.6% in the fourth quarter of 2024, but fell 8.6% through the year. Its import price index rose 0.2% in the same quarter but fell 1.9% through the year. These indexes reflect the changes in prices of imports into and exports from the country.
Overnight in the U.S., benchmark indexes fell after the Federal Reserve left interest rates unchanged in its first policy decision of the year on Wednesday.
The S&P 500 slid 0.47% to close at 6,039.31, while the Nasdaq Composite lost 0.51% to end at 19,632.32. The Dow Jones Industrial Average shed 136.83 points, or 0.31%, to 44,713.52.
IPO Update:
The initial public offer (IPO) of Dr. Agarwals Health Care received bids for 2,11,22,360 shares as against 5,35,26,172 shares on offer, according to stock exchange data at 15:27 IST on 30 January 2025. The issue was subscribed to 0.06 times.
The issue opened for bidding on 29 January 2025 and it will close on 31 January 2025. The price band of the IPO is fixed between Rs 382 and Rs 402 per share. An investor can bid for a minimum of 35 equity shares and in multiples thereof.