Bajaj Finance Ltd

Bajaj Finance is 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.

Pros:
Company is expected to give good quarter
Promoter's stake has increased
Company has good consistent profit growth of 40.14% over 5 years
Cons:
Stock is trading at 11.25 times its book value

Peer Comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
Revenue 2,336 2,688 2,662 2,827 3,042 3,346 3,421 3,790 4,045 4,658 4,887 5,298
Interest 956 980 984 1,073 1,141 1,166 1,194 1,290 1,428 1,579 1,644 1,797
741 852 977 1,026 975 1,088 1,063 1,177 1,205 1,459 1,479 1,707
Financing Profit 638 856 702 727 927 1,091 1,165 1,324 1,412 1,620 1,763 1,793
Financing Margin % 27% 32% 26% 26% 30% 33% 34% 35% 35% 35% 36% 34%
Other Income 6 12 8 1 16 3 4 2 48 2 1 7
Depreciation 18 18 20 22 24 27 29 29 32 38 39 56
Profit before tax 626 850 690 706 918 1,067 1,139 1,296 1,429 1,585 1,726 1,744
Tax % 35% 35% 35% 35% 35% 35% 35% 36% 36% 35% 35% 36%
Net Profit 408 556 449 456 594 692 743 834 920 1,023 1,114 1,125
EPS in Rs 7.60 10.27 8.22 8.34 10.73 12.03 12.92 14.49 15.97 17.74 19.31 19.49
Gross NPA % 1.58% 1.47% 1.68% 1.70% 1.68% 1.67% 1.48% 1.39% 1.49% 1.78% 1.80% 0.00%
Net NPA % 0.43% 0.39% 0.44% 0.53% 0.51% 0.53% 0.38% 0.44% 0.00% 0.71% 0.73% 0.00%
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
Revenue 486 584 880 1,393 2,163 3,092 4,042 5,392 7,298 9,966 12,639 17,384 18,888
Interest 170 164 202 383 759 1,221 1,592 2,274 2,959 3,853 4,649 6,037 6,448
298 378 573 644 799 998 1,362 1,752 2,353 3,248 4,067 5,191 5,850
Financing Profit 18 41 106 366 606 874 1,088 1,367 1,986 2,866 3,923 6,156 6,590
Financing Margin % 4% 7% 12% 26% 28% 28% 27% 25% 27% 29% 31% 35% 35%
Other Income 17 15 36 13 8 17 32 26 35 23 10 17 59
Depreciation 5 6 8 10 12 20 29 36 56 71 102 137 165
Profit before tax 30 51 134 370 602 872 1,091 1,357 1,965 2,818 3,831 6,035 6,483
Tax % 31% 34% 33% 33% 33% 32% 34% 34% 35% 35% 35% 36%
Net Profit 21 34 89 247 406 591 719 898 1,279 1,837 2,485 3,890 4,181
EPS in Rs 0.53 0.87 2.28 6.39 9.37 11.68 14.45 17.59 23.36 33.58 43.20 67.44 72.51
Dividend Payout % 18% 22% 25% 15% 12% 13% 11% 10% 10% 11% 9% 9%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:40.40%
5 Years:33.88%
3 Years:33.55%
TTM:38.88%
Compounded Profit Growth
10 Years:60.69%
5 Years:40.14%
3 Years:44.87%
TTM:46.11%
Return on Equity
10 Years:20.82%
5 Years:21.06%
3 Years:21.12%
Last Year:21.98%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
37 37 37 37 41 50 50 50 54 109 115 115
Reserves 1,027 1,052 1,116 1,321 1,971 3,302 3,941 4,750 7,271 9,491 15,702 19,448
Borrowings 1,664 1,611 3,227 6,703 10,226 13,133 19,750 26,655 37,025 49,250 63,629 86,352
1,178 316 214 461 694 1,330 890 1,338 2,639 4,900 2,184 2,599
Total Liabilities 3,904 3,016 4,593 8,523 12,933 17,815 24,630 32,793 46,988 63,750 81,630 108,515
14 20 50 103 139 176 220 249 287 361 465 654
CWIP 0 0 0 0 0 0 0 0 0 0 0 0
Investments 327 274 302 6 5 5 28 332 1,034 4,075 3,653 10,370
3,564 2,722 4,241 8,415 12,788 17,634 24,382 32,211 45,667 59,314 77,512 97,490
Total Assets 3,904 3,016 4,593 8,523 12,933 17,815 24,630 32,793 46,988 63,750 81,630 108,515

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
-102 -132 -1,560 -2,842 -4,568 -3,251 -6,087 -7,147 -9,871 -10,440 -17,191 -15,776
-304 43 -66 -59 -51 -56 -96 -365 -686 -3,048 505 -6,638
79 -57 1,607 3,458 3,807 3,664 6,543 6,953 11,656 12,516 16,589 22,426
Net Cash Flow -328 -147 -19 557 -812 357 360 -559 1,099 -972 -97 13

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROE % 2% 3% 8% 20% 24% 22% 20% 20% 21% 22% 20% 22%

Credit Ratings