Bajaj Finance shares zoom 9% on record profit in Q1
Bajaj Finance stock touched an intraday high of Rs 6,995, rising 9.40% on BSE. Bajaj Finance stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
- Jul 28, 2022,
- Updated Jul 29, 2022 2:18 PM IST
Bajaj Finance shares climbed over 9 per cent today after the non-banking finance company's profit more than doubled to Rs 2,596 crore for the quarter ended June 2022 against a net profit of Rs 1,002 crore in the year-ago period.
Bajaj Finance stock touched an intraday high of Rs 6,995, rising 9.40% on BSE. Bajaj Finance stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The share was the top gainer on both Sensex and Nifty today. On Nifty, the stock was trading 9.18 per cent higher at Rs 6,983.35 against the previous close of Rs 6,396.35.
The large cap stock has gained 11.57% in one year and risen 0.09% since the beginning of this year.
The share has gained 25.23% in a month. Total 0.84 lakh shares of the firm changed hands amounting to a turnover of Rs 57.61 crore on BSE.
Market cap of the NBFC rose to Rs 4.23 lakh crore. The share hit a 52-week low of Rs 5,235.60 on June 17, 2022 and a 52-week high of Rs 8043 on January 19, 2022. The firm
The NBFC logged its highest-ever consolidated quarterly net profit for the June quarter, led by robust income due to brisk loan growth.
ALSO READ: Bajaj Finance profit more than doubles to Rs 2,596 cr in June quarter
Total income climbed 38 per cent to Rs 9,283 crore in Q1 against Rs 6,743 crore in the corresponding quarter last year.
"Customer franchise stood at 60.30 million (6.03 crore) as of June 30, 2022 as compared to 50.45 million (5.05 crore) as of June 30, 2021, a growth of 20 per cent. The company recorded highest ever quarterly increase in its customer franchise of 2.73 million (27.3 lakh) in Q1 FY23," it said.
Interest income rose 33 per cent in Q1 to Rs 7,920 crore compared with Rs 5,954 crore in the corresponding quarter of FY22. New loans booked by the NBFC climbed 60 per cent during June quarter to 74.2 lakh from 46.3 lakh in the preceding year.
Assets Under Management (AUM) increased 30 per cent to Rs 2,04,018 crore in Q1 from Rs 1,59,057 crore in the previous year.
The NBFC arm of the Bajaj group said its loan losses and provisions for the quarter fell to Rs 755 crore as against Rs 1,750 crore last fiscal.
On the asset quality front, the company's gross NPAs (Non-Performing Assets) in Q1 fell to 1.25 per cent and net NPAs at 0.51 per cent compared to 2.96 per cent and 1.46 per cent, respectively at the end of June 2021.
Jitendra Upadhyay, senior equity research analyst, Bonanza Portfolio said, "Healthy growth in AUM is expected to uplift operating performance of the company.The life insurance business is doing well due to focusing on products mix and innovation.We believe strong growth in the lending business and continuously improving in insurance business is are positive triggers for strong consolidated earnings going forward. Due to continued investment in business across all sectors, opex is high for the company on the back of high spend on digital initiatives."
Bajaj Finance shares climbed over 9 per cent today after the non-banking finance company's profit more than doubled to Rs 2,596 crore for the quarter ended June 2022 against a net profit of Rs 1,002 crore in the year-ago period.
Bajaj Finance stock touched an intraday high of Rs 6,995, rising 9.40% on BSE. Bajaj Finance stock is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The share was the top gainer on both Sensex and Nifty today. On Nifty, the stock was trading 9.18 per cent higher at Rs 6,983.35 against the previous close of Rs 6,396.35.
The large cap stock has gained 11.57% in one year and risen 0.09% since the beginning of this year.
The share has gained 25.23% in a month. Total 0.84 lakh shares of the firm changed hands amounting to a turnover of Rs 57.61 crore on BSE.
Market cap of the NBFC rose to Rs 4.23 lakh crore. The share hit a 52-week low of Rs 5,235.60 on June 17, 2022 and a 52-week high of Rs 8043 on January 19, 2022. The firm
The NBFC logged its highest-ever consolidated quarterly net profit for the June quarter, led by robust income due to brisk loan growth.
ALSO READ: Bajaj Finance profit more than doubles to Rs 2,596 cr in June quarter
Total income climbed 38 per cent to Rs 9,283 crore in Q1 against Rs 6,743 crore in the corresponding quarter last year.
"Customer franchise stood at 60.30 million (6.03 crore) as of June 30, 2022 as compared to 50.45 million (5.05 crore) as of June 30, 2021, a growth of 20 per cent. The company recorded highest ever quarterly increase in its customer franchise of 2.73 million (27.3 lakh) in Q1 FY23," it said.
Interest income rose 33 per cent in Q1 to Rs 7,920 crore compared with Rs 5,954 crore in the corresponding quarter of FY22. New loans booked by the NBFC climbed 60 per cent during June quarter to 74.2 lakh from 46.3 lakh in the preceding year.
Assets Under Management (AUM) increased 30 per cent to Rs 2,04,018 crore in Q1 from Rs 1,59,057 crore in the previous year.
The NBFC arm of the Bajaj group said its loan losses and provisions for the quarter fell to Rs 755 crore as against Rs 1,750 crore last fiscal.
On the asset quality front, the company's gross NPAs (Non-Performing Assets) in Q1 fell to 1.25 per cent and net NPAs at 0.51 per cent compared to 2.96 per cent and 1.46 per cent, respectively at the end of June 2021.
Jitendra Upadhyay, senior equity research analyst, Bonanza Portfolio said, "Healthy growth in AUM is expected to uplift operating performance of the company.The life insurance business is doing well due to focusing on products mix and innovation.We believe strong growth in the lending business and continuously improving in insurance business is are positive triggers for strong consolidated earnings going forward. Due to continued investment in business across all sectors, opex is high for the company on the back of high spend on digital initiatives."