Report as on 8 September 2023 at 10:46 PM

STRONG
LONG TERM FUNDAMENTALS
8 Consecutive Bajaj
Positive Results Finance
Mildly Bullish
Technical Trend Buy

High (33%) CMP: 7,410.65

Institutional Holding
STOCK INFO:

Largest Company
BSE – 500034/ NSE – BAJFINANCE
Market Cap - Large Cap (Rs. 4,49,404 cr)
Sector – Finance/NBFC
in Finance/NBFC sector 52 w H/L (Rs.) – 7999.9/5485.7
Dividend Yield: 0.41%
Debt Equity: 3.99%
Return on Equity: 21.16%
Price to Book: 8.21

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Bajaj Finance
CMP: 7,410.65 Buy 71
Report as on 8 September 2023 at 10:46 PM
Strong Sell Sell Hold Buy Strong Buy

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WHY IT’S A BUY? IS THIS STOCK FOR YOU?

Medium Risk, Low Return (1 Year)
Strong Long Term Fundamental Strength with an
average Return on Equity (ROE) of 17.16% Absolute Risk Volatility
Adjusted
-Healthy long term growth as Operating profit has
grown by an annual rate of 27.11% Bajaj Finance 2.11% 0.09 23.97%
SENSEX 11.58% 1.08 10.77%
The company has declared Positive results for
the last 8 consecutive quarters How much should you buy? -
-NET SALES(Q) Highest at Rs 12,497.81 cr Overall Portfolio exposure to Bajaj Finance should be
-PBDIT(Q) Highest at Rs 8,804.26 cr. less than 10%
-OPERATING PROFIT TO NET SALES(Q) Highest at Overall Portfolio exposure to Finance/NBFC should be
70.45% less than 30%
(If sector exposure > 30%, please use optimiser tool to
Stock is technically in a Mildly Bullish range see which are the best stocks to hold in Finance/NBFC)
-The stocks MACD and Bollinger Band technical When to exit? - We will constantly monitor the company
factors are also Bullish and suggest at the appropriate time to exit from the
stock
High Institutional Holdings at 33%
-These investors have better capability and RETURNS SUMMARY (Price + Dividend)
resources to analyse fundamentals of companies The stock gave a total returns of 2.52% in the last 1 year
than most retail investors. Underperforming Sensex returns of 11.58%
-Their stake has increased by 0.85% over the 200%

previous quarter.
100%
With its market cap of Rs 4,46,198 cr, it is the
biggest company in the sector and constitutes 0%
13.53% of the entire sector
-Its annual Sales of Rs 44,615.32 are 2.44% of the -100%

industry
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Bajaj Finance Ltd SENSEX

WHAT ARE YOUR RISKS? Investors Returns (3 years) –

With ROE of 21.2, it has a Very Expensive valuation Period 6M 1Y 2Y 3Y
with a 8.3 Price to Book Value
Stock (%) 24.08% 2.52% -0.03% 113.44%
-The stock is trading at a premium compared to its
average historical valuations Sector (%) 29.72% 29.72% 18.15% 109.74%
-Over the past year, while the stock has generated a Sensex (%) 10.36% 11.58% 14.33% 73.59%
return of 2.11%, its profits have risen by 43.2% ; the PEG
ratio of the company is 0.8
Underperformed the market in the last 1 year
-The stock has generated a return of 2.11% in the last 1
year, much lower than market (BSE 500) returns of
12.64%

MOJO PROFESSIONAL 1
Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis service is only for
PAID SUBSCRIBERS of www.marketsmojo.com

This Real-Time Stock Analysis Report was

generated on 8th September, 2023 at 10:46 PM,
and may not be valid if you are reading it later.

Some factors/data, as well as the buy/sell/hold call

might have changed.

To access the LATEST version of this report.

