Bajaj Finance Q1 Results:Profit falls 19% YoY to Rs 962 crore
Published On: Tuesday, July 21, 2020 | By: Team KnowMyStock
NBFC major Pune based Bajaj Finance on July 21 reported a 19 per cent year-on-year (YoY) fall in consolidated net profit at Rs 962.32 crore for the quarter ended June 30. It had posted a net profit of Rs 1,195.25 crore in the corresponding quarter last year. The Pune-based company's net interest income rose 12% over the year-ago period to Rs 4,152 crore, against the Rs 3,637-crore forecast. Bajaj Finance made additional contingency provisions worth Rs 1,450 crore for Covid-19, taking the overall contingency provision to Rs 2,350 crore during the quarter. Consolidated revenue for the quarter came in at Rs 6,648.2 crore rising 14.5 per cent over Rs 5,805.5 crore in the corresponding period the previous year. Consolidated asset under management of the company increased 7 per cent YoY to Rs 1,38,055 crore during the quarter.
The company said its business operations in Q1 FY21 were considerably impacted due to Covid-19 pandemic and the consequent lockdown which remained in force for the most of the quarter. It has resulted in significantly lower business acquisition and constraints on recovery of overdue from customers.
Source: Money Control, Economic Times,Bloomberg
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