NBFC giant, Bajaj Finance earned a consolidated net profit of ₹3,157.79 crore in the quarter ending March 31, 2023 period. The Q4 PAT increased by 30.51% from ₹2,419.51 crore in Q4FY22 and also up by 6.21% from ₹2,973 crore in Q3FY23. The profitability surpassed Street's estimates.
Consolidated revenue from operations came in at ₹11,359.59 crore, registering a significant jump of 31.68% from ₹8,626.06 crore in Q4 of the previous fiscal. The growth is at a single-digit of 5.33% from revenue of ₹10,784.31 crore in the December 2022 quarter.
Interest income, on a consolidated basis, stood at ₹9,846.90 crore --- sharply rising from ₹7,368.20 crore in Q4FY22. The company posted an interest income of ₹9.273.40 crore in Q3FY23.
Net interest income (NII) for the quarter under review increased by 28% to ₹7,771 crore from ₹6,061 crore in Q4FY22.
In Q4FY23, the company's number of new loans booked grew by 20% to 7.56 million as against 6.28 million in Q4 FY22. Customer franchise stood at 69.14 million as of 31 March 2023 as compared to 57.57 million as of 31 March 2022. a growth of 20%. The Company's customer franchise grew by 3.09 million in Q4 FY23.
The financial services provider's assets under management were at ₹247,379 crore in Q4FY23, up by 29% from ₹192,087 crore in Q4FY22. AUM growth in Q4 FY23 was the highest ever at ₹16,537 crore.
The company's loan losses and provisions in the quarter stood at ₹859 crore as against ₹702 crore in 04 FY22. Bajaj Finance holds a management and macroeconomic overlay of ₹960 crore as of 31 March 2023.
In terms of asset quality, Bajaj Finance's gross NPA and net NPA stood at 0. 94% and 0.34% respectively – sharply down as against 1.60% and 0.68% as of 31 March 2022. The company has a provisioning coverage ratio of 64% on stage 3 assets and 118 bps on stage 1 and 2 assets as of 31 March 2023.
On a standalone basis, the PAT stood at ₹2.837 crore from ₹2,268 crore in Q4 FY22, registering a growth of 25% YoY. Net interest income came in at ₹7,104 crore from ₹5,666 crore in Q4FY22, rising by 25% YoY as well.
For the full year FY23, on a consolidated basis, the number of new loans booked was the highest ever at 29.58 million as against 24.68 million in FY22. recording a growth of 20%. Customer franchise recorded the highest ever increase of 11.57 million in FY23 totaling 69.14 million as compared to 57.57 million in FY22.
PAT for the full fiscal stood at ₹11,508 crore from ₹7,028 crore in FY22, recording a growth of a whopping 64%. Net interest income for FY23 increased by 32% to ₹28,846 crore from ₹21,894 crore in FY22.
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