Bajaj Finance jumps over 4.5% after Q1 numbers; stock among top performer on Nifty 50

On a sequential basis, the revenues were down 1.59% compared to Rs6,850.62cr in the Mar-21 quarter.

Jul 22, 2021 03:07 IST India Infoline News Service

Shares of Bajaj Finance on a bull run today and also the stock hit a day's high of Rs6221.20 per piece early on Thursday.

The stock was among the top gainers on the Nifty 50 index. The company recorded net profits for the Jun-21 quarter were up 4.17% yoy at Rs1,002.44cr even as sequential profits were down 25.6% over Mar-21 quarter. Loan losses and provisions in the quarter were Rs1,750cr due to COVID 2.0 effect.

The stock is currently trading at Rs6,199.55 up by Rs261.65 or 4.41% from its previous closing of Rs5,937.90 on the BSE.

The scrip opened at Rs5,934.70 and has touched a high and low of Rs6,243.90 and Rs5,925.05 respectively. So far 33,98,511 (NSE+BSE) shares were traded on the counter.

Bajaj Finance Ltd reported 1.41% growth yoy in total revenues for the Jun-21 quarter on a consolidated basis at Rs6,741.91cr. On a sequential basis, the revenues were down 1.59% compared to Rs6,850.62cr in the Mar-21 quarter.

The AUM of Bajaj Finance stood at Rs159,057cr while it booked 46.3 lakh new loans in the quarter. It also acquired 18.8 lakh new customers, taking its total customer tally beyond the 5 crore mark.

During the Jun-21 quarter, Bajaj Finance expanded its presence to 125 new locations taking its total footprint to 3,113 locations and over 114,000 distribution points.

Operating profits grew by just about 4.29% you while the operating profit was 25% lower sequentially. In Q1, the interest income reversal was 50% higher at Rs451cr. However, cost of funds were sequentially from 7.39% to 7.11%. However, the OPEX to NII widened from 27.9% to 30.6% on yoy basis. Collections also got impacted by the lockdown.

Gross NPAs rose to 2.96%, up 117 bps sequentially; while net NPAs also rose to 1.46%, up 71 bps sequentially. Net margins at 14.87% were marginally higher yoy but sharply lower sequentially compared to 19.66% in March quarter.

Also, the Board has approved an investment up to Rs284cr in Bajaj Finserv Direct Limited (BFSD).

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