In the fourth quarter, revenue from operations surged by 29 percent to Rs 11,485 crore compared to Rs 8,905 crore in the corresponding period of the previous year. Bajaj Auto announced a standalone profit after tax of Rs 1,936 crore for the fourth quarter ending on March 31, marking a notable 35 percent increase from Rs 1,433 crore reported a year earlier. The company witnessed robust sales, with total sales climbing by 24 percent to 10,68,576 units in the fourth quarter compared to 8,59,728 units in the same period of the previous fiscal year. Two-wheeler sales also experienced a significant surge, rising by 26 percent year-on-year to 9,16,817 units compared to 7,25,405 units recorded in the previous year.
HDFC Life Insurance reported a 14.7 percent increase in net profit to Rs 412 crore for the quarter ended March 31, compared to Rs 359 crore in the corresponding quarter of the previous year. The insurer also recorded a 15 percent growth in net profit to Rs 1,569 crore in the fiscal year 2023-24, up from Rs 1,360 crore in 2022-23. Total premium income for the year saw a 10 percent rise to Rs 63,076 crore in FY24, compared to Rs 57,533 crore in FY23. This growth was primarily attributed to an 18 percent increase in renewal premium, while new business premium experienced only a 2 percent growth throughout the year. New business margins for the insurer stood at 26.3 percent in FY24, down from 27.6 percent in FY23.
Vibha Palkar, MD and CEO, HDFC Life Insurance said, “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.”
