InCred Equities - Bajaj Finance Ltd

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	364,340	443,626	565,294	706,469
Total Non-Interest Income (Rsm)	85,200	102,918	135,645	177,207
Pre-provisioning Operating Profit (Rsm)	300,279	367,440	485,906	626,956
Total Provision Charges (Rsm)	(79,660)	(86,899)	(109,941)	(148,978)
Net Profit (Rsm)	166,378	207,362	278,774	355,117
Core EPS (Rs)	267.98	66.75	89.74	114.31
Core EPS Growth	15%	(75%)	34%	27%
FD Core P/E (x)	3.74	15.03	11.18	8.78
DPS (Rs)	56.00	51.00	66.00	82.00
Dividend Yield	5.58%	5.08%	6.58%	8.17%
BVPS (Rs)	1,557.4	369.4	446.0	543.9
P/BV (x)	0.64	2.72	2.25	1.84
ROE	19.2%	19.6%	22.0%	23.1%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	364,340	443,626	565,294	706,469
Total Non-Interest Income	85,200	102,918	135,645	177,207
Operating Revenue	449,540	546,545	700,939	883,676
Total Non-Interest Expenses	(75,083)	(94,308)	(122,934)	(157,940)
Pre-provision Operating Profit	300,279	367,440	485,906	626,956
Total Provision Charges	(79,660)	(86,899)	(109,941)	(148,978)
Operating Profit After Provisions	220,618	280,541	375,965	477,978
Pretax Income/(Loss) from Assoc.	178	30	30	30
Operating EBIT (incl Associates)	220,796	280,571	375,995	478,008
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	220,796	280,571	375,995	478,008
Exceptional Items
Pre-tax Profit	220,796	280,571	375,995	478,008
Taxation	(53,002)	(70,601)	(94,612)	(120,282)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	167,795	209,970	281,382	357,726
Minority Interests	(1,417)	(2,608)	(2,608)	(2,608)
Pref. & Special Div
FX And Other Adj.
Net Profit	166,378	207,362	278,774	355,117

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	90.1%	90.6%	89.9%	88.9%
Avg Liquid Assets/Avg IEAs	102.2%	101.0%	100.2%	100.2%
Net Cust Loans/Assets	0.9%	0.9%	0.8%	0.7%
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans	2,218.7%	2,272.8%	2,363.5%	2,521.8%
Asset Risk Weighting
Provision Charge/Avg Cust Loans	2.15%	1.91%	1.95%	2.09%
Provision Charge/Avg Assets	1.89%	1.71%	1.75%	1.85%
Total Write Offs/Average Assets

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	4,122,023	4,963,887	6,308,872	7,948,612
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	4,122,023	4,963,887	6,308,872	7,948,612
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	4,122,023	4,963,887	6,308,872	7,948,612
Intangible Assets
Other Non-Interest Earning Assets	9,776	10,895	12,168	13,378
Total Non-Interest Earning Assets	59,369	68,101	78,288	88,636
Cash And Marketable Securities	135,435	53,985	82,873	73,716
Long-term Investments	344,441	386,960	624,938	872,437
Total Assets	4,661,269	5,472,933	7,094,972	8,983,400
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	3,612,487	4,236,141	5,612,511	7,189,586
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	59,413	64,169	69,462	74,038
Total Liabilities	3,671,900	4,300,310	5,681,973	7,263,624
Shareholders Equity	966,929	1,147,575	1,385,393	1,689,662
Minority Interests
Total Equity	966,929	1,147,575	1,385,393	1,689,662

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	23.1%	21.8%	27.4%	25.0%
Operating Profit Growth	25.4%	20.8%	27.8%	25.6%
Pretax Profit Growth	14%	27%	34%	27%
Net Interest To Total Income	81.0%	81.2%	80.6%	79.9%
Cost Of Funds	7.57%	6.96%	6.46%	6.48%
Return On Interest Earning Assets	16.5%	15.8%	15.7%	15.7%
Net Interest Spread	8.94%	8.82%	9.21%	9.25%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	27%	24%	23%	24%
Interest Return On Average Assets	8.66%	8.76%	9.00%	8.79%
Effective Tax Rate	24.0%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	20.9%	15.3%	14.7%	14.3%
Return On Average Assets	3.95%	4.09%	4.44%	4.42%

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

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Market Data

Source: Bloomberg