Bajaj Finance, one of India’s leading NBFCs, announced its Q1FY23 results on 27th July, 2022.
The company reported the highest ever consolidated profit after tax (PAT) of ~Rs. 2,596 crores in the quarter under review, surging a stellar 159% Y-o-Y (year on year) over the Rs. 1,002 crores reported in Q1 FY22. A rise in income through interest, fees and commissions, and also conscious efforts to control expenses have been reported as the reasons behind the stupendous performance.
The total income of Bajaj Finance was published at Rs. 9,283 crores, up ~38% Y-o-Y from Rs. 6,743 crores in the same quarter of the previous year. Net interest income for Q1FY23 increased by 48% to Rs. 6.638 crores from Rs. 4,489 crores last year.
Assets under management (AUM) crossed a milestone of Rs. 200,000 crores in Q1FY23, coming in at ~Rs. 204,018 crores as of 30 June 2022. New loans booked during the quarter rose by 60% to 74.2 lakhs as against 46.3 lakh last year.
Wit improving business conditions, the company also experienced better loan recoveries. Gross NPA as of 30 June 2022 came in at 1.25% against the 2.96% reported last year. Net NPA stood at 1.46%.
The basic EPS of the company came in at 39.04 against 14.00 last year. Bajaj Finance script closed 2.32% higher to Rs. 145.15 on cues of a positive quarterly result.