 "Bajaj Finance hits lifetime high as Q3 profit beats estimates")
Shares of Bajaj Finance has moved higher by 10% to Rs 6,422, also its lifetime high on BSE in an otherwise weak market, after the company reported a strong 58% year-on-year (yoy) jump in net profit at Rs 408 crore for the third quarter ended December 31, 2015 (Q3FY16). Analysts on an average expected a net profit of Rs 335 crore for the quarter.
The stock surged 15% from its intra-day low of Rs 6,296 post announcements of Q3 results.
Net interest income (interest earned minus interest expenses) increased 48% to Rs 1,320 crore in Q3FY16 from Rs 893 crore in Q3FY15, Bajaj Finance said in a statement.
Assets quality of the company also improved during the quarter.
Gross non-performing assets (NPA) and net NPA as of Q3FY16 stood at 1.29% and 0.26% respectively. The provisioning coverage ratio (PCR) stood at 80% as of Q3FY16.
Net NPA & provisioning coverage ratios stood at 0.48% and 68% respectively as of Q3FY15 and have shown improvement in the corresponding period of the current year, it added.
During the quarter, the company sold NPA receivables of Rs 82 crore worth in mortgage business on cash basis. This helped improve GNPA and NNPA performance, Bajaj Finance said.
At 02:33 PM, the stock was up 9% at Rs 6,361 as compared to 0.70% decline in the S&P BSE Sensex. A combined 424,042 shares changed hands on the counter on the BSE and NSE.
The stock surged 15% from its intra-day low of Rs 6,296 post announcements of Q3 results.
Net interest income (interest earned minus interest expenses) increased 48% to Rs 1,320 crore in Q3FY16 from Rs 893 crore in Q3FY15, Bajaj Finance said in a statement.
Assets quality of the company also improved during the quarter.
Gross non-performing assets (NPA) and net NPA as of Q3FY16 stood at 1.29% and 0.26% respectively. The provisioning coverage ratio (PCR) stood at 80% as of Q3FY16.
Net NPA & provisioning coverage ratios stood at 0.48% and 68% respectively as of Q3FY15 and have shown improvement in the corresponding period of the current year, it added.
During the quarter, the company sold NPA receivables of Rs 82 crore worth in mortgage business on cash basis. This helped improve GNPA and NNPA performance, Bajaj Finance said.
At 02:33 PM, the stock was up 9% at Rs 6,361 as compared to 0.70% decline in the S&P BSE Sensex. A combined 424,042 shares changed hands on the counter on the BSE and NSE.
