Jobaaj Stories
NBFC giant Bajaj Finance is facing a terrible day on the stock market today as its shares plummeted after facing a gap-down opening.
The company recently posted its Q4 results. The company reported a 79.7% YoY growth in profits, from Rs 1,346.64 crores to Rs 2,419.51 crores. However, the profits fell below analysts' expectations of Rs 2,500 crores.
This was the highest consolidated net profit the company had ever recorded. The company also reported its highest ever consolidated profit after tax in the fiscal year ended in March 2022.
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The company's Net Interest Income grew 30% to Rs 6,068 crores and new loans booked grew 15% to 6.28 million. The company's Assets Under Management (AUM) grew by 29% to Rs 1,97,452 crores. The company also witnessed a significant decline in its Gross and Net NPAs as well. However, the company saw a 43% decline in provisions during the quarter.
The stock witnessed such a decline since the quarterly borrowings and margins weren't up to the mark. The fall in provisions was also a major contributor.
Both Bajaj Finance and its holding company, Bajaj Finserv have declined sharply today. Bajaj Finance declined 6.5% to touch a low of Rs 6,756.60 per share, a price it hadn't touched for over a month.
Bajaj Finserv declined around 4% to touch a low of Rs 14,751.35, a figure the stock hadn't touched for almost 2 months.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
