Bajaj Finance Sees Boost with 23% Profit Surge

Bajaj Finance Ltd experienced a 23% rise in their net profit for the second quarter, reaching Rs 4,948 crore. The company's income and assets under management increased significantly, although their asset quality worsened slightly. Bajaj Finance operates with two subsidiaries and two associate companies.

Bajaj Finance Ltd reported a robust 23% rise in its consolidated net profit, amounting to Rs 4,948 crore for the second quarter ending September 30. This marks a significant increase from last year's July-September quarter profit of Rs 4,014 crore.

The company's total consolidated income improved to Rs 20,181 crore, up from Rs 17,095 crore year-over-year, as stated in a recent regulatory filing. However, the company's asset quality saw some deterioration, with gross non-performing assets climbing to 1.24% from the previous year's 1.06%. Net non-performing assets also rose, from 0.46% to 0.6%.

Despite these challenges, Bajaj Finance's assets under management surged by 24% to Rs 4,62,261 crore. The firm continues to operate with two subsidiaries and two associate companies, reflecting a strong business model and expansive growth trajectory.

(With inputs from agencies.)