NBFC major Bajaj Finance – a Nifty50 constituent came up with its Q1 earnings just after the close of the market on Tuesday (July 23, 2024). The company reported a consolidated net profit of Rs 3,912 crore. While its assets under management as of June 30, 2024 are reported at Rs 354,192 crores.
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Zee Business research pegged the net profit to log 16.4 per cent on-year growth in net profit to Rs 4,000 crore. In the corresponding period last year, the NBFC company reported PAT at Rs 3,436.9 crore.
The number of new loans booked during the quarter grew by 10 per cent to 10.97 million as against 9.94 million in Q1 FY24. The company resumed sanction and disbursal of loans under ‘eCOM’ and ‘lnsta EMI Card’ and issuance of EMI cards after the RBI removed the restrictions on these businesses on 2 May 2024, added its filing with the exchanges.
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The customer franchise stood at 88.11 million as of 30 June 2024 as cornpared to 72.98 million as of 30 June 2023, a growth of 21 per cent.
Net interest income or NII which is the difference between the interest earned and interest paid increased by 25 per cent in Q1 FY25 to around Rs 8,365 crore from Rs 6,717 crore in Q1 FY24. Net total income at the company also increased by 24 per cent in Q1FY25 to Rs 10,418 crore from Rs 8,397 crore in Q1FY24.
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The desk expected the NII to soar by 26.5 per cent on year to Rs 8,500 crore.
Ahead of its results today, the stock amid broader weakness in the Nifty Financial Services pack ended over 2 per cent lower at Rs 6,732.2 per share on the BSE.
