Shares of Bajaj Housing Finance soared as much as 4 percent in opening trade on October 22 buoyed by the company's healthy earnings performance in the July-September quarter.
The non-bank lender's net profit rose 21 percent year-on-year to Rs 545.6 crore for the September quarter, up from Rs 451 crore in the same period last fiscal. Alongside, revenue also grew 26 percent on year to Rs 2,410 crore as compared to Rs 1,911 crore recorded in the year-ago period.
In the second quarter, the company also reported robust growth in its assets under management (AUM) which rose 26 percent on year. This absolute AUM growth has remained consistent, staying within the same range over the past two quarters.
Meanwhile, the company’s gross non-performing assets (NPA) rose to 0.29 percent from 0.24 percent, while net NPA increased to 0.12 percent from 0.09 percent. The provision coverage ratio (PCR) stood at 57.87 percent, down from 60.79 percent a year ago.
The stock has been in the limelight ever since its blockbuster listing on the bourses last month. Bajaj Housing Finance listed at a premium of 136 percent on its market debut, doubling investors’ money. In September 2024, Bajaj Housing Finance's post-IPO performance lifted its market capitalization to as high as Rs 1.4 lakh crore, making it the most valuable housing finance firm in India.
However, since hitting its record high of Rs 188.50 post its market debut, the stock has seen some profit booking and fallen over 15 percent in the past month. At 09.48 am, shares of Bajaj Housing Finance were trading at Rs 139.20 on the NSE, though firmly in the green, but off its day's high of Rs 142.33.
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