MUMBAI: today reported a 30 per cent year-on-year growth in net profit at Rs 1,161 crore for the quarter ended March, which was slightly below analysts’ estimates of Rs 1,261 crore.
The non-bank lender’s net interest income in the quarter fell 4 per cent on-year to Rs 4,287 crore, which was higher than analysts’ estimate of Rs 4,182 crore.
The NBFC’s assets under management in the quarter stood at Rs 1.15 lakh crore as against Rs 1.16 crore in the year-ago quarter.
The non-bank lender’s loan-loss provisions in the quarter fell to Rs 1,201 crore from Rs 1,865 crore in the year-ago quarter.
During the quarter, the company did accelerated write-offs of Rs 1,530 crore of principal outstanding on account of Covid-related stress and advancement of its write off policy, Bajaj Finance said.
“Given the dynamic and evolving nature of the pandemic, these estimates included the impact of possible known events till date and are subject to uncertainty caused by resurgence of Covid-19 pandemic,” the company said.
Shares of Bajaj Finance ended 3.2 per cent higher at Rs 4,886 on the National Stock Exchange.