MUMBAI: Bajaj Housing Finance, which had a runaway success with its recent Rs 6,560-crore IPO with the shares rallying more than 136 percent on market debut, has reported a 21 percent on-year growth in net income at Rs 546 crore in the September quarter.
In the year-ago period, when the company was privately held, it had earned Rs 451 crore in net income.
The earning declared on Monday is the first financial report since its Rs 6,560-crore IPO in September which was oversubscribed 64 times and aggregated Rs 3.24 trillion, making it one of the most oversubscribed issues.
On the market debut, it rallied over 136 percent over its listing price of Rs 70 and had since scaled to Rs 188 within a week, making it the most valuable housing finance company with a market capitalization of Rs 1.4 trillion. However, since then the shares lost around 30 percent and closed at Rs 136.55, down 2 percent, on the BSE on Monday.
The Pune based company said Monday that net interest income in the September quarter grew 13 percent to Rs 713 crore, while assets under management surged 26 percent to Rs 1.03 trillion from Rs 81,215 crore in the same period last year.
But the net profit margin declined to 22.64 percent from 23.6 percent. Similarly, gross non-performing assets rose to 0.29 percent from 0.24 percent, and net NPAs increased to 0.12 percent from 0.09 percent. The provision coverage ratio stood at 57.87 percent, down from 60.79 percent a year ago.
The company’s capital adequacy ratio saw a significant improvement, rising to 28.98 percent from 22.64 percent, indicating strong capital reserves since the IPO.