Latest News | Bajaj Finance Q2 Profit Up 28 Pc at Rs 3,551 Cr

New Delhi, Oct 17 (PTI) Bajaj Finance Ltd (BFL) on Tuesday reported a 28 per cent rise in its consolidated net profit to Rs 3,551 crore for the second quarter ended September 30.

The non-banking finance company had posted a net profit of Rs 2,781 crore in the July-September quarter a year ago.

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Its total consolidated income increased to Rs 13,382 crore during the July-September period against Rs 9,974 crore a year earlier, BFL said in a regulatory filing.

The Pune-headquartered company's total expenditure rose to Rs 8,624 crore compared to Rs 6,222 crore in the year-ago period.

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Its consolidated assets under management (AUM) as of September 30, 2022, grew by 33 per cent to Rs 2,90,264 crore from Rs 2,18,366 crore a year ago.

Capital adequacy ratio (including Tier-II capital) as of September 30, 2023, was 23.19 per cent. The Tier-I capital was 21.88 per cent, it said.

The board at its meeting held on October 5 has approved raising of capital through a qualified institutions placement (QIP) for an aggregate amount not exceeding Rs 8,800 crore by issue of equity shares of face value of Rs 2 each.

Besides, the board has also approved preferential issue (Pl) of up to 15,50,000 warrants convertible into equivalent number of equity shares to Bajaj Finserv Limited, the promoter and holding Company, for an aggregate amount not exceeding Rs 1,200 crore in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)