Bajaj Finance Ltd has delivered an impressive performance in the first quarter, reporting a remarkable 32.4% year-on-year (YoY) surge in consolidated net profit, reaching an impressive Rs 3,437 crore. This outstanding achievement has exceeded market expectations, as analysts had estimated a net profit of Rs 3,301 crore, according to ET Now poll.
The company’s total revenue from operations has shown remarkable growth, surging nearly 35% YoY to reach Rs 12,498 crore. Furthermore, the net interest income for the quarter witnessed a substantial increase of 26% YoY, amounting to Rs 8,398 crore.
During this quarter, Bajaj Finance experienced a significant increase in the number of new loans booked, registering a sharp 34% YoY growth with 9.94 million loans. This figure represents the highest number of loans ever booked in a quarter, reflecting the company’s robust performance in attracting borrowers.
As of June 30, the assets under management (AUM) stood at an impressive Rs 2.70 lakh crore, marking a substantial 32% increase compared to the previous year’s period. Notably, the company recorded the highest-ever quarterly increase in its AUM, with an addition of Rs 22,718 crore during the quarter. Additionally, the AUM mix remained stable in the last quarter.
Bajaj Finance’s remarkable Q1 results can be attributed to its relentless focus on growth strategies, prudent financial management, and the ability to adapt to evolving market conditions. The company’s commitment to responsible lending has also played a crucial role in its success, ensuring a healthy asset quality and risk management practices.
The performance during this quarter reflects Bajaj Finance’s resilience and adaptability amidst the challenging economic conditions. With the surge in net profit, robust revenue growth, and a record number of loans booked, the company has showcased its capabilities to thrive and lead in the financial sector.
As the financial landscape continues to evolve, Bajaj Finance remains committed to innovation and customer-centricity. By leveraging technological advancements and catering to the evolving needs of its customers, the company is well-positioned to sustain its growth trajectory.