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  • Bajaj Finance

    31-Jan-2019 | 19:06

    Bajaj Finance has continued to post robust 54% growth in the consolidated net profit to Rs 1059.56 under Ind-AS accounting for the quarter ended December 2018 (Q3FY2019). The company has maintained strong loan growth, which accelerated to 41% and AUM touched Rs 1.1 lakh crore mark end December 2018. The company has acquired 6.77 million new customers in Q3FY2019, while the customer franchise surged 31% to 32.57 million end December 2018 from 24.81 million end December 2017.

    Quarterly performance

    Income from operations on a standalone basis increased 48% to Rs 4974.70 crore, while other income jumped 667% to Rs 20.56 crore. Total income moved up 48% to Rs 4995.26 crore in the quarter ended December 2018. Interest expenses moved up 52% to Rs 1786.11 crore. NII of the company galloped 46% to Rs 3209.00 crore in Q3FY2019.

    Operating expenses increased 30% to Rs 1078.62 crore, allowing the operating profit to jump 56% to Rs 2130.53 crore. Depreciation moved up 53% to Rs 41.09 crore, while loan loss provisions increased 63% to Rs 453.77 crore in Q3FY2019.

    PBT increased 54% to Rs 1635.67 crore. Effective tax rate rose to 35.2% in Q3FY2019 from 35.1% in Q3FY2018. Net Profit of the company moved up 54% to Rs 1059.56 crore in the quarter ended December 2018.

    AUM

    AUM increased 41%, on yoy basis, to Rs 109,930 crore at the end December 2018 from Rs 78,033 crore at end December 2017. Consumer segment AUM increased 43% to Rs 44184 crore, while SME AUM moved up 39% to Rs 14143 crore. The commercial segment AUM has shown an improvement of 28% to Rs 11876 crore, while rural segments AUM surged 73% to Rs 8841 crore at end December 2018.

    The Company has Rs 96248 crore of standalone AUM end December 2018 and it delivered a post tax profit of Rs 1023 crore for Q3 FY19. Standalone AUM mix for Consumer : Rural : SME : Commercial : Mortgage (residual) stood at 46% : 9% : 15% : 12% : 18% as of 31 December 2018.

    The consolidated borrowings of the company stood at Rs 92889 crore with a mix of 35: 53 : 12 between banks, money markets and deposits end December 2018.

    Deposit book jumped 71% to Rs 11489 crore end December 2018 from Rs 6735 crore end December 2017. Deposits contributed to 12% of the consolidated borrowings.

    Asset Quality

    Total slippages for the quarter were Rs 483 crore.

    Consolidated Gross NPA and Net NPA, recognized as per extant RBI prudential norms and provisioned as per Expected Credit Loss (ECL) method prescribed in Ind AS, as of 31 December 2018 stood at 1.55% and 0.62% respectively. The provisioning coverage ratio was 60% Standard assets provisioning was 88 bps as per ECL (stage 1 & 2) provisioning in Ind AS versus 40 bps as per RBI prudential norms.

    Capital adequacy

    The capital adequacy ratio of the company stood at 21.38% with the Tier ratio at 16.80% at end December 2018.

    Book value of the company stood at Rs 320.2 per share at end December 2018, while adjusted book value stood at Rs 308.6 per share at end December 2018.

    Bajaj Housing Finance

    Bajaj Housing Finance Limited is a 100% subsidiary of Bajaj Finance, registered with National Housing Banks as a Housing Finance Company. It has become fully operational effective February 2018, with all new mortgage business now being done through it. It offers a full range of mortgage products such as Home Loans, Loan against property and Lease Rental Discounting to salaried and & self employed customers. It also offers inventory finance and construction finance to developers.

    The company has Rs 14040 crore of assets under management end December 2018 up from Rs 10712 crore end December 2018, with a post tax profit of Rs 36 crore for Q3FY19.

    Capital adequacy ratio of BHFL (including Tier II capital) stood at 22.79%.

    Gross NPA and Net NPA, recognized as per extant RBI prudential norms and provisioned as per Expected Credit Loss (ECL) method prescribed in Ind AS, end December 2018 stood at 0.03% and 0.02% respectively.

    Borrowings stood at Rs 12027 crore with a mix of 52: 48 between banks and money markets end December 2018.

    YTD Financial Performance

    The company has reported 42%, on yoy basis, increase in its income from operations to Rs 13167.08 crore for the year ended December 2018 (FY2018), while other income of the company surged 246% to Rs 65.84 crore. Total income advanced 43% to Rs 13232.92 crore. Interest expenses increased 39% to Rs 4717.09 crore. NII of the company increased 45% to Rs 8516.00 crore. Operating expenses moved up 28% to Rs 2949.88 crore, allowing the operating profits to increase 56% to Rs 5565.95 crore for FY2018. Depreciation increased 42% to Rs 103.34 crore, while provisions galloped 36% to Rs 1095.08 crore. PBT moved up 62% to Rs 4367.53 crore. Effective tax rate increased to 35.5% in FY2018 from 35.2% in FY2017. PAT of the company was up 61% to Rs 2818.93 crore in FY2018.

    Bajaj Finance: Consolidated Financial Results

     

    Particulars1812 (3)1712 (3)Var %1812 (9)1712 (9)Var %1803 (12)
    Income from operations4974.703371.424813167.089254.924212748.00
    Other Income20.562.6866765.8419.0424623.87
    Total Income 4995.263374.104813232.929273.964312771.87
    Interest Expended1786.111178.76524717.093393.01394621.61
    Operating Expense1078.62826.59302949.882305.07283169.85
    Operating Profits2130.531368.75565565.953575.88564980.41
    Depreciation / Amortization41.0926.7853103.3472.7742102.07
    Provisions and Write-offs453.77278.21631095.08803.84361034.92
    PBT1635.671063.76544367.532699.27623843.42
    Tax Expense576.11373.73541548.60950.46631347.08
    PAT1059.56690.03542818.931748.81612496.34
    EPS73.5147.8765.1940.4443.30
    * Annualized on current equity of Rs 115.29 crore. Face Value: Rs 2, Figures in Rs crore
    Figures as per Ind AS
    Source: Capitaline Corporate Database

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