Bajaj Finance shares drop by 8% day after Q4 results
Upstox
2 min read • Updated: April 26, 2024, 12:32 PM
Summary
Bajaj Finance reported a 21% YoY increase in net profit for the March quarter. However, the earnings failed to impress investors, with the company's share price falling nearly 8% on the NSE. While total income and net interest income also saw growth, rising expenses and potential investor concerns about future growth might have contributed to the stock price decline.
Shares of Bajaj Finance on Friday dropped nearly 8% after the company's March quarter earnings failed to cheer investors. On the NSE, the stock price fell by 7.60% to ₹6,740.
Bajaj Finance, on Thursday, April 25, reported a 21% year-on-year rise in consolidated net profit to ₹3,825 crore for the March quarter. The non-banking finance company (NBFC) had registered a net profit of ₹3,158 crore in the same period a year ago.
Total income on a consolidated basis during the January-March period of 2023-24 rose to ₹14,932 crore as against ₹11,368 crore in the year-ago period, Bajaj Finance said in a regulatory filing.
Net interest income increased 28% during the fourth quarter of the previous fiscal year to ₹8,013 crore from ₹6,254 crore a year ago. At the same time, total expenses increased to ₹9,830 crore from ₹7,108 crore last year, as per the filing.
Bajaj Finance consolidated result comprises Bajaj Housing Finance Ltd, Bajaj Financial Securities Ltd, Snapwork Technologies Pvt Ltd, and Pennant Technologies Pvt Ltd. The company said its gross Non-performing Assets (NPAs) and net NPAs as of March 2024 stood at 0.8% and 0.37%, respectively.
About Bajaj Finance
Headquartered in Pune, Bajaj Finance Limited is an Indian non-banking financial company. It is one of the leading non-banking financial companies of India with a customer base of 83.14 million and holds assets under management (AUM) worth ₹330,615 crore as of March 2024.
At 12:14 PM, shares of Bajaj Finance traded 7.53% lower at ₹6,745.45 on the NSE.