External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)</li><li>Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)</li><li>While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25</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: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25Content 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.

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Motilal Oswal's research report onBajaj Finance BAF’s 1QFY25 reported PAT grew 14% YoY to ~INR39.1b (in line).</li><li>NII grew 25% YOY to ~INR83.6b (in line).</li><li>Non-interest income stood at ~INR20.5b (+21% QoQ and +22% YoY) due to the resumption of EMI card sourcing and one-off recovery from written-off pool of loans of INR450m.</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.

Motilal Oswal's research report onBajaj Finance BAF’s 1QFY25 reported PAT grew 14% YoY to ~INR39.1b (in line).NII grew 25% YOY to ~INR83.6b (in line).Non-interest income stood at ~INR20.5b (+21% QoQ and +22% YoY) due to the resumption of EMI card sourcing and one-off recovery from written-off pool of loans of INR450m.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 - Navigating Stress in B2C; Credit Costs Elevated

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

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>Operational Performance: BAF added 4.5 Mn customers (+16/38% YoY/QoQ) during the quarter vs 3.8/3.2 Mn customer YoY/QoQ, taking the total customer base to 88.1 Mn customers (+21/5% YoY/QoQ).</li><li>The company booked ~11 Mn loans during the quarter (+10/39% YoY/QoQ), though it was partially impacted by restrictions on 2 lending products (RBI ban lifted on 02 May’24).</li><li>AUM growth was strong at 31/7% YoY/QoQ, with growth healthy across segments.</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.

Operational Performance: BAF added 4.5 Mn customers (+16/38% YoY/QoQ) during the quarter vs 3.8/3.2 Mn customer YoY/QoQ, taking the total customer base to 88.1 Mn customers (+21/5% YoY/QoQ).The company booked ~11 Mn loans during the quarter (+10/39% YoY/QoQ), though it was partially impacted by restrictions on 2 lending products (RBI ban lifted on 02 May’24).AUM growth was strong at 31/7% YoY/QoQ, with growth healthy across segments.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. - Mixed-Bag Performance, Performance Normalisation From H2FY25!

<ul><li>FY24 was a year characterised by an all-round strong performance for BAF despite regulatory obstacles in the form of (i) Increase in risk-weights for consumer finance eating into Tier I capital and (ii) Restrictions on 2 digital lending products – ‘eCOM’ and ‘instaEMI’, impacting loan booking in Q4FY24.</li><li>BAF continued to make significant progress on its Long-Range Strategy (LRS), launching four new products and maintaining a strong pipeline of future product launches.</li><li>Asset quality remained robust, better than pre-COVID levels. </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.

FY24 was a year characterised by an all-round strong performance for BAF despite regulatory obstacles in the form of (i) Increase in risk-weights for consumer finance eating into Tier I capital and (ii) Restrictions on 2 digital lending products – ‘eCOM’ and ‘instaEMI’, impacting loan booking in Q4FY24.BAF continued to make significant progress on its Long-Range Strategy (LRS), launching four new products and maintaining a strong pipeline of future product launches.Asset quality remained robust, better than pre-COVID levels. 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 Performance Delivery Despite Multiple Challenges!

India

Bajaj Finance Limited is a financial services company that operates branches in India, which provide an assortment of financial services.

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Bajaj Finance Ltd (BAF IN)

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

Bajaj Finance - Navigating Stress in B2C; Credit Costs Elevated

Motilal Oswal's research report onBajaj Finance BAF’s 1QFY25 reported PAT grew 14% YoY to ~INR39.1b (in line). NII grew 25% YOY to ~INR83.6b (in...

Motilal Oswal

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

Bajaj Finance Ltd. - Mixed-Bag Performance, Performance Normalisation From H2FY25!

The company booked ~11 Mn loans during the quarter (+10/39% YoY/QoQ), though it was partially impacted by restrictions on 2 lending products (RBI...

Axis Direct

Bajaj Finance Ltd. - Strong Performance Delivery Despite Multiple Challenges!

The company delivered strong RoA and RoE of 4.4% and 22%, respectively, in FY24 despite facing margin pressures and marginally higher credit costs.

Axis Direct

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