Bajaj Housing Finance stock jumps 4% following strong Q2 earnings
This is Bajaj Housing Finance's first quarterly report since its public debut last month. After a stellar listing in September, the stock experienced substantial profit booking, pulling back from its record highs.
Bajaj Housing Finance Stocks
Shares of Bajaj Housing Finance surged by 4 percent in early trade on October 22, driven by the company's strong earnings performance in the July-September quarter.
The non-bank lender reported a 21 percent year-on-year increase in net profit, reaching Rs 545.6 crore for the September quarter, compared to Rs 451 crore during the same period last year. Revenue also saw a robust 26 percent growth, rising to Rs 2,410 crore from Rs 1,911 crore.
The company reported significant growth in assets under management (AUM), which increased by 26 percent year-on-year, maintaining consistent performance over the last two quarters.
However, Bajaj Housing Finance's gross non-performing assets (NPA) slightly rose to 0.29 percent from 0.24 percent, and net NPA increased to 0.12 percent from 0.09 percent. The provision coverage ratio (PCR) stood at 57.87 percent, down from 60.79 percent a year earlier.
Since its blockbuster listing last month, Bajaj Housing Finance has remained in the spotlight. The stock debuted at a 136 percent premium, doubling investors' returns and pushing its market capitalisation to Rs 1.4 lakh crore, making it India's most valuable housing finance firm. However, profit booking since its record high of Rs 188.50 has led to a 15 percent decline over the past month. By 09:48 am, shares were trading at Rs 139.20 on the NSE, slightly below the day's high of Rs 142.33.
