Bajaj Finance is one of the country’s biggest non-banking financial companies (NBFC). Share of the company is under the investors’ focus today following the release of its Q2 results. Despite posting a robust increase in consolidated net profit, shares of the lending giant were under pressure in early trade on Wednesday.
The Investment: Ten years back, on October 18, 2013, if your dad invested ₹10,000 in Bajaj Finance he would have got around 81 shares, with each share priced at ₹123.22. Fast forward to today, October 18, 2023, those shares are now worth a staggering ₹6.56 lakh, trading at ₹8093.0 per share.
Earnings Overview: Bajaj Finance reported a consolidated net profit of ₹3,551 crore for the second quarter, marking a 28% increase compared to the previous year. However, this figure fell slightly short of analysts’ expectations, as they had anticipated a 30% rise to an average of ₹3,626 crore. In addition, the company’s consolidated net interest income for the quarter also showed significant growth, increasing by 26% to reach ₹8,845 crore.
Here is how analysts reacted to the company’s results.
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Price Action: Bajaj Finance’s share price was down 1.99% to trade at ₹7,932 in the afternoon hours of trading on Wednesday.
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