Stock Market

Co looks to grow at a rate of 20-25% every year: Bajaj Finserv

Speaking to CNBC-TV18, Sanjiv Bajaj, MD of Bajaj Finserv, said the fourth quarter numbers aren’t comparable on a year-on-year basis, as the company moved to quarterly audits (as against a yearly one) from this fiscal year.

Bajaj Finserv’s net profit was down 26.7 percent to Rs 518 crore in the fourth quarter from Rs 707.1 cr on a year-on-year basis. The general insurance business’ profit after tax came in at Rs 208 crore, up 44 percent from Rs 144 crore on a YoY. But life insurance business, however, was weak. Its weighted premium for FY16 was down 5 percent year-on-year.

The company looks to grow at a more steady rate of 20-25 percent every year, said Bajaj.

Mortgage loans, which are of a longer duration, has dragged the growth rate down, he said.

Regarding a break-up with Allianz, Bajaj said talks are underway. 

More to follow…