External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Despite the rising scale and complexity of its operations, Bajaj Finance (BAF) has continued to deliver a healthy ~26% AUM CAGR from FY22-FY24E</li><li>This growth is largely attributed to a rebound in the acquisition engine through an omni-channel strategy, enhanced cross-sell of loans and other products, and the addition of new verticals</li><li>Despite the RBI-imposed embargo on Insta EMI cards and e-commerce loans (~4-5% of disbursements) and higher risk weights, we expect BAF to deliver on key metrics although the near-term growth is likely to taper off moderately.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite the rising scale and complexity of its operations, Bajaj Finance (BAF) has continued to deliver a healthy ~26% AUM CAGR from FY22-FY24EThis growth is largely attributed to a rebound in the acquisition engine through an omni-channel strategy, enhanced cross-sell of loans and other products, and the addition of new verticalsDespite the RBI-imposed embargo on Insta EMI cards and e-commerce loans (~4-5% of disbursements) and higher risk weights, we expect BAF to deliver on key metrics although the near-term growth is likely to taper off moderately.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finance: Value Emerging, Upgrade to BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The Reserve Bank of India (RBI) has directed Bajaj Finance Ltd. (BAF) to stop sanction and disbursal of loans under its two lending products – ‘eCOM’ and ‘Insta EMI Card’, with immediate effect.</li><li>This action has been initiated owing to the non-adherence of BAF to the extant provisions of digital lending guidelines of the RBI, particularly the non-issuance of Key Fact Statements (KFS) to the borrowers under these two lending products and the deficiencies in the KFS issued in respect of other digital loans sanctioned by the company.</li><li>The RBI shall review these restrictions only upon the rectification of these grievances to the regulator’s satisfaction.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Reserve Bank of India (RBI) has directed Bajaj Finance Ltd. (BAF) to stop sanction and disbursal of loans under its two lending products – ‘eCOM’ and ‘Insta EMI Card’, with immediate effect.This action has been initiated owing to the non-adherence of BAF to the extant provisions of digital lending guidelines of the RBI, particularly the non-issuance of Key Fact Statements (KFS) to the borrowers under these two lending products and the deficiencies in the KFS issued in respect of other digital loans sanctioned by the company.The RBI shall review these restrictions only upon the rectification of these grievances to the regulator’s satisfaction.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finance Ltd - RBI Restricts Disbursal of Loans Under Two Digital Lending Products

<ul><li>Healthy operating metrics: BAF reported a healthy quarter across financial and operational metrics.</li><li>The company added 3.58 Mn customers during the quarter (vs. 2.6/3.8 Mn customers YoY/QoQ), taking the total customer base to 76.6 Mn customers (+22/5% YoY/QoQ).</li><li>The company booked ~8.5 Mn loans during the quarter (+25% YoY, -14% QoQ, largely seasonal) </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy operating metrics: BAF reported a healthy quarter across financial and operational metrics.The company added 3.58 Mn customers during the quarter (vs. 2.6/3.8 Mn customers YoY/QoQ), taking the total customer base to 76.6 Mn customers (+22/5% YoY/QoQ).The company booked ~8.5 Mn loans during the quarter (+25% YoY, -14% QoQ, largely seasonal) Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finance Ltd - Healthy Quarter; Growth Momentum to Continue!

<ul><li>Bajaj Finance (BAF) is one of India’s largest NBFCs for consumer finance with a wide product portfolio comprising of loans for two-wheelers, consumer durables, housing, and small businesses among others.</li><li>The company operates its business through 1,400+ urban and 2,400+ rural lending branches, with over 1.6+ Lc distribution points and caters to a customer base of 73 Mn as on Jun’23.</li><li>AUM growth levers intact: In Q1FY24, BAF reported a strong operational performance adding 3.84 Mn customers (+41%/24% YoY/QoQ) and booking ~9.9 Mn (+34%/31% YoY/QoQ) loans. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finance (BAF) is one of India’s largest NBFCs for consumer finance with a wide product portfolio comprising of loans for two-wheelers, consumer durables, housing, and small businesses among others.The company operates its business through 1,400+ urban and 2,400+ rural lending branches, with over 1.6+ Lc distribution points and caters to a customer base of 73 Mn as on Jun’23.AUM growth levers intact: In Q1FY24, BAF reported a strong operational performance adding 3.84 Mn customers (+41%/24% YoY/QoQ) and booking ~9.9 Mn (+34%/31% YoY/QoQ) loans. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week - Bajaj Finance Ltd - 03 OCT 2023

<ul><li>Healthy operating metrics: BAF added 3.84 Mn customers during the quarter (vs 2.7/3.1 Mn customers YoY/QoQ, +41%/24% YoY/QoQ), taking the total customer base to 73 Mn customers (+21%/6% YoY/QoQ).</li><li>The company booked ~9.9 Mn (+34%/31% YoY/QoQ) loans during Q1FY24.</li><li>Encouraging operational performance: AUM growth was driven by rural business (+21%/7% YoY/QoQ) and mortgages (+27%/7% YoY/QoQ) and pick-up in 2/3-Wheeler finance (+48%/14% YoY/QoQ). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy operating metrics: BAF added 3.84 Mn customers during the quarter (vs 2.7/3.1 Mn customers YoY/QoQ, +41%/24% YoY/QoQ), taking the total customer base to 73 Mn customers (+21%/6% YoY/QoQ).The company booked ~9.9 Mn (+34%/31% YoY/QoQ) loans during Q1FY24.Encouraging operational performance: AUM growth was driven by rural business (+21%/7% YoY/QoQ) and mortgages (+27%/7% YoY/QoQ) and pick-up in 2/3-Wheeler finance (+48%/14% YoY/QoQ). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finance Ltd. - Strong Start to FY24, Momentum To Continue!

India

Bajaj Finance is an Indian deposit-taking non-banking financial company (NBFC) that offers a diversified portfolio of financial products and services. These include consumer loans, SME and commercial lending, rural lending, fixed deposits, and various investment and insurance products. The company is headquartered in Pune, India, and was founded on March 25, 1987.

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Bajaj Finance (BAF IN)

Bajaj Finance: Value Emerging, Upgrade to BUY

Despite the rising scale and complexity of its operations, Bajaj Finance (BAF) has continued to deliver a healthy ~26% AUM CAGR from FY22-FY24E

HDFC Securities

Bajaj Finance Ltd - RBI Restricts Disbursal of Loans Under Two Digital Lending Products

(BAF) to stop sanction and disbursal of loans under its two lending products – ‘eCOM’ and ‘Insta EMI Card’, with immediate effect.

Axis Direct

Bajaj Finance Ltd - Healthy Quarter; Growth Momentum to Continue!

The company added 3.58 Mn customers during the quarter (vs. 2.6/3.8 Mn customers YoY/QoQ), taking the total customer base to 76.6 Mn customers (+22...

Axis Direct

Pick of the Week - Bajaj Finance Ltd - 03 OCT 2023

The company operates its business through 1,400+ urban and 2,400+ rural lending branches, with over 1.6+ Lc distribution points and caters to a...

Axis Direct

Bajaj Finance Ltd. - Strong Start to FY24, Momentum To Continue!

Healthy operating metrics: BAF added 3.84 Mn customers during the quarter (vs 2.7/3.1 Mn customers YoY/QoQ, +41%/24% YoY/QoQ),

Axis Direct

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