Bajaj Finance impresses Street with a record Q3 profit; analysts forecast a 53% stock appreciation

Mumbai : Bajaj Finance shares rallied on Monday, reversing a three-day decline, after the Pune-based non-banking financial company reported strong quarterly results after the close of trading on Friday. The Bajaj Finance stock rose by Rs 310.1, or 5.4%, to Rs 6,066.1 per share at the day’s highest volume level on the BSE.

At 2:30 p.m. IST, Bajaj Finance shares were trading at Rs 5,998.1 per share, up Rs 242.1 or 4.2%. According to provisional exchange data, a total of 90,000 Bajaj Finance shares have changed hands so far today, compared to a daily average of 40,000 shares over the previous two weeks.

For the quarter ending in December 2022, Bajaj Finance reported a 39.9% increase in net profit year-over-year to a record Rs 2,973 crore and a 24.0% increase in net interest income (NII) to Rs 7,435 crore.

According to research conducted by Zee Business, Bajaj Finance’s quarterly net profit was estimated at Rs 3 billion and NII at Rs 5.9 billion.