Bajaj Finance March quarter profit up 11%
May 14 2014 , Mumbai
"Considering how the market is performing due to difficulties on the macroeconomic front, I am satisfied that we have been able to grow our profit without damaging the asset quality," Rajeev Jain Chief Executive of Bajaj Finance said.
During the reporting quarter, the total income grew 30 per cent to Rs 1,095 crore. Assets under management, driven primarily by advances, grew 37 per cent during the fiscal.
Net interest income grew 31 per cent to Rs 645 crore, while the interest and fee income also rose 30 per cent to Rs 1,095 crore.
However, gross non-performing assets ratio increased to 1.18 per cent from 1.09 per cent a year ago.
The quarter saw the company keeping off infrastructure and construction equipment sectors. Despite this, provisions for loan losses jumped 38 per cent to Rs 62 crore, denting the profit growth.
"We are confident of things improving and we will post a growth of over 20 per cent in the key indicators next fiscal," Jain added.
During the ongoing FY 2015, the company will continue to stay cautious on lending to the infrastructure sector, he said.
Meanwhile, the company announced that its chief financial officer Ian Desouza has resigned due to personal reasons and the process of replacement is on.
The company scrip closed 4.35 per cent down at Rs 1,793 a piece on the BSE.