Mumbai: Bajaj Finance on Friday posted 48.27 percent jump in net profit at Rs 129 crore for the second quarter ended September 30, on increase in interest and fee incomes.

The Pune-headquartered diversified non-banking finance company's post-tax profit for the corresponding July-September period last year stood at Rs 87 crore.

"The results are better than our expectations and have been made possible by a 31 percent jump in deployments during the first half, steady cost of funds and asset quality remaining strong," the company's CEO Rajeev Jain told media.

The company's net interest income increased 36 percent over the year-ago period at Rs 442 crore, while the fee income was up 49 percent at Rs 737 crore.

Bajaj Finance will be raising Rs 750 crore in the third or the fourth quarter of the current fiscal, which will drive its capital adequacy to up to 23 percent from the 17.7 percent as of September 30, Jain said.

When asked about the route the company will adopt, he said it may be a rights issue, as has been done by its parent Bajaj Finserv.

The company will not require any new capital infusion for the next 2-3 years post-issue, he said.

The company raised Rs 140 crore in Tier-II capital through a wholesale NCD issue during the quarter, he said.

On the assets quality front, its net non performing assets ratio improved to 0.2 percent from the 0.3 percent in the year-ago period.

Shares of the company closed 1.12 percent down at Rs 1,275 on the BSE on Friday.


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