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Anand Rathi Report
Owing to the rise in provisions, Bajaj Finance Ltd.’s net profit fell 36% YoY to Rs 9.6 billion.
In Q2 FY21, with additional provisions of Rs 13.7 billion, provisions totalled Rs 17 billion (Rs 34 billion in H1 FY21).
The company talked of credit costs of Rs 60 billion-63 billion for FY21. Moreover, expenses were frontloaded so future profitability growth would be higher.
The moratorium book (one and two instalments overdue) declined from 15.7% in Q1 FY21 to 8% at end-Q2.
Its asset under management growth was flat (up 1% YoY). Asset quality improved as gross non-performing assets declined 58 basis points YoY to 1.03%.
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