 "Bajaj Finance Q4 results: Net profit rises 21% to 3,824 cr, revenue up 31%")
Non-banking Financial Company (NBFC) Bajaj Finance Limited on Thursday reported 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 was a 21.1 per cent increase in profits compared to Rs 3,157.79 crore reported during the same period last year.
The company's revenue from operations was up 31.34 per cent at Rs 14,926.21 crore for Q4, compared to Rs 11,364.01 crore reported during the year-ago period. The total income of the company also rose 31.35 per cent to Rs 14,931.98 crore, from Rs 11,367.54 during the same period last year.
Sequentially, net profit rose five per cent from Rs 3,638.95 crore. Revenue from operations went up 5.38 per cent from Rs 14,163.56 crore, and total income was up 5.4 per cent from Rs 14,166.89 crore in Q3.
For the entire financial year, the company reported a 25.57 per cent surge in net profit at Rs 14,451.17 crore, compared to Rs 11,507.69 crore reported at the end of FY23. Revenue from operations was up 32.7 per cent at Rs 54,969.49 crore from Rs 41,410.16 crore at the end of last year.
Assets under management (AUM) grew by 34 per cent to Rs 3.30 trillion as of 31 March 2024 from Rs 2.47 trillion as of 31 March 2023. AUM grew by Rs 19,647 crore in Q4 FY24.
"Loan losses and provisions for Q4 FY24 were Rs 1,310 crore as against Rs 859 crore in Q4 FY23. The company holds a management and macro-economic overlay of Rs 300 crore as of 31 March 2024," the company said in an exchange filing.
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"Gross non-performing assets (NPA) and net NPA as of March 31, 2024, stood at 0.85 per cent and 0.37 per cent, respectively, against 0.94 per cent and 0.34 per cent as of March 31, 2023," the NBFC added.
The board of directors has recommended a dividend of Rs 36 per equity share of Rs 2 face value.
Shares of Bajaj Finance Limited closed trading at Rs 7,293.90 on Thursday ahead of the company's Q4 FY24 results.