Bajaj Finance Shares Surge Over 10 Per Cent After Firm Logs Highest-Ever Net Profit In Q1

Bajaj Finance shares continued to rally on Thursday, zooming over 10 per cent after the firm logged its highest-ever consolidated net profit for the April-June quarter. Shares of Bajaj Finance had on Wednesday jumped over 2 per cent after the earnings announcement.

The stock jumped 10.11 per cent to Rs 7047.25 on the BSE. On NSE, it rallied 9.42 per cent to Rs 6,999. The stock was the biggest winner on both the BSE Sensex and NSE Nifty during the day.

Meanwhile, the BSE Sensex rose 1,000 points to 56,817, while the NSE Nifty50 gained 275 points to 16,917 at 12.50 pm.

Bajaj Finance on Wednesday reported its highest-ever consolidated quarterly net profit at Rs 2,596 crore for June quarter, helped by robust income due to brisk loan growth.

Company’s total income rose by 38 per cent to Rs 9,283 crore during the June quarter as against Rs 6,743 crore in corresponding quarter last year, Bajaj Finance said in a regulatory filing on Wednesday.

“Customer franchise stood at 6.03 crore as of June 30, 2022 as compared to 5.05 crore as of June 30, 2021, a growth of 20 per cent. The company recorded highest ever quarterly increase in its customer franchise of 27.3 lakh in Q1 FY23,” it said.

Interest income grew by 33 per cent in the first quarter of FY23 to Rs 7,920 crore when compared with Rs 5,954 crore in the same quarter of FY22.

Another financial company from the Bajaj stable, Bajaj Finserv, was also trading higher. Shares of Bajaj Finserv were up 9.45 per cent to Rs 14,560 apiece on the BSE.