The board has approved an interim dividend of Rs 0.80 per equity share for the first half of the current financial year.
Net declined despite the company recording a growth of 14.5 percent in consolidated revenue at Rs 749 crore over the same period last year.
The company's total expenses for the period grew to Rs 314.54 crore as against Rs 87.57 crore in Q2 FY19, mainly attributable to the project cost.
Total income stood at Rs 485.2 crore for the quarter under review as against Rs 436.8 crore for the same period a year ago, it added.
Total income rose by 47 per cent to Rs 14,224 crore during the reported quarter of 2019-20, as against Rs 9,698 crore a year ago period, Bajaj Finserv said in a release.
The company had posted a profit of Rs 20 crore during the same period of 2018-19.
Total income of the bank during the second quarter of 2019-20 rose to Rs 3,295.91 crore, as against Rs 3,192.80 crore in same period of last year, the bank said in a regulatory filing.
The company had clocked standalone net profits at Rs 4.46 crore during the corresponding period last year.
Revenue from operations for the quarter under review rose 8.67 per cent at Rs 474.85 crore as against Rs 436.94 crore same period last year.
The bank expects stress of Rs 1,800 crore in books, including from 4 groups. Approximately Rs 800 crore of Rs 1,800 crore has been recognised as NPA in Q2," it said.
Revenue from operations stood at Rs 882.02 crore for the quarter under review as against Rs 816.31 crore in the same period a year ago.
Asset quality remained largely stable; in fact, it improved slightly. Gross NPA stood at 5.03 percent against 5.25 percent quarter-on-quarter (QoQ) while net NPA came at 1.99 percent against 2.04 percent QoQ.
The company had posted a consolidated net profit of Rs 121.69 crore in the same quarter last fiscal, Welspun India said in a regulatory filing.