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 474,600 Cr.
  • Current Price 7,863
  • High / Low 8,010 / 3,101
  • Stock P/E 106
  • Book Value 612
  • Dividend Yield 0.13 %
  • ROCE 9.39 %
  • ROE 12.8 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 28.18% CAGR over last 5 years

Cons

  • Stock is trading at 12.86 times its book value
  • Company has low interest coverage ratio.

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
Revenue 4,261 4,985 5,294 5,805 6,322 7,020 7,227 6,648 6,513 6,656 6,851 6,742
Interest 1,565 1,786 1,913 2,113 2,323 2,489 2,547 2,498 2,358 2,363 2,196 2,254
1,240 1,530 1,532 1,780 1,907 2,289 3,320 2,758 2,785 2,662 2,747 3,035
Financing Profit 1,456 1,670 1,849 1,912 2,092 2,241 1,359 1,392 1,370 1,632 1,908 1,454
Financing Margin % 34% 34% 35% 33% 33% 32% 19% 21% 21% 25% 28% 22%
Other Income 12 7 4 2 1 4 4 2 7 2 4 1
Depreciation 33 41 41 63 71 76 85 84 72 80 90 89
Profit before tax 1,435 1,636 1,812 1,851 2,022 2,170 1,278 1,310 1,305 1,555 1,823 1,366
Tax % 36% 35% 35% 35% 26% 26% 26% 27% 26% 26% 26% 27%
Net Profit 923 1,060 1,176 1,195 1,506 1,614 948 962 965 1,146 1,347 1,002
EPS in Rs 15.98 18.33 20.35 20.61 25.98 26.83 15.76 15.99 16.01 19.02 22.35 16.61
Gross NPA % 1.49% 1.55% 1.54% 1.60% 1.61% 1.61% 1.61% 1.40% 1.03% 0.55% 1.79% 2.96%
Net NPA % 0.53% 0.62% 0.63% 0.64% 0.65% 0.70% 0.65% 0.50% 0.37% 0.19% 0.75% 1.46%

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
Revenue 5,392 7,299 9,970 12,746 18,487 26,375 26,673 26,762
Interest 2,274 2,959 3,853 4,696 6,723 9,608 9,519 9,170
1,752 2,354 3,250 4,115 5,454 9,159 10,839 11,228
Financing Profit 1,367 1,986 2,867 3,935 6,310 7,609 6,314 6,364
Financing Margin % 25% 27% 29% 31% 34% 29% 24% 24%
Other Income 26 35 22 10 13 8 3 15
Depreciation 36 56 71 102 144 295 325 330
Profit before tax 1,357 1,965 2,817 3,843 6,179 7,322 5,992 6,048
Tax % 34% 35% 35% 35% 35% 28% 26%
Net Profit 898 1,279 1,836 2,496 3,995 5,264 4,420 4,460
EPS in Rs 17.90 23.74 33.40 43.19 69.12 87.48 73.35 73.99
Dividend Payout % 10% 10% 11% 9% 9% 11% 14%
Compounded Sales Growth
10 Years:%
5 Years:30%
3 Years:28%
TTM:-2%
Compounded Profit Growth
10 Years:%
5 Years:28%
3 Years:21%
TTM:-11%
Stock Price CAGR
10 Years:62%
5 Years:48%
3 Years:54%
1 Year:143%
Return on Equity
10 Years:%
5 Years:18%
3 Years:17%
Last Year:13%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
50 54 109 115 115 120 120
Reserves 4,750 7,271 9,491 15,733 19,582 32,208 36,798
Borrowings 26,655 37,025 49,250 66,557 101,588 129,806 131,645
1,325 2,624 4,881 2,393 2,948 2,257 2,963
Total Liabilities 32,780 46,973 63,731 84,798 124,233 164,391 171,527
252 290 366 470 695 1,321 1,316
CWIP 0 0 0 0 0 0 51
Investments 326 1,029 4,070 3,139 8,599 17,544 18,397
32,201 45,654 59,295 81,189 114,939 145,526 151,763
Total Assets 32,780 46,973 63,731 84,798 124,233 164,391 171,527

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-7,064 -9,870 -10,439 -20,566 -29,062 -24,412 -881
-360 -687 -3,047 1,075 -5,379 -8,758 -429
6,867 11,656 12,513 19,503 34,449 34,167 1,826
Net Cash Flow -557 1,100 -972 13 9 998 517

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROE % 21% 22% 20% 22% 20% 13%

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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