Bajaj Finance Ltd

About

Bajaj Finance is mainly engaged in the business of lending. BFL has a diversified lending portfolio across retail, SME and commercial customers with a significant presence in urban and rural India. It also accepts public and corporate deposits and offers variety of financial services products to its customers.(Source : 202003 Annual Report Page No:124)

Key Points

Largest NBFC in India
Bajaj Finance (BFL) started its journey in the year 1987 as a vehicle financing company and now is one of the largest NBFC in India. It has more than 1,47,100 Cr of Assets under Management (AUM) [1]. BFL has a diversified lending portfolio and has its presence in various lending segments.

See full details
  • Market Cap 470,405 Cr.
  • Current Price 7,793
  • High / Low 8,000 / 3,101
  • Stock P/E 120
  • Book Value 595
  • Dividend Yield 0.13 %
  • ROCE 9.51 %
  • ROE 11.7 %
  • Face Value 2.00

Pros

  • Company's median sales growth is 35.35% of last 10 years

Cons

  • Stock is trading at 13.09 times its book value
  • Company has low interest coverage ratio.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
Revenue 4,049 4,658 4,879 5,302 5,697 6,312 6,511 5,901 5,780 5,845 6,006 5,916
Interest 1,426 1,579 1,644 1,797 1,952 2,052 2,056 1,985 1,868 1,870 1,723 1,764
1,174 1,463 1,474 1,707 1,822 2,196 3,173 2,656 2,666 2,482 2,631 2,921
Financing Profit 1,449 1,616 1,761 1,798 1,923 2,065 1,281 1,260 1,246 1,493 1,652 1,231
Financing Margin % 36% 35% 36% 34% 34% 33% 20% 21% 22% 26% 28% 21%
Other Income 12 7 4 2 1 4 4 1 7 2 4 1
Depreciation 32 38 39 56 64 70 81 77 67 73 85 82
Profit before tax 1,429 1,585 1,726 1,744 1,860 1,999 1,205 1,184 1,186 1,422 1,572 1,149
Tax % 36% 35% 35% 36% 26% 26% 26% 27% 26% 26% 26% 27%
Net Profit 920 1,023 1,114 1,125 1,377 1,488 892 870 877 1,049 1,161 843
EPS in Rs 15.92 17.70 19.27 19.40 23.74 24.73 14.82 14.45 14.55 17.40 19.26 13.97
Gross NPA % 1.49% 1.78% 1.80% 1.89% 1.93% 1.96% 1.61% 1.60% 2.86% 1.79% 2.96%
Net NPA % 0.71% 0.73% 0.75% 0.78% 0.85% 0.65% 0.64% 1.22% 0.75% 1.46%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
Revenue 880 1,393 2,163 3,092 4,042 5,392 7,298 9,966 12,639 17,386 23,824 23,537 23,547
Interest 202 383 759 1,221 1,592 2,274 2,959 3,853 4,649 6,037 7,990 7,550 7,226
573 644 799 998 1,362 1,752 2,353 3,248 4,067 5,189 8,763 10,325 10,700
Financing Profit 106 366 606 874 1,088 1,367 1,986 2,866 3,923 6,159 7,071 5,662 5,622
Financing Margin % 12% 26% 28% 28% 27% 25% 27% 29% 31% 35% 30% 24% 24%
Other Income 36 13 8 17 32 26 35 23 10 13 8 3 14
Depreciation 8 10 12 20 29 36 56 71 102 137 271 302 308
Profit before tax 134 370 602 872 1,091 1,357 1,965 2,818 3,831 6,035 6,808 5,363 5,328
Tax % 33% 33% 33% 32% 34% 34% 35% 35% 35% 36% 28% 26%
Net Profit 89 247 406 591 719 898 1,279 1,837 2,485 3,890 4,881 3,956 3,929
EPS in Rs 2.11 5.82 8.50 11.87 14.34 17.90 23.74 33.40 42.99 67.31 81.12 65.64 65.18
Dividend Payout % 25% 15% 12% 13% 11% 10% 10% 11% 9% 9% 12% 15%
Compounded Sales Growth
10 Years:33%
5 Years:26%
3 Years:23%
TTM:-4%
Compounded Profit Growth
10 Years:32%
5 Years:25%
3 Years:17%
TTM:-15%
Stock Price CAGR
10 Years:62%
5 Years:48%
3 Years:52%
1 Year:148%
Return on Equity
10 Years:18%
5 Years:17%
3 Years:16%
Last Year:12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
37 37 41 50 50 50 54 109 115 115 120 120
Reserves 1,116 1,321 1,971 3,302 3,941 4,750 7,271 9,491 15,702 19,448 31,693 35,818
Borrowings 3,227 6,703 10,226 13,133 19,750 26,655 37,025 49,250 63,629 86,352 104,206 99,866
213 460 690 1,321 878 1,325 2,624 4,880 2,169 2,585 1,984 2,534
Total Liabilities 4,593 8,522 12,929 17,806 24,618 32,780 46,973 63,730 81,615 108,500 138,004 138,339
50 103 139 176 220 249 287 361 465 654 1,228 1,227
CWIP 0 0 0 0 0 0 0 0 0 0 0 51
Investments 302 6 5 5 28 332 1,034 4,075 3,653 10,370 20,139 20,169
4,240 8,414 12,785 17,625 24,370 32,198 45,652 59,295 77,497 97,475 116,636 116,892
Total Assets 4,593 8,522 12,929 17,806 24,618 32,780 46,973 63,730 81,615 108,500 138,004 138,339

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-1,560 -2,842 -4,568 -3,251 -6,087 -7,147 -9,871 -10,440 -17,191 -15,694 -14,110 4,312
-66 -59 -51 -56 -96 -365 -686 -3,048 505 -6,638 -9,633 424
1,607 3,458 3,807 3,664 6,543 6,953 11,656 12,516 16,589 22,344 24,177 -4,027
Net Cash Flow -19 557 -812 357 360 -559 1,099 -972 -97 13 435 709

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROE % 8% 20% 24% 22% 20% 20% 21% 22% 20% 22% 19% 12%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
55.15 55.15 55.17 58.26 58.26 56.15 56.20 56.20 56.12 56.12 56.12 56.03
20.08 20.07 20.67 21.28 20.65 22.22 21.16 21.24 21.31 23.89 24.06 24.03
8.64 8.85 8.50 8.26 8.58 10.46 10.89 10.11 10.70 9.07 9.08 9.33
15.86 15.68 15.47 11.78 12.14 10.87 11.46 12.22 11.55 10.64 10.57 10.40
0.26 0.24 0.19 0.42 0.37 0.30 0.29 0.22 0.32 0.28 0.17 0.21

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