Bajaj Finance Q4 FY23 result update:
Bajaj Finance Limited, a Non-banking Financial Company (NBFC), revealed a consolidated net profit of Rs 3,824.53 crore for the quarter ending on March 31 in the financial year 2023-24 (Q4 FY24). This marked a 21.1 percent surge in profits compared to Rs 3,157.79 crore reported during the corresponding period last year.
The company’s revenue from operations witnessed a notable uptick, increasing by 31.34 percent to Rs 14,926.21 crore for Q4, compared to Rs 11,364.01 crore reported during the same period the previous year.
In sequential terms, there was a five percent increase in net profit from Rs 3,638.95 crore. Revenue from operations also saw a 5.38 percent uptick from Rs 14,163.56 crore, while total income rose by 5.4 percent from Rs 14,166.89 crore in Q3.
For the entire financial year, the company reported a 25.57 percent surge in net profit, reaching Rs 14,451.17 crore compared to Rs 11,507.69 crore reported at the end of FY23. Additionally, revenue from operations experienced a robust growth of 32.7 percent, amounting to Rs 54,969.49 crore compared to Rs 41,410.16 crore at the end of the previous year.
Assets under management (AUM) expanded by 34 percent to Rs 3.30 trillion as of March 31, 2024, from Rs 2.47 trillion as of March 31, 2023. Notably, AUM increased by Rs 19,647 crore in Q4 FY24.
“In an exchange filing, the company disclosed that loan losses and provisions for Q4 FY24 amounted to Rs 1,310 crore, compared to Rs 859 crore in Q4 FY23. Additionally, as of March 31, 2024, the company maintains a management and macro-economic overlay of Rs 300 crore.”
“The NBFC further added that gross non-performing assets (NPA) and net NPA as of March 31, 2024, were recorded at 0.85 percent and 0.37 percent, respectively, in contrast to 0.94 percent and 0.34 percent as of March 31, 2023.”
