Bajaj Finance ltd on Wednesday announced its Q2 FY2021 results. The company reported a net profit of Rs 964.88 crore for the September quarter, a 36% contraction YoY. It had posted a profit of Rs 1,506.29 crore in the corresponding quarter previous year.
The finance company posted a total income of Rs 6,523.29 crore during the Q2 FY2021 period as compared to Rs 6,323.10 crore during the FY2020 period. In the previous quarter, it posted Rs 6,649.74 crore revenue.
The Pune based company has reported diluted Earnings per Share (EPS) of Rs 15.98 for the period. It had posted EPS of Rs 15.93 for the previous Q1 June period.
The company stated in its BSE regulatory filing. “Gross NPA and Net NPA as of 30 September 2020 stood at 1.03% and 0.37% respectively, as against 1.61% and 0.65% as of 30 September 2019. The provisioning coverage ratio as of 30 September 2020 was 64%. Provisioning coverage on stage 1 and 2 assets was 369 bps as of 30 September 2020 versus 273 bps as of 30 June 2020 and as against 90-100 bps during pre-pandemic situation.”
“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 orders. 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 1.34% and 0.56% respectively.”
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— Bajaj_Finserv (@Bajaj_Finserv) October 18, 2020
