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Prabhudas Lilladher Report
Bajaj Finance Ltd.' s Q3 FY21 earnings were plagued by asset quality stress, weak pre-provision operating profit and somber business traction.
Non-performing assets at elevated 2.86% (our estimate 2.5%), interest reversals to the tune of Rs 4.5 billion and slower fee income traction (mere3% QoQ growth) due to caution on disbursements drove down PPoP with a decline of 3% QoQ and YoY.
Profit after tax at Rs 11.5 billion stood broadly in-line (our estimate Rs 11.8 billion) growing 19%QoQ led by lower provision (down 21%QoQ) as credit costs on standard assets stood down (190 basis points in Q3 versus 369 basis points in Q2) with collection efficiencies reverting to pre-Covid-19 levels in early buckets.
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