Bajaj Finance Q2 Result: Stock is trading down by more than 2% after quarterly results, profit had increased by 28 percent

Shares of non-banking finance company (NBFC) Bajaj Finance are witnessing a decline of more than 2 percent today. Till the time of writing the news, the company's shares are trading down by 2.14 percent.

Bajaj Finance shares have fallen by Rs 173.05 on the NSE, after which Bajaj Finance is trading at Rs 7,919.95. At the same time, the company's shares are trading at 7928.00 on BSE, falling by 2.02 percent i.e. Rs 163.

Bajaj Finance Limited yesterday released its Q2FY24 results. In the second quarter ended September 30, the company's consolidated net profit increased by 28 percent to Rs 3,551 crore. The company had earned a net profit of Rs 2,781 crore in the same quarter a year ago.

Releasing the results, the company said that its consolidated income increased to Rs 13,382 crore in the second quarter from Rs 9,974 crore in the same quarter a year ago.

Apart from this, the total expenses of the company stood at Rs 8,624 crore in the September quarter which was Rs 6,222 crore in the same quarter a year ago.

Regarding its financial results, the company said that its consolidated assets under management (AUM) increased by 33 percent to Rs 2,90,264 crore from Rs 2,18,366 crore a year ago.

The capital adequacy ratio (including Tier-II capital) as of September 30, 2023, was 23.19 percent and Tier-I capital was 21.88 percent.

The board, in its meeting held on October 5, has approved raising a total capital of over Rs 8,800 crore through Qualified Institution Placement (QIP) by issuing equity shares of face value Rs 2 each.