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Bajaj Finance Ltd Q3FY21 consolidated net profit at Rs. 1145.98 crore

Posted On: 2021-01-20 03:27:03 (Time Zone: Arizona, USA)


Bajaj Finance Limited has reported financial results for the period ended December 31, 2020.

Financial Results (Q3 FY20-21) - QoQ Comparison

The company has reported total income of Rs.6658.47 crores during the period ended December 31, 2020 as compared to Rs.6519.90 crores during the period ended September 30, 2020.

The company has posted net profit / (loss) of Rs.1145.98 crores for the period ended December 31, 2020 as against net profit / (loss) of Rs.964.88 crores for the period ended September 30, 2020.

The company has reported EPS of Rs.18.94 for the period ended December 31, 2020 as compared to Rs.15.98 for the period ended September 30, 2020.

FinancialsQ3 FY20-21Q2 FY20-21% Change
Total Income₹ 6658.47 crs₹ 6519.90 crsUp Tick 2.13%
Net Profit₹ 1145.98 crs₹ 964.88 crsUp Tick 18.77%
EPS₹ 18.94₹ 15.98Up Tick 18.52%

Financial Results (Q3 FY20-21) - YoY Comparison

The company has reported total income of Rs.6658.47 crores during the period ended December 31, 2020 as compared to Rs.7023.94 crores during the period ended December 31, 2019.

The company has posted net profit / (loss) of Rs.1145.98 crores for the period ended December 31, 2020 as against net profit / (loss) of Rs.1614.11 crores for the period ended December 31, 2019.

The company has reported EPS of Rs.18.94 for the period ended December 31, 2020 as compared to Rs.27.12 for the period ended December 31, 2019.

FinancialsQ3 FY20-21Q3 FY19-20% Change
Total Income₹ 6658.47 crs₹ 7023.94 crsDown Tick -5.2%
Net Profit₹ 1145.98 crs₹ 1614.11 crsDown Tick -29%
EPS₹ 18.94₹ 27.12Down Tick -30.16%

Financial Results (9 Months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.19828.11 crores during the 9 months period ended December 31, 2020 as compared to Rs.19154.80 crores during the 9 months period ended December 31, 2019.

The company has posted net profit / (loss) of Rs.3073.18 crores for the 9 months period ended December 31, 2020 as against net profit / (loss) of Rs.4315.65 crores for the 9 months period ended December 31, 2019.

The company has reported EPS of Rs.50.82 for the 9 months period ended December 31, 2020 as compared to Rs.73.59 for the 9 months period ended December 31, 2019.

Financials9 Months ended FY20-219 Months ended FY19-20% Change
Total Income₹ 19828.11 crs₹ 19154.80 crsUp Tick 3.52%
Net Profit₹ 3073.18 crs₹ 4315.65 crsDown Tick -28.79%
EPS₹ 50.82₹73.59Down Tick -30.94%

- New loans booked during Q3 FY21 were 6.04 million as against 7.67 million in Q3 FY20.

- Customer franchise as of 31 December 2020 stood at 46.31 million as against 40.38 million as of 31 December 2019. The Company acquired 2.19 million new customers in Q3 FY21 as compared to 2.46 million in Q3 FY20.

- Assets under management (AUM) as of 31 December 2020 was Rs. 143,550 crore as against Rs. 145,092 crore as of 31 December 2019.

- Liquidity surplus as of 31 December 2020 stood at Rs. 14,347 crore as against Rs. 11,384 crore as of 31 December 2019. The cost of liquidity surplus for Q3 FY21 was Rs. 213 crore as compared to Rs. 83 crore in Q3 FY20.

- Net Interest Income (NII) for Q3 FY21 was Rs. 4,296 crore as against Rs. 4,535 crore in Q3 FY20. NII for the quarter was lower by Rs. 239 crore as compared to Q3 FY20. This was predominantly due to higher reversal of interest income at Rs. 450 crore versus Rs. 83 crore in Q3 FY20 and higher cost of liquidity surplus at Rs. 213 crore versus Rs. 83 crore in Q3 FY20.

- Total operating expenses to net interest income for Q3 FY21 was 32.3% as against 33.8% in Q3 FY20. Total operating expenses for the quarter was lower by Rs. 145 crore (or 9%) to~ 1,389 crore despite increase in recovery cost by Rs. 58 crore. This reduction in operating expenses was on account of lower business volumes as well as measures taken to reduce operating expenses.

- Loan losses and provisions for Q3 FY21 was Rs. 1,352 crore as against Rs. 831 crore in Q3 FY20. During the quarter, the company has done one time write-off of principal outstanding of Rs. 1,970 crore and interest outstanding of Rs. 365 crore on account of COVID-19 related stress. The Company holds a management overlay provision of Rs. 800 crore as of 31 December 2020 for COVID-19 related stress.

- Gross NPA and Net NPA as of 31 December 2020 stood at 0.55% and 0.19% respectively, as against 1.61% and 0.70% as of 31 December 2019. The provisioning coverage ratio as of 31 December 2020 was 65%. Provisioning coverage on stage 1 and 2 assets was 190 bps as of 31 December 2020.

Hon'ble Supreme Court, in a public interest litigation (Gajendra Sharma Vs. Union of India & Anr), vide an interim order dated 3 September 2020, has directed that accounts which were not declared NPA till 31 August 2020 shall not be declared as NPA till further order. Accordingly, the Company has not classified any accounts which were not NPA as of 31 August 2020, as per RBI norms, as NPA after 31 August 2020. However, if the Company had classified borrower accounts as NPA after 31 August 2020, the Company's Gross NPA and Net NPA ratio would have been 2.86% and 1.22% respectively.

- Capital adequacy ratio (including Tier-II capital) as of 31 December 2020 stood at 28.18%. The Tier-I capital stood at 24.73%.

- The Company has received RBI approval for issuance of cobranded credit card in association with DBS Bank (India) Limited.

Shares of Bajaj Finance Limited was last trading in BSE at Rs.4960.85 as compared to the previous close of Rs. 4713.6. The total number of shares traded during the day was 169020 in over 14551 trades.

The stock hit an intraday high of Rs. 4994 and intraday low of 4752.35. The net turnover during the day was Rs. 828510025.


Source: Equity Bulls

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