Bajaj Finance PAT up 143%

Buoyed by strong volume growth in consumer and SME (small and medium enterprise) business lines, Bajaj Finance Limited clocked a PAT (profit after tax) of Rs 52.8 crore for the second quarter, against Rs 21.69 crore in the year-ago period, a 143 per cent increase.

Total income surged 49 per cent to Rs 326.4 crore from Rs 219.7 crore in the year-ago period, a press release issued here stated.

At Rs 401 crore, deployments to consumer durables witnessed a 58 per cent increase in the September quarter, against Rs 211 crore in the year-ago period. SME business lines also saw a 71 per cent jump in deployments for the September quarter at Rs 251 crore, against Rs 157 crore in the year-ago period, the release said.

In two-wheelers, the company’s deployment stood at Rs 472 crore for the second quarter, against Rs 312 crore in the year-ago period, up 74 per cent. For the September quarter, the company’s customer-base increased from 1,93,075 to 3,17,398 while total deployment rose 112 per cent to Rs 2,128 crore, against Rs 1,003 crore in the year-ago period.

Loan losses and provisions were Rs 61.5 crore, against Rs 58.5 crore in the corresponding period last year. Adjusted for this accelerated provision, loan losses and provisions would have been Rs 42.1 crore, the release said.