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Motilal Oswal Report
Bajaj Finance Ltd.'s Q2 FY21 profit after tax declined approximately 36% YoY to Rs 9.6 billion (2% miss).
Net interest income beat of 2%, coupled with opex beat of 3%, led to 4% pre-provision operating profit beat.
With Rs 17 billion credit costs, the company continued to build on its provision buffer – its standard asset provisions of 3.7% are now among the highest in our non-banking finance company coverage universe.
For H1 FY21, PPoP grew 20% YoY; however, profit before tax declined 32% YoY due to Covid-19-related provisioning.
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