Bajaj Finance Q4 Results: PAT jumps 21% YoY to Rs 3,824 crore; dividend declared at Rs 36 (2024)

Bajaj Finance on Thursday reported a consolidated net profit of Rs 3,824.53 crore for the quarter ended March 31, 2024, which was up by 21% year-on-year from Rs 3,157.79 crore reported by the NBFC in the year ago period.

Total revenue from operations for the reported quarter stood at Rs 14,926.21 crore which was up 31.34% YoY over Rs 11,364.01 crore reported by the company in the corresponding period of the previous financial year.

The company has declared a final dividend of Rs 36 per share for the financial year ended March 31, 2024. The dividend on approval from the shareholders at company's Annual General Meeting, will be credited on or around July, 26 or 27, the company filing to the exchanges said.

The interest income in the January-March period stood at Rs 13,230.08 crore versus Rs 9,845.98 crore reported in the year-ago period. It was a 34% YoY jump. On a sequential basis, the interest income was up by 5.6% as against Rs 12,523.32 crore reported in Q3FY24.

For the full financial year, the profit after tax (PAT) was reported at Rs 14,451.17 crore versus Rs 11,507.69 crore in FY23 while total revenue figures stood at Rs 54,969.49 crore versus Rs 41 ,410.16 at the end of March 31, 2023.

Key takeaways

• Number of new loans booked grew by 4% in Q4FY24 to 78.7 lakh as against 75.6 lakh in Q4 FY23.

• The new loans booked during the quarter were lower by approximately 8 lakh on account of the restrictions placed by the RBI on the company, on sanction and disbursal of loans under 'eCOM' and 'lnsta EMI Card'.

• Customer franchise stood at 8.36 crore as of March 31, 2024, against 6.91 crore as of March 31, 2023, which is a growth of 21%. The company's customer franchise grew by 32.3 lakh in Q4FY24.

• The AUM grew 34% to Rs 330,615 crore as of March 31, 2024, from Rs 247,379 crore as of March 31, 2023. AUM grew by Rs 19,647 crore in Q4 FY24.

• Net interest income increased by 28% in Q4 FY24 to Rs 8,013 crore from Rs 6,254 crore in Q4 FY23.

• Net total income increased by 25% in Q4 FY24 to Rs 9,714 crore from Rs 7,775 crore in Q4 FY23.

• Pre-provisioning operating profit (PPoP) increased by 25% in Q4 FY24 to Rs 6,412 crore from Rs 5, 118 crore in Q4FY23.

• Loan losses and provisions for Q4 FY24 was Rs 1,310 crore as against Rs 859 crore in 04 FY23. The company holds a management and macro-economic overlay of Rs 300 crore as of March 31, 2024.

• Profit before tax increased by 20% in Q4 FY24 to Rs 5,105 crore from Rs 4,261 crore in 04 FY23. The profit before tax for the quarter was impacted by approximately 4% due to regulatory action on two businesses of the Company namely 'eCOM' and 'lnsta EMI Card'.

• Gross NPA and net NPA as of March 31, 2024, stood at 0.85% and 0.37%, respectively, as against 0.94% and 0.34% as of March 31, 2023. The company has provisioning coverage ratio of 57% on stage 3 assets.

• Capital adequacy ratio (CRAR) (including Tier-II capital) as of March 31, 2024 was 22.52%. The Tier-I capital was 21 .51%.