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Bajaj Auto reports 35 per cent increase in standalone profit for fourth quarter

Revenue from operations rose by 29 per cent to Rs 11,485 crore for the fourth quarter against Rs 8,905 crore in the year-ago period

A Staff Reporter Calcutta Published 19.04.24, 10:20 AM
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Bajaj Auto on Thursday reported a 35 per cent increase in standalone profit after tax at Rs 1,936 crore for the fourth quarter ended March 31, riding on the back of robust sales.

The Pune-based company posted a profit after tax of Rs 1,433 crore a year ago.

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Revenue from operations rose by 29 per cent to Rs 11,485 crore for the fourth quarter against Rs 8,905 crore in the year-ago period.

The company saw a 24 per cent rise in total sales at 10,68,576 units in the fourth quarter from 8,59,728 units in the same period of FY23.

Two-wheeler sales rose 26 per cent year-on-year to 9,16,817 units compared with 7,25,405 units a year ago.

HDFC Life net rises

HDFC Life Insurance on Thursday reported a 14.7 per cent rise in net profit to Rs 412 crore during the quarter ended March 31 from Rs 359 crore in the corresponding quarter of the previous year.

The insurer recorded a 15 per cent growth in net profit to Rs 1,569 crore in 2023-24 compared with Rs 1,360 crore in 2022-23. Total premium income during the year grew 10 per cent to Rs 63,076 crore in FY24 compared with Rs 57,533 crore in FY23. This was largely driven by an 18 per cent growth in renewal premium, while new business premium grew only 2 per cent during the year.

New business margins for the insurer were 26.3 per cent for FY24 compared with 27.6 per cent in FY23.

“The drop (in new business margin) of 130 basis points is primarily due to two reasons — first one amounting to 70 basis points being the operating leverage gap caused by the one time Rs 1,000 crore additional APE (annual premium equivalent) received in FY23 due to the budget changes and the second one amounting to 40 basis points due to higher unit linked proportions thanks to buoyant equity markets,” said Vibha Padalkar, MD and CEO, HDFC Life Insurance.

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