Bajaj Finance, Bajaj Finserv hit record highs in a flat market

Shares of Bajaj Finserv and its lending and wealth advisory arm Bajaj Finance have hit their respective record highs on the BSE in intra-day trade in otherwise flat market.
Bajaj Finance hit a new high of Rs 2,177, surging 19% in past eight trading sessions. On comparison, the S&P BSE Sensex was down 2.2% since May 10, 2018.

Bajaj Finance had reported a better than expected 60% year on year (YoY) jumped in its standalone net profit at Rs 7.21 billion in March quarter (Q4FY18). Net revenue from operations grew 40% at Rs 23.43 billion against Rs 16.78 billion in the corresponding quarter of previous fiscal.

Assets quality of the company improves during the quarter with gross non-performing assets (NPA) and net NPA as of March 31, 2018 stood at 1.48% and 0.38% respectively.

“As required by RBI guidelines, the Company has moved its NPA recognition policy from 4 months overdue to 3 months overdue in this financial year. The comparable Gross and Net NPA on 4 months overdue stood at 1.28% and 0.29% respectively as against 1.68% and 0.44% respectively as of March, 31 2017,” Bajaj Finance said in a press release.