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Bajaj Finance records a consolidated net profit of ~Rs962cr in Q1FY21

Net interest income stood at Rs4,150.57cr for Q1FY21 that increased by 12.4% yoy.

July 21, 2020 12:32 IST India Infoline News Service

Quarterly Results
Bajaj Finance announced its quarterly results on July 21, 2020. Consolidated total income grew by 14.5% yoy to Rs6,649.74cr in Q1FY21, as against Rs5,807.76cr in Q1FY20. Net interest income (NII) in Q1FY21 stood at Rs4,150.57cr that increased by 12.4% yoy, as against Rs3,692.12cr it reported in Q1FY20.

Impairment on financial instruments increased by 206.1% yoy to Rs1,685.73cr in Q1FY21, as against Rs550.74cr in Q1FY20. The company made an additional contingency provision of about Rs1,450cr for COVID-19 taking the overall contingency provision for COVID-19 to nearly Rs2,350cr as of 30 June 2020.

Operating profit for Q1FY21 stood at Rs1,309.74cr, which declined by 29.3% yoy as against Rs1851.42cr inQ1FY20. Profit after tax (PAT) stood at Rs962.32cr for Q1FY21 that declined by 19.5% yoy, as compared to Rs1,195.3cr it reported in Q1FY20.

Gross NPA stood at 1.4% in Q1FY21, which declined by 20bps yoy, as against 1.6% in Q1FY20. Net NPA stood at 0.5% in Q1FY21 that declined by 14bps yoy, compared to 0.64% in Q1FY20.

The provisioning coverage ratio as of 30 June 2020 was at 65%. Standard assets provisioning (ECL stage 1 and 2) stood at 273bps including contingency provision for COVID-19 and 101bps excluding contingency provision. Capital adequacy ratio in Q1FY21 stood at 26.40%. The Tier-I capital stood at 22.56%.

At around 12:28 pm, the stock traded at Rs3,472.8 with gains of 0.91% on BSE.

Particulars Q1FY21 (Rs in cr) Q1FY20
(Rs in cr)
Net interest income 4,150.57 3,692.12 12.4
Operating profit 1,309.74 1,851.42 -29.3
Impairment expense 1,685.73 550.74 206.1
Net Profit 962.32 1,195.25 -19.5
Particulars Q1FY21 Q1FY20 Change
Gross NPA(%) 1.40 1.60 -0.2
Net NPA (%) 0.50 0.64 -0.14

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