Bajaj Finance Ltd Share Price – NSE  /  BSE

Finance, Mid Cap

Bajaj Finance announced that the 37th Annual General Meeting (AGM) of the company will be held on 23 July 2024.

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The consolidated results of Bajaj Finance include the results of its wholly owned subsidiaries, Bajaj Housing Finance (BHFL), Bajaj Financial Securities (BFinsec) and its associate company, Snapwork Technologies.

The non-banking financial company (NBFC) reported 21.11% increase in consolidated net profit to Rs 3,824.53 crore on a 31.36% jump in total income to Rs 14,931.98 crore in Q4 FY24 as compared with Q4 FY23.

Profit before tax during the quarter stood at Rs 5,105 crore, up 20% from Rs 4,261 crore in Q4 FY23.

The company stated that it holds a management and macro-economic overlay of Rs 300 crore as of 31 March 2024.

Operating expenses climbed 24% YoY to Rs 3,302 crore in the fourth quarter of FY24.

Net interest income for Q4 FY24 grew 28% to Rs 8,013 crore from Rs 6,254 crore in Q4 FY23. Operating expenses to net total income for Q4 FY24 was 34% as against 34.2% in Q4 FY23.

Number of new loans booked during the quarter grew by 4% to 7.87 million as against 7.56 million in Q4 FY23.

Customer franchise stood at 83.64 million as of 31 March 2024 as compared to 69.14 million as of 31 March 2023, a growth of 21%. The NBFC’s customer franchise grew by 3.23 million in Q4 FY24.

Deposits book grew by 35% YoY and stood at Rs 60,151 crore as of 31 March 2024. In Q4, net deposit growth was Rs 2,143 crore. Deposits contributed to 21% of consolidated borrowings as of 31 March 2024.

Assets under management (AUM) grew by 34% Rs 330,615 crore as of 31 March 2024 from Rs 247,379 crore as of 31 March 2023.

On the asset quality front, gross NPA and net NPA as of 31 March 2024 stood at 0.85% and 0.37% respectively, as against 0.94% and 0.34% as of 31 March 2023. The company has provisioning coverage ratio of 57% on stage 3 assets.

Capital adequacy ratio (including Tier-II capital) as of 31 March 2024 was 22.52%. The Tier-I capital was 21.51%.

The NBFC's annualized return on average assets (ROA) and return on average equity (ROE) stood at 4.8% and 20.5%, respectively in the quarter ended 31 March 2024.

On full-year basis, the company’s net profit increased 25.58% to Rs 14,451.17 on 32.75% jump in total income to Rs 54,982.51 crore in FY24 over FY23.

Meanwhile, the board has recommended a dividend of Rs 36 per equity share for the financial year 2023-24, subject to approval of shareholders. The dividend will be credited/dispatched on or about 26 July 2024 or 27 July 2024 and the record date for the same has been fixed as 21 June 2024.

Bajaj Finance is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services.

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The key equity benchmarks traded with moderate gains in early trade. The Nifty traded near 22,600 level. IT, consumer durables and metal stocks advanced while realty and financial services shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was up 110.84 points or 0.15% to 74,431.80 . The Nifty 50 index added 29.55 points or 0.13% to 22,599.90.

The broader market outperformed the frontline indices, the S&P BSE Mid-Cap index rose 0.59% and the S&P BSE Small-Cap index added 0.56%.

The market breadth was strong. On the BSE, 2,017 shares rose and 748 shares fell. A total of 92 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,823.33 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,167.56 crore in the Indian equity market on 25 April, provisional data showed.

Politics

The second phase of voting, scheduled for April 26, encompasses 89 constituencies across 13 states and Union territories. The BJP seeks a third consecutive term, while the opposition, including the Congress, has united under the banner of the Indian National Developmental Inclusive Alliance (INDIA) bloc to thwart PM Modi's re-election. The extensive Lok Sabha elections 2024 span seven phases from April 19 to June 1, with the results set to be announced on June 4.

Stocks in Spotlight:

Bajaj Finance slipped 5.36%. The finance company's consolidated net profit increased 21% to Rs 3825 crore on 28% rise in net interest income to Rs 8013 crore in Q4 FY24 over Q4 FY23.

Tech Mahindra was locked in 10% upper circuit after the IT major's consolidated net profit jumped 29.51% to Rs 661 crore despite of 1.76% decline in revenue from operations to Rs 12,871.3 crore in Q4 FY24 over Q3 FY24.

IndusInd Bank shed 0.20%. The private lender's standalone net profit increased 15.01% to Rs 2,346.84 crore on 20.77% rise in total income to Rs 14,699.01 crore in Q4 FY24 over Q4 FY23.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.32% to 7.194 as compared with previous close 7.204.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.3250, compared with its close of 83.2800 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement gained 0.18% to Rs 71,340.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 105.69.

The United States 10-year bond yield fell 0.13% to 4.702.

In the commodities market, Brent crude for June 2024 settlement rose 30 cents or 0.34% to $ 89.31 a barrel.

Global Markets:

Most of the Asian stocks advanced on Friday after Bank of Japan (BOJ) kept monetary policy unchanged. Holding its benchmark policy rate at 0%-0.1%

The BOJ now expects inflation between 2.5% and 3% for fiscal 2024, up from 2.2% to 2.5% in its January forecast.

US stocks dropped on Thursday after data showed a sharp slowdown in economic growth and pointed to persistent inflation.

The US economy grew last quarter at the slowest pace in two years as consumer and government spending cooled amid a sharp pickup in inflation. The US gross domestic product (GDP) increased at a 1.6% annualized rate in January-March 2024. The economy grew at a 3.4% rate in the fourth quarter.

Inflation surged, with the personal consumption expenditures (PCE) price index, excluding food and energy, increasing at a 3.7% rate after rising at 2% in the fourth quarter.

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Net profit of Bajaj Finance rose 21.11% to Rs 3824.53 crore in the quarter ended March 2024 as against Rs 3157.79 crore during the previous quarter ended March 2023. Sales rose 31.93% to Rs 14641.92 crore in the quarter ended March 2024 as against Rs 11098.19 crore during the previous quarter ended March 2023.

For the full year,net profit rose 25.58% to Rs 14451.17 crore in the year ended March 2024 as against Rs 11507.69 crore during the previous year ended March 2023. Sales rose 33.86% to Rs 53945.36 crore in the year ended March 2024 as against Rs 40299.87 crore during the previous year ended March 2023.

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