Bajaj Finance, a leading non-banking finance company (NBFC), reported robust financial results for the first quarter of the current financial year. The company’s consolidated profit after tax (PAT) witnessed an impressive rise of 32.4% year-on-year (YoY), reaching Rs 3,436.89 crore, compared to Rs 2,596 crore in the corresponding period last year.
– Total revenue from operations showed a remarkable growth of 34.6% YoY, amounting to Rs 12,497.81 crore, up from Rs 9,284.26 crore in the previous year’s first quarter.
– The gross non-performing assets (NPA) ratio declined to 0.87%, down from 0.94% in the previous quarter and 1.25% in the same period last year.
– The net NPA ratio also improved, standing at 0.31% for the quarter, compared to 0.34% in the previous quarter and 0.51% a year ago.
– The company’s total assets under management (AUM) grew significantly by 32% to reach Rs 2.7 trillion as of June 30, 2023, compared to Rs 2.04 trillion in the corresponding period of the previous year.
– Bajaj Finance booked a record number of new loans during Q1FY24, with a remarkable 34% increase, reaching 9.9 million new loans, up from 7.4 million in Q1FY23.
– Loan losses and provisions for Q1FY24 amounted to Rs 995 crore, compared to Rs 755 crore in Q1FY23. Additionally, the company holds a management and macroeconomic overlay of Rs 840 crore as of June 30, 2023.
– The capital adequacy ratio, including Tier-II capital, as of June 30, 2023, was 24.61%, with Tier-I capital at 23.01%.
Despite the positive financial performance, Bajaj Finance’s stock was trading 2.1% in the red at Rs 7,445.15 apiece on BSE as of 3:18 pm.
The results reflect Bajaj Finance’s strong growth trajectory and a solid position in the NBFC sector, showcasing its ability to adapt and thrive in dynamic market conditions.