InCred Equities - Bajaj Finance Ltd

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	295,949	377,590	492,617	631,000
Total Non-Interest Income (Rsm)	66,509	79,125	93,593	110,828
Pre-provisioning Operating Profit (Rsm)	239,206	307,713	404,463	518,335
Total Provision Charges (Rsm)	(46,307)	(75,633)	(92,642)	(116,513)
Net Profit (Rsm)	144,315	173,596	233,242	300,562
Core EPS (Rs)	233.52	280.90	377.41	486.35
Core EPS Growth	22%	20%	34%	29%
FD Core P/E (x)	28.24	23.48	17.47	13.56
DPS (Rs)	36.00	50.00	70.00	90.00
Dividend Yield	0.55%	0.76%	1.06%	1.36%
BVPS (Rs)	1,241.0	1,471.9	1,780.3	2,176.6
P/BV (x)	5.31	4.48	3.70	3.03
ROE	22.0%	20.7%	23.2%	24.6%
% 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	377,590	492,617	631,000
Total Non-Interest Income	66,509	79,125	93,593	110,828
Operating Revenue	362,458	456,715	586,210	741,828
Total Non-Interest Expenses	(63,960)	(79,950)	(99,938)	(124,922)
Pre-provision Operating Profit	239,206	307,713	404,463	518,335
Total Provision Charges	(46,307)	(75,633)	(92,642)	(116,513)
Operating Profit After Provisions	192,899	232,080	311,821	401,821
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	192,899	232,080	311,821	401,821
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	192,899	232,080	311,821	401,821
Exceptional Items
Pre-tax Profit	192,899	232,080	311,821	401,821
Taxation	(48,584)	(58,484)	(78,579)	(101,259)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	144,315	173,596	233,242	300,562
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	144,315	173,596	233,242	300,562

(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%	91.0%	91.9%
Avg Liquid Assets/Avg IEAs	101.7%	101.4%	100.1%	99.4%
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%	2,210.6%	2,056.7%	1,934.3%
Asset Risk Weighting
Provision Charge/Avg Cust Loans	1.61%	2.00%	1.90%	1.85%
Provision Charge/Avg Assets	1.42%	1.78%	1.73%	1.71%
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	3,294,587	4,255,733	5,493,164	7,099,943
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	3,294,587	4,255,733	5,493,164	7,099,943
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	3,294,587	4,255,733	5,493,164	7,099,943
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	72,411	35,757	15,582
Long-term Investments	308,839	335,692	406,887	428,151
Total Assets	3,757,416	4,720,976	6,004,414	7,626,338
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others
Total Interest-Bearing Liabilities	2,933,458	3,729,906	4,786,909	6,116,448
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	57,004	81,420	117,283	164,725
Total Liabilities	2,990,463	3,811,326	4,904,191	6,281,173
Shareholders Equity	766,954	909,649	1,100,223	1,345,165
Minority Interests
Total Equity	766,954	909,649	1,100,223	1,345,165

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	28.7%	27.6%	30.5%	28.1%
Operating Profit Growth	25.6%	26.2%	29.1%	26.9%
Pretax Profit Growth	24%	20%	34%	29%
Net Interest To Total Income	81.7%	82.7%	84.0%	85.1%
Cost Of Funds	7.34%	7.30%	6.80%	6.50%
Return On Interest Earning Assets	16.8%	16.4%	16.0%	15.6%
Net Interest Spread	9.50%	9.14%	9.25%	9.15%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	19%	25%	23%	22%
Interest Return On Average Assets	9.09%	8.91%	9.19%	9.26%
Effective Tax Rate	25.2%	25.2%	25.2%	25.2%
Net Dividend Payout Ratio	15.4%	17.8%	18.5%	18.5%
Return On Average Assets	4.43%	4.10%	4.35%	4.41%

(91) 22 4161 1547 jignesh.shial@incredresearch.com

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

(91) 22 4161 1500 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg