Bajaj Finance was a miss on expectations on most counts. Q1 profits at Rs 1002 crore was far lower than expectations (ET NOW POLL expectations at Rs 1380cr) due to lower than expected NII growth and higher loan loss provisions. Gross NPA ratio has risen to 2.96% vs 1.79% in the last quarter and Provision cover for stage 3 assets is lower at 51% vs 58% QOQ. Q1 Management overlay stands at Rs 483 cr, this stood at Rs 840cr as of Mar2021. Consol AUM at Rs 138055 cr, up 15% yoy and Core AUM grew by Rs 4100cr. New loans booked during Q1 FY22 were 4.63 million as against 1.75 million in Q1 FY21. Clearly Covid second wave has impacted AUM growth and led to higher stress on asset quality. Poonam Saney shares more details…
We need to watch if the management will change its guidance shared during the June quarter update.
BAJAJ FINANCE- MID QUATER UPDATE – 4June 2021
Company estimates an impact of `4000-5000cr on AUM growth plan FY22
Company estimates its GNPA and NNPA in Q1 and Q2 to be higher.
Increase in FY22E credit cost to 3% (vs 2.1% earlier)
Management expects economic activity to normalize by early July`21
BAJAJ FINANCE Q1FY22 REVIEW
PAT at 1002 cr vs 962 cr, up 4% yoy
NII at 4489 cr vs 4152cr, up 8% yoy
Loan losses at 1750cr vs 1686 cr yoy (Vs 1231cr QOQ)
GNPA ratio at 2.96% vs 1.79% QOQ
Write off at Rs 113cr vs 1530cr QOQ
Provision cover for stage 3 lower at 51% vs 58% QOQ
Q1 Management overlay at Rs 483 cr
Management overlay stood at Rs 840cr as of Mar2021
Deposit book healthy at 27972cr, up 39% you
Consol AUM at 138055cr, up 15%yoy
Core AUM growth of 4100cr
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