Click Here

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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

QUALITY

STRONG LONG TERM FUNDAMENTAL

STRENGTH WITH AN AVERAGE RETURN ON
EQUITY (ROE) OF 17.16%

High Growth in Net Sales 60000Cr

of 26.4% CAGR
26.4% Net Sales has seen a high growth of
44,615

CAGR 30.55% over previous period

40000Cr
34,175

27,216 26,761

18,887
20000Cr
13,713

0Cr
Jun 2018 Jun 2019 Jun 2020 Jun 2021 Jun 2022 Jun 2023

Total Debt Debt to Equity Ratio

Low Debt to Equity Ratio Jun 2023 216,690.49 4.12
Company’s average Debt to Equity ratio over the past few years Jun 2022 183,272.72 3.81
is low at 4.12 times
Jun 2021 145,020.36 3.95
Debt to Equity Ratio has seen a high growth of 33.33% over Jun 2020 124,899.55 4.07
previous period
Jun 2019 119,851.57 3.76

ROE
The company has been able to generate a Return on Equity
17.16% ROE
(avg) of 17.16% signifying high profitability per unit of
shareholders funds

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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

FINANCIAL TREND
Positive

THE COMPANY HAS DECLARED

results for

POSITIVE RESULTS FOR THE LAST 8 8

CONSECUTIVE QUARTERS consecutive
quarters

Near term sales trend is positive 12 497.81

34.6% Net Sales (Rs Cr)

At Rs 12,497.81 cr has Grown at 34.61 % 9 284.26
9 970.24
10 784.31
11 362.96

Sales Growth Year on Year (YoY)

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023

Near term Operating Profit trend 8 804.26

is quite positive 7 982.05
Rs 6 258.02
6 842.47
7 479.4

8,804.3 cr Operating Profit (Rs Cr)

Highest at Rs 8,804.26 cr. and Grown
Operating Profit each quarter in the last five quarters
- Quarterly

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023

Company's efficiency has 67.4 68.63 69.35 70.25 70.45

70.5% improved
Operating Profit to Sales
Operating Profit Highest at 70.45% and Grown
Margin - each quarter in the last five quarters
Quarterly

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023

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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

FINANCIAL TREND

Near term PBT trend is positive

29.9% PBT less Other Income (Rs Cr)
4 548.48
4 257.59
4 009.96
At Rs 4,548.48 cr has Grown at 29.91 % 3 501.16
3 750.23

PBT Growth Year on Year (YoY)

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023

Near term PAT trend is positive 3 436.89

32.4%
3 157.79
PAT (Rs Cr) 2 780.65
2 973
2 596.25
At Rs 3,436.89 cr has Grown at 32.4 %
PAT Growth Year on Year (YoY)

Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023

Increasing profitability; company

Rs 56.8 has created higher earnings for 52.24
56.79

shareholders 46.03
49.2

cr EPS (Rs)
43.01

Earnings per Highest at Rs 56.79

Share (EPS) - in the last five quarters
Quarterly
Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023

Jun'23 Jun'22 Change%

Net Sales 12,497.8 9,284.3 34.6%
Key Operating Profit (PBDIT) excl Other Income 8,804.3 6,258.0 40.7%
Result Interest 4,102.5 2,645.5 55.1%
Highlights Exceptional Items 0.0 0.0
Consolidated Net Profit 3,436.9 2,596.3 32.4%
Operating Profit Margin (Excl OI) 71.7 69.7 2.1%
Consolidate- figures in Rs
Cr

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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

TECHNICALS

STOCK IS TECHNICALLY IN A MILDLY

BULLISH RANGE
Mildly Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

7,410.65 7,319.56 6,607.83

Factors with upward momentum

Indicator Technical Trend
MACD Bullish (monthly)
Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
Dow Theory Mildly Bullish (weekly)
OBV Mildly Bullish (weekly)

Underperformed the market in the last 1 year

3 Months 1 Year 3 Years

111.73%
9.58% 12.64%
87.03%

5.71%

2.11%

Stock BSE 500 Stock BSE 500 Stock BSE 500

MOJO PROFESSIONAL 6
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rights and a violation of law and it may also result in cancellation of your subscription package without any refund and may lead to legal action.

Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

SHAREHOLDING

INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 33 % OF THE COMPANY
These investors have better capability and resources 40%

to analyse fundamentals of companies than most 32.63% 32.01% 32.65% 32.30% 32.15% 33.00%
retail investors. 30%

Their stake has increased by 0.85% over the previous

quarter.
20%

10%

0%
Mar 22 Jun 22 Sep 22 Dec 22 Mar 23 Jun 23

Insurance
Companies
2.59%
FIIs
16.68%
Shareholding Snapshot : Jun 23
Other Majority shareholders : Promoters
Mutual Funds 0.13%
9.15%
Non Instituti… Pledged Promoter Holdings : None
11.14%
Mutual Funds : Held in 40.00 Schemes (9.15%)
Other DIIs
4.58% FIIs : Held by 1003 FIIs (16.68%)
Promoters
55.87% Promoter with highest holding : Bajaj Finserv Limited (52.45%)
Highest Public shareholder : Government Of Singapore - E (3.41%)
Individual Investors Holdings : 8.68%

FII
25%

19.98%
holding has increased by 0.98% 20%
17.07%
16.37% 16.68%
15.70%
Number of FIIs holding stake in the company has 15%
increased to 1003 from 953
10%

5%

0%
Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023

MOJO PROFESSIONAL 7
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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

SIZE

BIGGEST COMPANY IN THE INDUSTRY

FINANCE/NBFC.

Bajaj Finance is
market cap)
13.53% of the entire Finance/NBFC Industry (by

Contribution to Industry Size

Contribution to Industry Size 150

100 100 100 100 100

100
Bajaj Finance has been the largest company in the
industry for the past 1 years 79.85 81.55
81.88 84.68 86.47
50
The size of the company’s contribution to
Industry’s Market Cap has decreased for the last 3 18.12 20.15 18.45 15.32 13.53
consecutive years
0
DEC-2019 DEC-2020 DEC-2021 DEC-2022 Sep-2023

Rest industry Bajaj Finance

Bajaj Finance contributes 2.44% of the

97.56%
93.12% industry’s Sales and 6.88% of Profits

2.44%
6.88%

Bajaj Finance Rest of the Industry

Companies which form a sizable part of the industry generally enjoy a competitive edge due to the scale of their business

MOJO PROFESSIONAL 8
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rights and a violation of law and it may also result in cancellation of your subscription package without any refund and may lead to legal action.

Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

FACTORS
NOT WORKING
FOR THE COMPANY


MOJO PROFESSIONAL 9
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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

VALUATION

WITH ROE OF 21.2, IT HAS A VERY

EXPENSIVE VALUATION WITH A 8.3 PRICE
TO BOOK VALUE
Expensive

Very Expensive Bajaj Finserv Bajaj Finance

valuation
HDFC Life Insur.

Valuation Life Insurance

as compared to its Fundamentals

Jio Financial

Attractive
Weak Fundamental Strong

Very
Price to Book Value vs ROE
24 12.5
Fundamental

Expensive

Valuation
12 7.5

0 2.5
as compared to its
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Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Bajaj Finance Very Expensive 8.3 36.3 0.8 0.4%
Valuation
Multiples Life Insurance Fair 9.2 9.1 0 0.4%
vs Peers Bajaj Finserv Very Expensive 5.3 34.9 0.9 0.1%
Jio Financial Does not qualify 9.1 5149.7 0 0%
HDFC Life Insur. Expensive 10.9 99.4 99.4 0.3%

MOJO PROFESSIONAL 10
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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

RETURNS

UNDERPERFORMED THE MARKET IN THE

LAST 1 YEAR
The stock has generated 200%
a return of 2.11% in the
last 1 year, much lower 100%

2.11% than market (BSE 500)

returns of 12.64% 0%

UP -100%

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Bajaj Finance Ltd BSE500

Underperfomer against Large Cap companies

Bajaj Finance Ltd has been in the Third and
Fourth Quartile in the YTD

3rd
Quartile
3rd
Quartile
3rd
Quartile
Stock has been in the 3rd quartile in 2022
and in the YTD period

YTD 2022 2021

12.71% -5.76% 31.77%

Company 1 Month 3 Month 1 Year 3 Years

Bajaj Finance 3.3% 5.71% 2.11% 111.73%
Return Life Insurance 4.74% 11.73% 3.1% -
Comparison
Bajaj Finserv 1.67% 5.02% -11.35% 147.18%
with Peers
Closest peers by Jio Financial - - - -
market cap HDFC Life Insur. 1.86% 10.7% 12.51% 12.99%

MOJO PROFESSIONAL 11
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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

RESULT
ANALYSIS 

MOJO PROFESSIONAL 12
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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

QUARTERLY VARIANCE

QUARTER RESULTS VARIANCE ANALYSIS

Jun'23 Mar'23 QoQ Jun'22 YoY Comments
Total Operating income 12,498 11,363 10% 9,284 34.6% High Growth in previous quarter
and same quarter last year
Total Expenditure (Excl Depreciation) 3,694 3,381 9.3% 3,026 22.1% High Growth in previous quarter
and same quarter last year
Operating Profit (PBDIT) excl Other Income 8,804 7,982 10.3% 6,258 40.7% High Growth in previous quarter
and same quarter last year
Other Income 3 4 -22.9% 2 70.6%
Operating Profit (PBDIT) 8,807 7,986 10.3% 6,260 40.7% High Growth in previous quarter
and same quarter last year
Interest 4,103 3,592 14.2% 2,645 55.1% High Growth in previous quarter
and same quarter last year
Exceptional Items 0 0 0% 0 0%
Depreciation 156 134 16.4% 111 40.1% High Growth in previous quarter
and same quarter last year
Profit Before Tax 4,551 4,261 6.8% 3,503 29.9% High Growth in previous quarter
and same quarter last year
Tax 1,114 1,103 1% 907 22.9% QoQ and YoY increase
Provisions and contingencies 0 0 0% 0 0%
Net Profit 3,434 3,156 8.8% 2,596 32.3% High Growth in previous quarter
and same quarter last year
Share in Profit of Associates 3 2 75.8% 0 0%
Minority Interest 0 0 0% 0 0%

Other related items 0 0 0% 0 0%

Consolidated Net Profit 3,437 3,158 8.8% 2,596 32.4% High Growth in previous quarter
and same quarter last year

Consolidate results triggered in Rs Cr

Margins
Jun'23 Mar'23 Dec'22 Sep'22 Jun'22 Avg. (4 Comments
Qtrs)
OPM 71.7% 71.9% 71.1% 70.6% 69.7% 70.8% In line with average (4 Qtrs)
GPM 38.3% 39.6% 39.3% 40.0% 40.2% 39.8% Lower than average (4 Qtrs)
NPM 28.0% 28.5% 28.3% 28.7% 28.9% 28.6% In line with average (4 Qtrs)

MOJO PROFESSIONAL 13
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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2023 IS 30.87% VS 18.65% IN MAR
2022
Consolidated Net Profit: YoY Growth in year ended Mar 2023 is 63.74% vs 59.02% in Mar
2022
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2023 is
45.48% vs 24.93% in Mar 2022
Interest: YoY Growth in year ended Mar 2023 is 28.77% vs 3.61% in Mar 2022 30.87%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2023 has improved from NET SALES
Mar 2022

Mar'23 Mar'22 Change(%)

Net Sales 41,406.92 31,640.45 30.87%
Key Operating Profit (PBDIT) excl Other Income 28,563.36 19,634.45 45.48%
Annual Interest 12,559.89 9,753.70 28.77%
Results Exceptional Items 0.00 0.00
Consolidated Net Profit 11,507.69 7,028.23 63.74%
Operating Profit Margin (Excl OI) 70.88 63.86 7.02%

Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2023 is 30.87% vs Consolidated Net Profit-YoY Growth in year ended Mar 2023
18.65% in Mar 2022 is 63.74% vs 59.02% in Mar 2022
50000 20000
41,406.92
31,640.45
26,373.80 26,668.10 11,507.69
25000 18,487.14 10000 7,028.23
5,263.75 4,419.82
3,994.99

0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2023 is 45.48% vs 24.93% in Mar 2022 Mar 2023 has improved from Mar 2022
40000 100
28,563.36 70.30 70.88
65.13 63.86
59.30
19,634.45
20000 17,078.13 15,716.58 50
12,933.83

0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023

Figures in Rs Crore

MOJO PROFESSIONAL 14
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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW

ANALYSIS

30.29% Borrowings
Mar'23
3,74,591.90
Mar'22
2,87,500.60
Change%
30.29%

Increase
Other Long Term Liabilities 351.81 532.24 -33.90%
Fixed Assets 2,322.22 1,729.57 34.27%
Investments 22,751.84 12,245.54 85.80%
in Borrowings in quarter Current Assets 29,081.32 17,913.72 62.34%
ended Mar 2023 vs in
Figures in Rs Cr
Mar 2022

Other Long Term Liabilities: YoY Growth in year ended Mar 2023 is -33.90% vs 26.87% in Mar 2022
Fixed Assets: YoY Growth in year ended Mar 2023 is 34.27% vs 30.75% in Mar 2022
Investments: YoY Growth in year ended Mar 2023 is 85.80% vs -33.44% in Mar 2022
Current Assets: YoY Growth in year ended Mar 2023 is 62.34% vs -19.29% in Mar 2022

Cash From Operation - YoY Growth in year ended Mar

-13.62% 2023 is -13.62% vs -4,494.49% in Mar 2022
Mar'23 Mar'22 Change%
GROWTH Cash Flow from Operating Activities -42,140.40 -37,089.90 -13.62%
Figures in Rs Cr

0
-807.27

-20000

-24,411.70
-29,061.53
-40000 -37,089.90
-42,140.40

-60000
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023

MOJO PROFESSIONAL 15
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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

PEER COMPARISION

PEER COMPARISON
Bajaj Finance Life Insurance Bajaj Finserv Jio Financial HDFC Life Insur.
Size
Market Cap (Cr.) 448,581 426,463 245,857 160,929 141,468
Annual Sales (TTM) (Cr.) 44,615 805,992 89,463 42 86,888
Annual Net Profit (TTM) (Cr.) 12,348 47,029 7,051 31 1,424
Growth Factors (TTM)
Net Sales Growth 1 year 30.5% 0.5% 27.2% -0.7% 47.2%
Operating Profit Growth 1 year 40.4% 2969% 39.3% -75% -96.7%
Net Profit Growth 1 year 43.2% 800% 40.1% -81% 2.7%
Net Sales Growth 5 year 26.4% 26.3% 21.3% -72% 21.3%
Operating Profit Growth 5 year 26.8% 476.7% 22.4% -74.5% -60.5%
Net Profit Growth 5 year 33.9% 254.2% 19.5% -81.4% 1.9%
Capital Structure Factors
EBIT to Interest 2.2 43097.5 2.3 - 26.1
Debt to EBITDA 7.6 - 7.2 20.6 -14.3
Net Debt to Equity 3.9 -0.8 4.5 -0.6 -0
Sales to Capital Employed 0.2 1065.9 0.3 - 5.5
Management Quality Factors

ROCE (latest) 10.5% 4529.9% 11.5% 0.5% -0.5%

ROE(latest) 21.2% 82.2% 13.8% - 10.3%
Tax Ratio 25.9% 12.9% 27.4% - 5.5%
Operating CF to Net Profit -366.2% 143.5% -615.2% - 515.3%
Dividend Payout Ratio 15.8% 5.2% 2% - 29.9%
Valuation Factors
PE Ratio 36.3 9.1 34.9 5149.7 99.4
Price to Book 8.3 9.2 5.3 9.1 10.9
PEG Ratio 0.8 - 0.9 - 99.4
Dividend Yield 0.4% 0.4% 0.1% - 0.3%
EV to EBITDA 21.2 8.8 13.8 4165.3 5409.8
EV to Capital Employed 2.5 517.5 1.8 21.4 11.1
Shareholding
Promoter Holdings 55.9% 96.5% 60.8% 45.8% 50.3%
Promoter Pledged Holdings - - 0% - -
Total Institutional Holding 33% 0.9% 14.5% 42.8% 37.1%
FII Holdings 16.7% 0.1% 6.9% 26.4% 30.9%
Returns
1 Month 3.1% 4.8% 1.7% - 1.9%
3 Months 5.7% 11.7% 5% - 10.8%
YTD 12.7% -1.5% -0.5% - 16.2%
1 Year 2.1% 3.1% -11.4% - 12.6%
3 Years 111.7% - 147.3% - 13.2%

MOJO PROFESSIONAL 16
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Bajaj Finance BUY | Report as on 8 September 2023 at 10:46 PM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

Bajaj Finance Limited (Formerly Known as Bajaj Auto Finance Limited), is a
INDUSTRY : subsidiary of Bajaj Finserv Limited. The Company is engaged in business of lending
Finance/NBFC and acceptance of deposits. It has a diversified lending portfolio across retail,
SMEs, and commercial customers with significant presence in both urban and rural
India. It accepts public and corporate deposits and offers variety of financial
449,404 cr (Large Cap) services products to its customers.

Part of SENSEX

Board of Directors
Madhur Bajaj Director

Rajiv Bajaj Director

Sanjiv Bajaj Chairman (Non-Executive)

D J Balaji Rao Independent Director

Rajeev Jain Managing Director

5 more board of directors

Company Coordinates

Company Details: Registrat Details:

Akrudi , Pune Maharashtra : 411035 Karvy Computershare Pvt Ltd, Plot No 17-24 , Near Image
Tel: 020-30186072 Hospital,, Reliance Cybervilae,Vithalrao Nagar,, Madhapur,
Fax: 020-30186364 Hyderabad
Email: [email protected] Fax: 91-040-23420814
Website: www.bajajfinserv.in/finance Email: [email protected]

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