Bajaj Housing Finance Q2 Results: Profit Rises 21%, Net Interest Income Up 13%

Bajaj Housing Finance Ltd., which recently made its stock market debut, on Monday posted a 26% year-on-year jump in its net profit for the quarter ended September.

The company's net profit stood at Rs 546 crore during the second quarter as compared to Rs 451 crore in the year-ago period, according to the consolidated results declared by the property loan-issuer.

The net interest income, which is the difference between interest earned and interest paid, grew 13% to Rs 713 crore. The NII stood at Rs 632 crore in the same quarter last year.

The company's revenue from operations grew to Rs 2,410 crore during the July–September period, a jump of 26% from Rs 1,911 crore posted in the corresponding quarter of the previous fiscal.

The assets under management during the quarter under review totalled to Rs 1.03 lakh crore, up 26% as compared to Rs 81,215 crore in the year-ago period.

Bajaj Housing Finance listed on the bourses on Sept. 16. This was the first quarterly results declared by the company after its Rs 6,560-crore IPO.

The company's asset quality slipped in the September quarter. The gross non-performing assets ratio widened to 0.29% as compared to 0.24% in the year-ago period. In the same period, the net NPA ratio expanded to 0.12% from 0.09%.

The results have been declared by Bajaj Housing Finance a day before its parent, Bajaj Finance Ltd., will post its quarterly performance.

Shares of Bajaj Housing Finance closed 1.97% lower at Rs 136.58 apiece on the NSE, compared to a 0.29% decline in the benchmark Nifty 50. Out of the three analysts tracking the stock, one has a 'buy' rating and two recommend a 'sell', according to Bloomberg data.