InCred Equities - Bajaj Finance Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	295,949	375,881	483,325	616,671
Total Non-Interest Income (Rsm)	66,509	78,687	94,752	114,824
Pre-provisioning Operating Profit (Rsm)	239,206	304,226	396,961	513,980
Total Provision Charges (Rsm)	(46,307)	(78,874)	(98,366)	(123,083)
Net Profit (Rsm)	144,315	167,887	223,349	292,391
Core EPS (Rs)	233.52	271.66	361.41	473.12
Core EPS Growth	22%	16%	33%	31%
FD Core P/E (x)	37.12	31.91	23.99	18.32
DPS (Rs)	36.00	50.00	65.00	85.00
Dividend Yield	0.42%	0.58%	0.75%	0.98%
BVPS (Rs)	1,241.0	1,462.7	1,760.0	2,148.2
P/BV (x)	6.99	5.93	4.93	4.04
ROE	22.0%	20.1%	22.4%	24.2%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	295,949	375,881	483,325	616,671
Total Non-Interest Income	66,509	78,687	94,752	114,824
Operating Revenue	362,458	454,569	578,076	731,495
Total Non-Interest Expenses	(63,960)	(76,752)	(91,335)	(107,775)
Pre-provision Operating Profit	239,206	304,226	396,961	513,980
Total Provision Charges	(46,307)	(78,874)	(98,366)	(123,083)
Operating Profit After Provisions	192,899	225,352	298,595	390,897
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	192,899	225,352	298,595	390,897
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	192,899	225,352	298,595	390,897
Exceptional Items
Pre-tax Profit	192,899	225,352	298,595	390,897
Taxation	(48,584)	(57,465)	(75,246)	(98,506)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	144,315	167,887	223,349	292,391
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	144,315	167,887	223,349	292,391

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	89.6%	90.3%	91.4%	92.6%
Avg Liquid Assets/Avg IEAs	101.7%	101.5%	100.7%	100.4%
Net Cust Loans/Assets	0.8%	0.9%	0.9%	0.9%
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans	2,423.0%	2,196.7%	2,033.3%	1,909.0%
Asset Risk Weighting
Provision Charge/Avg Cust Loans	1.61%	2.10%	2.05%	2.00%
Provision Charge/Avg Assets	1.42%	1.87%	1.86%	1.84%
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	3,294,587	4,204,792	5,390,611	6,917,662
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	3,294,587	4,204,792	5,390,611	6,917,662
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	3,294,587	4,204,792	5,390,611	6,917,662
Intangible Assets
Other Non-Interest Earning Assets	4,675	6,077	7,900	10,271
Total Non-Interest Earning Assets	47,750	57,140	68,606	82,662
Cash And Marketable Securities	106,240	76,618	87,098	89,275
Long-term Investments	308,839	331,634	352,250	357,472
Total Assets	3,757,416	4,670,184	5,898,566	7,447,070
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	2,933,458	3,684,823	4,696,663	5,957,864
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	57,004	81,420	114,193	161,635
Total Liabilities	2,990,463	3,766,243	4,810,855	6,119,499
Shareholders Equity	766,954	903,941	1,087,711	1,327,572
Minority Interests
Total Equity	766,954	903,941	1,087,711	1,327,572

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	28.7%	27.0%	28.6%	27.6%
Operating Profit Growth	25.6%	26.6%	28.8%	28.1%
Pretax Profit Growth	24%	17%	33%	31%
Net Interest To Total Income	81.7%	82.7%	83.6%	84.3%
Cost Of Funds	7.34%	7.50%	6.95%	6.50%
Return On Interest Earning Assets	16.8%	16.6%	16.1%	15.6%
Net Interest Spread	9.50%	9.14%	9.19%	9.15%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	19%	26%	25%	24%
Interest Return On Average Assets	9.09%	8.92%	9.15%	9.24%
Effective Tax Rate	25.2%	25.5%	25.2%	25.2%
Net Dividend Payout Ratio	15.4%	18.4%	18.0%	18.0%
Return On Average Assets	4.43%	3.98%	4.23%	4.38%

(91) 22 4161 1569 rishabh.jogani@incredresearch.com

(91) 22 4161 1553 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg