Bajaj Finance Q3 results: Net profit rises 22% to Rs 3,639 crore; revenue up 31%

Bajaj Finance Ltd on Monday reported a 22.40 per cent year-on-year (YoY) rise in its consolidated third-quarter (Q3) profit for the ongoing financial year 2023-24 (FY24). The figure stood at Rs 3,638.95 crore in Q3 FY24 as against Rs 2,973 crore in the same period last fiscal. During the quarter under review, the non-bank lender's revenue from operations grew 31.28 per cent to Rs 14,161.09 crore from Rs 10,787.25 crore in Q3 FY23.

Assets under management (AUM) grew by 35 per cent to Rs 3,10,968 crore as of December 31, 2023 from Rs 230,842 crore in Q3 FY23. Net interest income increased by 29 per cent in Q3 FY24 to Rs 7,655 crore from Rs 5,922 crore in Q3 FY23.

In Q3 FY24, gross NPA (non-performing asset) and net NPA stood at 0.95 per cent and 0.37 per cent, respectively, as against 1.14 per cent and 0.41 per cent in the corresponding period last fiscal. The company also said it has provisioning coverage ratio of 62 per cent on stage 3 assets.

Pre-provisioning operating profit increased by 27 per cent in Q3 FY24 to Rs 5,539 crore from Rs 4,351 crore in Q3 FY23.

Loan losses and provisions in Q3 FY24 was Rs 1,248 crore as against Rs 811 crore in Q3 FY23. As of December 31 last year, the company mentioned that it held a management and macro-economic overlay of Rs 440 crore.

Although, the NBFC's total expenses for the said quarter jumped 36.81 per cent to Rs 9,272.11 crore compared to Rs 6,777.31 crore in Q3 FY23 due to higher finance costs and impairment on instruments.

Consolidated set of numbers include the businesses of the lender's subsidiaries, Bajaj Housing Finance and Bajaj Financial Securities.

The quarterly numbers were out post-market hours. The stock rose 1.44 per cent to settle at Rs 7,187.50.

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