Finance major Bajaj Finance Ltd has reported a consolidated net profit of ₹3,551 crore in the July-September quarter of 2022-23, an increase of 28% from ₹2,781 crore in the same period last year. The company's consolidated net interest income (NII) for Q2 increased 26% to ₹8,845 crore from ₹7,002 crore in the same quarter last year.
Its assets under management (AUM) grew 33% or ₹20,167 crore to ₹2,90,264 crore as of Q2 FY24 from ₹2,18,366 crore in the year-ago period. The number of new loans booked during the said period grew 26% to 8.53 million against 6.76 million in the same time last year. Bajaj Finance’s customer base recorded 22% growth at 7.6 crore as of September 30, 2023, as compared to 6.2 crore last year.
Loan losses and provisions for Q2 FY24 were ₹1,077 crore against ₹734 crore in Q2 FY23. Gross NPA and net NPA as of Q2 FY23 stood at 0.91 % and 0.31%, respectively, against 1.17% and 0.44% in the year-ago period.
The company has a provisioning coverage ratio of 66% on stage 3 assets as of Q2 and the capital adequacy ratio (including Tier-II capital) was 23.19%. It was 21.88% for the Tier-I capital.
Bajaj Finance Ltd's standalone profit surged 26% to ₹3,106 crore during the said quarter of the fiscal year compared to ₹2,472 crore in the same period last year. Its net interest income surged 26% to ₹8,059 crore from ₹6,397 crore in the same period last year. Its assets on a standalone basis grew 35% to ₹2,14,891 crore in Q2 vs ₹1,59,452 crore in the year-ago period.
Among its wholly-owned subsidiaries, Bajaj Housing Finance recorded a 47% surge in its net profit to ₹451 crore from ₹306 crore in the same period last year. Bajaj Financial Securities Ltd (BFinsec) generated profit after tax of ₹13 crore for Q2 FY24 against ₹1 crore for Q2 FY23.
On October 5, 2023, the Bajaj Finance board approved the issue of securities for ₹8,800 crore via qualified institutional placement and preferential issue of up to 1,550,000 warrants convertible into equivalent number of equity shares to promoter Bajaj Finserv for ₹1,200 crore.
On 16 October 2023, the company entered into a binding term sheet with Pennant Technologies for a 26% equity stake for ₹267.50 crore. It has received the highest credit rating of AAA/stable for its long-term debt programme, and long-term issuer rating of BBB-/stable, and a short-term issuer rating of A-3 by S&P Global ratings.
The Bajaj Finance stock closed 0.73% up at ₹8,091.35 on the BSE today.
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