Bajaj Finance Q3 profit surge: Pune-based non-banking financial company (NBFC) Bajaj Finance has reported robust earnings for the quarter ended December 2023 posting a consolidated net profit of Rs 3,638.95 crore, 22.4 per cent higher than the same reported in the year-ago period.

The NBFC's net interest income (NII) for the October-December quarter reached Rs 7,655 crore, 29 per cent surge year on year (YoY).

Analysts remain optimistic about Bajaj Finance's performance, even as the LSEG IBES profit estimate was slightly higher than the reported consolidated PAT. The company's ability to outdo estimates, particularly in net profit and NII, underscores its adaptability and effective financial management.

Apart from the flagship entity, the Bajaj Finance Group, including Bajaj Housing Finance and Bajaj Financial Securities, reported notable results in the reporting quarter.

Bajaj Housing Finance posted a 31 per cent YoY increase in net profit, reaching Rs 437 crore. Assets under management (AUM) grew by 31 per cent, crossing the Rs 3-lakh-crore mark. Net interest income increased by 17 per cent in Q3FY24.

Bajaj Financial Securities reported a significant rise in net profit to Rs 16 crore, compared to Rs 3 crore in the same period last year. Net interest income reached Rs 31 crore, reflecting a substantial increase.

Bajaj Finance shares ended 1.62 per cent lower at Rs 7,200 apiece on the NSE on Monday, January 29, 2024.

(With Reuters inputs.)