Bajaj Finance Ltd

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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)

  • Market Cap 328,103 Cr.
  • Current Price 5,445
  • High / Low 5,922 / 1,783
  • Stock P/E 89.0
  • Book Value 557
  • Dividend Yield 0.18 %
  • ROCE 12.2 %
  • ROE 19.0 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 40.30% CAGR over last 5 years
  • Company's median sales growth is 36.55% of last 10 years

Cons

  • Stock is trading at 9.77 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

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
Revenue 3,421 3,790 4,049 4,658 4,879 5,302 5,697 6,312 6,511 5,901 5,780 5,845
Interest 1,194 1,290 1,426 1,579 1,644 1,797 1,952 2,052 2,056 1,985 1,868 1,870
1,063 1,177 1,174 1,463 1,474 1,707 1,822 2,196 3,173 2,656 2,666 2,482
Financing Profit 1,165 1,324 1,449 1,616 1,761 1,798 1,923 2,065 1,281 1,260 1,246 1,493
Financing Margin % 34% 35% 36% 35% 36% 34% 34% 33% 20% 21% 22% 26%
Other Income 4 2 12 7 4 2 1 4 4 1 7 2
Depreciation 29 29 32 38 39 56 64 70 81 77 67 73
Profit before tax 1,139 1,296 1,429 1,585 1,726 1,744 1,860 1,999 1,205 1,184 1,186 1,422
Tax % 35% 36% 36% 35% 35% 36% 26% 26% 26% 27% 26% 26%
Net Profit 743 834 920 1,023 1,114 1,125 1,377 1,488 892 870 877 1,049
EPS in Rs 12.85 14.43 15.92 17.70 19.27 19.40 23.74 24.73 14.82 14.45 14.55 17.40
Gross NPA % 1.48% 1.39% 1.49% 1.78% 1.80% 1.89% 1.93% 1.96% 1.61% 1.60%
Net NPA % 0.38% 0.44% 0.71% 0.73% 0.75% 0.78% 0.85% 0.65% 0.64%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
Revenue 584 880 1,393 2,163 3,092 4,042 5,392 7,298 9,966 12,639 17,386 23,824 24,037
Interest 164 202 383 759 1,221 1,592 2,274 2,959 3,853 4,649 6,037 7,990 7,779
378 573 644 799 998 1,362 1,752 2,353 3,248 4,067 5,189 8,763 10,978
Financing Profit 41 106 366 606 874 1,088 1,367 1,986 2,866 3,923 6,159 7,071 5,280
Financing Margin % 7% 12% 26% 28% 28% 27% 25% 27% 29% 31% 35% 30% 22%
Other Income 15 36 13 8 17 32 26 35 23 10 13 8 14
Depreciation 6 8 10 12 20 29 36 56 71 102 137 271 298
Profit before tax 51 134 370 602 872 1,091 1,357 1,965 2,818 3,831 6,035 6,808 4,996
Tax % 34% 33% 33% 33% 32% 34% 34% 35% 35% 35% 36% 28%
Net Profit 34 89 247 406 591 719 898 1,279 1,837 2,485 3,890 4,881 3,686
EPS in Rs 0.80 2.11 5.82 8.50 11.87 14.34 17.90 23.74 33.40 42.99 67.31 81.12 61.22
Dividend Payout % 22% 25% 15% 12% 13% 11% 10% 10% 11% 9% 9% 12%
Compounded Sales Growth
10 Years:39%
5 Years:35%
3 Years:34%
TTM:8%
Compounded Profit Growth
10 Years:49%
5 Years:40%
3 Years:39%
TTM:-28%
Stock Price CAGR
10 Years:56%
5 Years:53%
3 Years:49%
1 Year:29%
Return on Equity
10 Years:20%
5 Years:20%
3 Years:20%
Last Year:19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
37 37 37 41 50 50 50 54 109 115 115 120 120
Reserves 1,052 1,116 1,321 1,971 3,302 3,941 4,750 7,271 9,491 15,702 19,448 31,693 33,469
Borrowings 1,611 3,227 6,703 10,226 13,133 19,750 26,655 37,025 49,250 63,629 86,352 104,206 99,246
316 213 460 690 1,321 878 1,325 2,624 4,880 2,169 2,585 1,984 2,859
Total Liabilities 3,016 4,593 8,522 12,929 17,806 24,618 32,780 46,973 63,730 81,615 108,500 138,004 135,694
20 50 103 139 176 220 249 287 361 465 654 1,228 1,198
CWIP 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments 274 302 6 5 5 28 332 1,034 4,075 3,653 10,370 20,139 27,178
2,722 4,240 8,414 12,785 17,625 24,370 32,198 45,652 59,295 77,497 97,475 116,636 107,318
Total Assets 3,016 4,593 8,522 12,929 17,806 24,618 32,780 46,973 63,730 81,615 108,500 138,004 135,694

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
-132 -1,560 -2,842 -4,568 -3,251 -6,087 -7,147 -9,871 -10,440 -17,191 -15,694 -14,127
43 -66 -59 -51 -56 -96 -365 -686 -3,048 505 -6,638 -9,633
-57 1,607 3,458 3,807 3,664 6,543 6,953 11,656 12,516 16,589 22,344 24,194
Net Cash Flow -147 -19 557 -812 357 360 -559 1,099 -972 -97 13 435

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROE % 3% 8% 20% 24% 22% 20% 20% 21% 22% 20% 22% 19%

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
55.14 55.14 55.15 55.15 55.17 58.26 58.26 56.15 56.20 56.20 56.12 56.12
19.46 20.05 20.08 20.07 20.67 21.28 20.65 22.22 21.16 21.24 21.31 23.89
8.98 8.80 8.64 8.85 8.50 8.26 8.58 10.46 10.89 10.11 10.70 9.07
15.94 15.64 15.86 15.68 15.47 11.78 12.14 10.87 11.46 12.22 11.55 10.64
0.49 0.38 0.26 0.24 0.19 0.42 0.37 0.30 0.29 0.22 0.32 0.28

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