RPT-Bajaj Finserv reports net loss in July-Sept qtr

(Repeats story issued on Wednesday)

MUMBAI, Oct 22 (Reuters) - Financial services firm Bajaj Finserv Ltd (BJFS.BO: Quote, Profile, Research) on Wednesday reported a loss for the quarter to September, hit by its life insurance business.

"Yes, we are seeing a slowdown in the sector. Industry growth has slowed down," Managing Director Sanjiv Bajaj told Reuters after announcement of the results for the quarter.

For the quarter to September, Bajaj Finserv reported consolidated net loss of 118.7 million rupees against net profit of 477.3 million rupees a year ago, while revenues rose 9.8 percent to 923.7 million rupees.

The aim of the company was to balance growth with a healthy bottomline, Bajaj said.

Its life insurance subsidiary, Bajaj Alliaz Life Insurance Co Ltd, reported a loss of 230 million rupees in the quarter against a profit of 580 million rupees a year ago, while the non-life subsidiary's net profit rose 14 percent to 250 million rupees.

The life business saw new business premium going down, in line with the slowdown in the sector as a whole.

Its consumer finance unit, Baja Auto Finance, in which it has a 40.5 percent stake, reported a 21 percent rise in net profit to 45.7 milion rupees for the quarter.

"Lending during the quarter was down. So we are broad-basing our business and trying to keep our costs down," said Bajaj.