Non-banking financial company Bajaj Finance Tuesday reported a 54 per cent jump in its consolidated net profit at Rs 923 crore in the quarter ended September, helped by higher growth in assets under management.
The company had reported a net profit of Rs 598 crore in the year-ago period.
"We saw a strong growth in the quarter. Our asset under management (AUM) grew by 38 per cent," the company's managing director, Rajeev Jain, said.
It's consolidated AUM stood at Rs 1,00,217 crore in the reporting quarter, compared with Rs 72,669 crore in the same period last year.
The consolidated results of the company includes the results of its wholly owned subsidiaries Bajaj Housing Finance and the newly acquired Bajaj Financial Securities (BFinsec).
Total income on a consolidated basis grew by 40 per cent to Rs 4,296 crore, against Rs 3,066 crore last year.
Loan losses and provisions increased to Rs 315 crore, from Rs 221 crore in the year-ago quarter.
Gross non-performing asset (NPA) stood at 1.49 per cent, while net NPA was at 0.53 per cent.
The company saw its cost of borrowing flat at 8.21 per cent during the quarter, on a sequential basis.
On a standalone basis, the company posted a 55 per cent increase in net profit at Rs 920 crore, compared with Rs 594 crore in the year-ago quarter.
Bajaj Housing Finance's profit after tax stood at Rs 9 crore in the September quarter, with asset under management at Rs 10,712 crore.
Bajaj Finance's scrip closed 1.63 per cent down at Rs 2,083.95 apiece on BSE, against 0.84 per cent decline in the benchmark.
