Bajaj Finance announced the cessation of Independent Directors, D S Mehta and Rajendra Lakhotia. The Board of Bajaj Finance at its meeting held on 12 March 2019 has approved the appointment of Dr Naushad Forbes and Anami Roy as Additional Directors with effect from 01 April 2019.

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Net profit of Bajaj Finance rose 53.55% to Rs 1059.56 crore in the quarter ended December 2018 as against Rs 690.03 crore during the previous quarter ended December 2017. Sales rose 47.56% to Rs 4974.70 crore in the quarter ended December 2018 as against Rs 3371.42 crore during the previous quarter ended December 2017.

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The result was announced during trading hours today, 29 January 2019.

Meanwhile, the S&P BSE Sensex was down 184.63 points, or 0.52% to 35,472.07.

On the BSE, 6.02 lakh shares were traded in the counter so far compared with average daily volumes of 81,000 shares in the past two weeks. The stock had hit a high of Rs 2524.95 and a low of Rs 2380 so far during the day. The stock hit a 52-week high of Rs 2,995.10 on 30 August 2018. The stock hit a 52-week low of Rs 1,514.40 on 6 February 2018.

On a consolidated basis, Net Interest Income (NII) rose 46% to Rs 3,209 crore in Q3 December 2018 over Q3 December 2017.

New loans booked during Q3 December 2018 increased by 49% to 6.77 million from 4.54 million in Q3 December 2017.

Customer franchise as of 31 December 2018 increased by 31% to 32.57 million from 24.81 million as of 31 December 2017.

Assets under Management (AUM) as of 31 December 2018 grew by 41% to Rs 1,09,930 crore from Rs 78,033 crore as of 31 December 2017.

Despite tough liquidity environment the company has added receivables of Rs 9,867 crore in Q3 December 2018 - highest ever quarterly increase in loan receivables.

Loan losses and provisions for Q3 December 2018 were Rs 454 crore as against Rs 278 crore in Q3 December 2017.

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

Bajaj Finance is one of the largest players in the consumer finance segment in India. Apart from consumer finance, the company also has substantial business penetration in SME, commercial and rural lending.

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Bajaj Finance Ltd fell for a fifth straight session today. The stock is quoting at 2539.95, down 0.53% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.12% on the day, quoting at 10758.8. The Sensex is at 35834.32, down 0.04%.Bajaj Finance Ltd has gained around 6.03% in last one month.Meanwhile, Nifty Financial Services index of which Bajaj Finance Ltd is a constituent, has increased around 4.47% in last one month and is currently quoting at 11591.6, down 0.31% on the day. The volume in the stock stood at 5.95 lakh shares today, compared to the daily average of 15.8 lakh shares in last one month.

The benchmark January futures contract for the stock is quoting at Rs 2552, down 0.41% on the day. Bajaj Finance Ltd jumped 39.6% in last one year as compared to a 1.15% rally in NIFTY and a 10.06% spurt in the Nifty Financial Services index.

The PE of the stock is 45.2 based on TTM earnings ending September 18.

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