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Bajaj Finserv Ltd (BFL) on Friday reported a 20% increase in consolidated net profit to Rs 2,119 crore for the March quarter.

The company had posted a net profit of Rs 1,769 crore in the year-ago period.

The total consolidated income during the fourth quarter of FY24 increased to Rs 32,042 crore against Rs 23,625 crore in the year-ago period, BFL, the holding company for the various financial services businesses under the Bajaj group, said in a regulatory filing.

The Board of Directors has recommended a dividend of Re 1 (100%) per equity share of face value of Re 1, for the financial year ended March 31, 2024.

The total amount of dividend outgo would be Rs 159.55 crore compared with Rs 127.43 crore in the previous fiscal.

For the financial year 2023-24, the company witnessed a 27% increase in profit to Rs 8,148 crore, as against Rs 6,417 crore in the previous fiscal.

The total consolidated income rose to Rs 1,10,383 crore against Rs 82,072 crore in the previous financial year.

BFS participates in the financing business through its 51.34% holding in Bajaj Finance Ltd (BFL) and in the life, general, and health insurance businesses through its 74% holding in two unlisted subsidiaries.

Bajaj Allianz General Insurance Company Ltd (BAGIC) and Bajaj Allianz Life Insurance Company Ltd (BALIC).

During the year, the general insurance arm posted a profit of Rs 1,550 crore, as against Rs 1,348 crore in the previous fiscal, up 15%.

As of March 31, 2024, the solvency ratio was 349%, which is well above the minimum regulatory requirement of 150%.

The life insurance arm reported a net new business value (NBV) of Rs 1,061 crore, as against Rs 950 crore in the previous year.

For life business, the solvency ratio stood at a healthy 432% as of March 31, 2024 against the minimum regulatory requirement of 150%.