Bajaj Finance (BAJFINANCE) — concall transcript

1 concall transcript 🟡 Notable Neutral 📄 PDF

2 concall transcript 🟡 Notable Neutral 📄 PDF

📢 Key Event
Bajaj Finance reported FY24 PAT of INR14,451 crores, up 21% YoY, with ROE at 22.1% and net NPA at 0.37%.

🔄 What Changed

PAT growth of 21% YoY and ROE increase to 22.1% (FY24) represent material improvements; credit cost guidance of 175-185 bps and GNPA/NNPA range of 85-100 bps and 37 bps respectively are stable but notable; AUM growth of 34% YoY to INR330,600 crores is a key driver of change.

🔮 What's Next
FY25 AUM growth of 26-28%, targeting 12-14 million new customers; ROA guidance of 4.6-4.8%; credit costs to remain at 175-185 bps; GNPA/NNPA expected to stay within 85-100 bps and 37 bps ranges; gold loan breakeven in 18-24 months; INR1,000 crores profit target for gold/banking businesses in 3-4 years.

💡 Investor Takeaway
Bajaj Finance delivered strong FY24 profitability and growth, with clear FY25 targets focused on secured lending expansion and regulatory compliance, though rural B2C remains a monitored risk.

Bajaj Finance reported FY24 PAT of INR14,451 crores, up 21% YoY, with ROE at 22.1% and net NPA at 0.37%. AUM reached INR330,600 crores (+34% YoY), driven by 14.5 million new customers. Management highlighted strong rural B2C growth but noted regulatory constraints on eCOM and Insta EMI Card. It projects 26-28% AUM growth in FY25, targeting 12-14 million new customers and 4.6-4.8% ROA. Credit costs are expected to remain stable at 175-185 bps, with GNPA/NNPA guidance at 85-100 bps and 37 bps respectively. The company emphasized a strategic shift toward secured lending, with gold loan and SME segments expanding. It also outlined plans for Bajaj Housing Finance's listing by September 2025, maintaining a diversified model with ~35% customer overlap. Credit cost guidance of 1.75%-1.85% was reaffirmed, and asset quality remains a priority amid competitive pressures.

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About Bajaj Finance Ltd (BAJFINANCE)

Financial Services · Finance · Listed on BSE

Market Cap: ₹6,58,083.37 Cr P/E: 32.4 ROE: 18.1% ROCE: 10.4% Div Yield: 0.57%

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