Bajaj Finserv Ltd

About

Bajaj Finserv is primarily engaged in the business of promoting financial services such as finance, insurance, wealth management, etc. through its investments in subsidiaries and joint ventures. The Company is also engaged in the business of generating power through wind turbines, a renewable source of energy.(Source : 202003-01 Annual Report Page No:254)

  • Market Cap 294,228 Cr.
  • Current Price 18,489
  • High / Low 18,814 / 5,511
  • Stock P/E 72.0
  • Book Value 2,252
  • Dividend Yield 0.02 %
  • ROCE 11.9 %
  • ROE 13.3 %
  • Face Value 5.00

Pros

  • Company has delivered good profit growth of 19.14% CAGR over last 5 years
  • Company's median sales growth is 27.57% of last 10 years

Cons

  • Stock is trading at 8.21 times its book value
  • Company has a low return on equity of 13.30% for last 3 years.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
9,698 11,141 12,994 12,272 14,222 14,557 13,294 14,190 15,050 15,959 15,387 13,949
6,296 7,076 8,911 7,866 9,169 9,396 9,823 9,103 10,441 10,799 10,746 9,860
Operating Profit 3,402 4,065 4,084 4,406 5,053 5,161 3,471 5,087 4,609 5,159 4,641 4,090
OPM % 35% 36% 31% 36% 36% 35% 26% 36% 31% 32% 30% 29%
Other Income 0 1 1 1 2 2 1 2 2 2 1 0
Interest 1,540 1,782 1,884 2,054 2,313 2,419 2,552 2,395 2,340 2,258 2,147 2,190
Depreciation 52 60 71 97 116 116 127 125 114 124 135 132
Profit before tax 1,810 2,224 2,130 2,255 2,626 2,627 793 2,568 2,157 2,779 2,358 1,767
Tax % 34% 36% 33% 36% 23% 25% 32% 25% 25% 25% 26% 19%
Net Profit 704 851 839 845 1,204 1,126 194 1,215 986 1,290 979 833
EPS in Rs 44.24 53.45 52.71 53.12 75.64 70.73 12.22 76.36 61.98 81.06 61.52 52.33

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
982 2,415 2,715 8,055 6,023 11,335 20,533 24,507 32,862 42,605 54,351 60,592 60,344
171 615 920 4,124 1,531 5,823 13,795 15,794 22,074 27,569 36,094 40,950 41,846
Operating Profit 811 1,800 1,794 3,931 4,491 5,511 6,739 8,713 10,788 15,037 18,258 19,641 18,498
OPM % 83% 75% 66% 49% 75% 49% 33% 36% 33% 35% 34% 32% 31%
Other Income 3 168 1,190 2 3 8 0 0 1 2 0 -7 5
Interest 0 301 744 1,204 1,562 2,230 2,877 3,716 4,531 6,657 9,500 9,274 8,937
Depreciation 22 19 14 22 31 38 58 73 160 226 457 498 505
Profit before tax 792 1,649 2,226 2,708 2,902 3,251 3,804 4,925 6,099 8,155 8,302 9,862 9,061
Tax % 12% 11% 15% 18% 24% 26% 27% 30% 32% 34% 28% 25%
Net Profit 559 1,115 1,338 1,574 1,544 1,690 1,863 2,262 2,650 3,219 3,369 4,470 4,088
EPS in Rs 35.12 70.03 84.03 98.89 97.05 106.19 117.09 142.14 166.54 202.28 211.71 280.92 256.89
Dividend Payout % 3% 2% 2% 2% 2% 2% 1% 1% 1% 1% 2% 1%
Compounded Sales Growth
10 Years:38%
5 Years:24%
3 Years:23%
TTM:7%
Compounded Profit Growth
10 Years:16%
5 Years:19%
3 Years:19%
TTM:9%
Stock Price CAGR
10 Years:42%
5 Years:41%
3 Years:51%
1 Year:211%
Return on Equity
10 Years:15%
5 Years:14%
3 Years:13%
Last Year:13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
72 72 72 80 80 80 80 80 80 80 80 80
Reserves 2,553 3,652 5,027 7,724 9,232 10,885 13,312 15,736 20,403 23,660 31,222 35,750
Borrowings 311 6,693 10,201 12,991 19,507 26,312 36,062 48,282 65,695 99,754 127,212 128,461
36,447 43,599 44,154 44,576 45,565 50,952 54,498 64,516 75,337 84,934 92,791 115,554
Total Liabilities 39,383 54,017 59,454 65,370 74,383 88,228 103,951 128,614 161,514 208,428 251,304 279,845
28,782 580 818 1,208 1,262 1,261 1,274 1,645 1,792 2,097 3,216 3,182
CWIP 55 14 18 2 1 3 11 4 28 66 45 129
Investments 8,940 43,127 43,506 43,251 45,314 51,367 53,698 62,658 69,428 81,679 91,821 113,654
1,606 10,296 15,113 20,910 27,805 35,598 48,969 64,306 90,266 124,587 156,223 162,879
Total Assets 39,383 54,017 59,454 65,370 74,383 88,228 103,951 128,614 161,514 208,428 251,304 279,845

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
6,621 239 -3,849 -6,922 -9,807 -10,731 -9,795 -10,922 -19,580 -27,076 -23,369 4,547
-6,843 -3,011 -887 2,953 3,764 3,709 -886 151 -922 -6,903 -9,948 -3,684
2 3,289 3,803 4,592 6,521 6,839 11,602 12,513 19,590 34,535 34,479 1,687
Net Cash Flow -221 518 -933 623 478 -183 921 1,742 -911 555 1,162 2,551

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 0 27 36 16 22 17 12 19 19 19 18 15
Inventory Days
Days Payable
Cash Conversion Cycle 0 27 36 16 22 17 12 19 19 19 18 15
Working Capital Days -11,693 -4,439 -3,721 -1,044 -1,114 -471 -137 -64 -660 -537 -417 -490
ROCE % 21% 27% 23% 22% 18% 17% 15% 15% 14% 14% 13% 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
58.35 58.35 58.37 60.71 60.71 60.71 60.80 60.80 60.80 60.80 60.80 60.80
7.37 7.85 8.30 8.90 8.46 8.70 8.62 7.98 7.71 8.78 9.07 9.55
7.25 6.74 6.50 6.25 6.74 6.63 6.24 6.35 6.83 6.07 6.09 6.00
27.01 27.04 26.81 24.11 23.96 23.84 24.15 24.68 24.48 24.17 23.87 23.49
0.02 0.03 0.03 0.03 0.13 0.13 0.19 0.19 0.19 0.18 0.18 0.16

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