Surprise from Bajaj Auto & SBI Card

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Surprise from Bajaj Auto & SBI Card

Bajaj Auto has posted strong third-quarter results and the stock touched an all-time high. The company has reported a 23 percent jump in profit after tax at Rs1,556 crore for the quarter ended December 2020, on the back of higher volumes and exports. The company had posted a profit after tax of Rs1,262 crore in the corresponding quarter of the previous financial year. Its sales from operations during October – December 2020 rose 17 percent to Rs 8,910 crore (Rs 7,640 crore). Bajaj Auto continues to remain strong in the export market. Bajaj Auto’s top line expanded by 17.4 percent y-o-y, in a quarter that showed a strong bounce-back post the lockdown hit a period of six months.

SBI Cards and Payments Services Ltd. offered the biggest surprise last week. The share made a record high. The numbers clearly suggest that its asset quality has substantially improved during the third quarter. The gross non-performing assets ratio stood at 1.61% compared with 4.3% in the preceding three months. Its net NPAs were at 0.56% against 0.83% in the July-September period. SBI Cards’ gross write-offs during the quarter stood at Rs 648 crore compared with Rs 218 crore in the preceding three months and Rs 292 crore a year ago. The company’s new account volumes rose 8% year-on-year to 9.18 lakh during the quarter.

About the author: IE&M Team
IE&M Team
Indian Economy & Market is an Indian media and information platform producing data-backed news and analysis on all the vital elements at the intersection of the economy, stock markets, mutual fund, insurance, commodities, currency, technology, startups and business.

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