JM Financial posted very good numbers for Q1FY22 with its consolidated net profit surging 117% (YoY) at Rs.203 crore, mainly on the back of a 44% jump in total income at Rs.992 crore. This is the highest-ever quarterly operating net profit reported by the company.

The consolidated loan book grew by 2% at Rs.11,014 crore. And on the asset quality front, Gross NPA was at 3.5%, same as in Q4FY21 while Net NPA came down marginally from 2% to 1.9% (QoQ).

The company has made additional gross provisions (including fair value loss) of Rs.132 crore on account of the uncertainties around Covid-19 for the quarter ended June 30, 2021, thereby taking the total provisions to Rs.515 crore on account of the pandemic.

The stock has reacted positively to these earnings, opening 4% higher at Rs.107.75 and going up to an intraday high at Rs.109.40. Its 52-week high is at Rs.117.55.