Bajaj finance hits new high on robust june quarter numbers

Bajaj Finance hits new high on robust June quarter numbers

STOCK MARKET - Bajaj Finance hit a new high of Rs 1,578, up 4% on BSE in intra-day trade, after the company reported a better than expected 42% year on year (YoY) jump in its standalone net profit at Rs 602 crore for the quarter ended June 2017 (Q1FY18). The company had profit of Rs 424 crore in the same quarter year ago.

The calculated net interest income (revenue from operations minus finance cost) grew 48% to Rs 2,072 crore against Rs 1,397 crore in the corresponding quarter of previous fiscal.

Analysts on an average had expected profit of Rs 557 crore on net interest income of Rs 1,782 crore.

The company’s assets under management (AUM) as on Q1FY18 was up 39% to Rs 68,883 crore from Rs 49,608 crore in Q1FY17.

Gross non-performing assets (NPA) as a percentage of gross advances stood at 1.7% in June quarter against 1.68% in March quarter. Net NPA stood at 0.53% against 0.44% in previous quarter. Gross NPA and Net NPA as of June 2016, was at 1.47% and 0.41% respectively.

At 12:31 pm; the stock was up 3.5% at Rs 1,566 against 0.62% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled A combined 1.34 million shares changed hands on the BSE and NSE so far.

ARTICLE SOURCE – BUSINESS STANDARD