Bajaj Finance consolidated Q1 pre-tax profit down 29% on Covid provisioning

Net profit down 19 per cent to Rs 962 crore from Rs 1,195 crore in Q1FY20

Bajaj Finance reported a 29 per cent decline in its consolidated pre-tax profit for Q1FY21 due to additional provisioning for covid-related uncertainties. Its pre-tax profit for Q1FY21 stood at Rs 1,310 crore compared to Rs 1,851 crore in Q1FY20. Net profit of the lender was down 19 per cent to Rs 962 crore versus Rs 1,195 crore in Q1FY20.

On a standalone basis, the pre-tax profit of the lender was down 32 per cent to Rs 1,184 crore and net profit was 23 per cent to Rs 870 crore.

The lender has reversed interest income of Rs 220 crore from the interest