On 20th January 2021, Bajaj Finance announced 30% decline in their independent net profit at Rs 1,049 crore for the quarter ending 31st December 2021 in comparison to Rs 1,488 in the same period last year. The consolidated net profit has reduced by 29% to Rs 1,146 crore versus Rs 1,614 crore in the year-ago period.
Total income decreased by 5% to Rs 6,658 crore from Rs 7,024 crore in December 2019.
Interest income decline by 9% to Rs 4,973 juxtaposed with Rs 5,486 crore in December 2019.
Gross NPA and Net NPA on 31st December 2020 was 0.55% and 0.19% respectively in comparison to 1.61% and 0.70% as of 31st December, 2019.
The financial services company’s shares was trading at Rs 4,960 as against to the previous closing of Rs 4,713.6 in BSE. The stock touched an intraday peak of Rs 4,994 and intraday low of Rs 4,752.35.
For Q3FY21, the loan losses and provisions was Rs 1,352 crore versus Rs 831 crore in Q3FY20. During the quarter, Bajaj Finance has done a one-time write-off of principal outstanding of Rs 1,970 crore and interest outstanding of Rs 365 crore due to economic stress created by COVID-19 .