Bajaj Finance Surges 3% After Q3 Results And Firms' Payments Solution Foray

Shares of Bajaj Finance shall be in focus today after the NBFC company after market hours reported its Q3 results. And in a record high the scrip of NBFC major hit levels of Rs. 5145, up 3%. The company for the quarter reported 29% yoy decline in consolidated net profit at Rs1,145.98 crore due to higher losses and provisioning. Losses due to loan and provisioning registered a surge of Rs. 1351 crore, which is 63 percent year-on-year. The company said it has written off principal and interest of Rs1,970 crore and Rs365 crore, respectively, of potentially unrecoverable loans under moratorium.

Nonetheless going forward the company expects loan losses as well as provisions to lessen to pre-Covid levels of average assets. The company's NII also reduced by 5% y-o-y to Rs. 4926 crore. Also, its other income source registered an increase of 3 percent year on year to Rs. 797 crore.

In another development, the NBFC company will foray into payment solutions space via its new venture Bajaj Pay. And in a regulatory filing it confirmed that the company shall latest come up with the solution by Q4FY21. The company for the purpose will come up with an integrated payment platform called 'Bajaj Pay' that will include UPI, PPI, EMI card and credit card options.

Shares of the company ahead of its Q3FY21 results ended at 4981 apiece, up a meager 0.46% on the NSE.

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