Bajaj Finance on Tuesday has reported a fall in the net profit of 19% to Rs 962 crore for the first quarter of the current fiscal year against Rs 1,195 crore in the same period the previous year.
The company has said in a regulatory filing that it has raised a total income of Rs 6,649.74 crore in the Q1 FY21 from Rs 5,807.76 crore in the same period FY20.
Net interest income for the quarter raised by 12% to Rs 4,152 from Rs 3,694 crore in the quarter ended on June 2019. The financial results of Bajaj Finance Ltd. (BFL) include earnings of both Bajaj Housing Finance and Bajaj Financial Securities, fully-owned subsidiaries of the company.
Due to the COVID-19 lockdown, Company’s operations for the June quarter 2020 and the repayment ability of borrowers had been impacted. Losses from loans and provisions for the quarter raised to Rs 1,686 crore against Rs 551 crore in FY20.
The company has also reported that it has restarted its Urban B2B, Rural B2B, Gold loans, Auto-Finance and Loans against securities businesses from May 10, 2020, and credit card distribution businesses and home loans from June 2020.
The net profit of Bajaj Housing Finance had a jump of 31% to Rs 92 crore during the June quarter with an income of Rs 756 crore, up 47% from the previous year. Bajaj Financial Securities has reported a net loss of Rs 1.82 crore in the June quarter of the current financial year, while the total income stood at Rs 2.52 crore.

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