Bajaj Finance share price rose in the early trade on July 6 after the company reported better numbers for the quarter ended June 2022.
Bajaj Finance has recorded highest ever quarterly increase in its customer franchise of 2.7 million in the first quarter of FY23 and new loans booked during the period were 7.4 million as compared to 4.6 million a year back, the company said in a press release.
The core assets under management (AUM) stood at approximately Rs 2,04,000 crore as of June 30, 2022 as compared to Rs 1,56,115 crore as of June 30, 2021, an on-year growth of 31 percent. Its capital adequacy ratio (CRAR) stood at 26.2 percent as of June 30, 2022.
During the quarter, the company invested Rs 2,500 crore in equity shares of Bajaj Housing Finance Ltd., a wholly owned subsidiary of the company.
The company's deposit book stood at approximately Rs 34,100 crore against Rs 27,972 crore, posting an on-year growth of 22 percent.
The Annual General Meeting of the company is scheduled to be held on Wednesday, 27 July.
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Here is what brokerages have to say about stock and the company post March quarter earnings:
Morgan Stanley
Broking house Morgan Stanley has kept overweight rating on the stock with a target at Rs 8,000 per share.
It has reported healthy core AUM growth and highest customer acquisition ever. Its customer franchise grew to 60.3 million, while new loans were at 7.4 million.
The capital to risk (Weighted) assets ratio moderated to 26.2 percent, reported CNBC-TV18.
Bernstein
Research firm Bernstein has maintained outperform rating on the stock with a target at Rs 9,440 per share.
The company has delivered a healthy performance driven by strong balancesheet growth.
Its core AUM grew 28 percent YoY and 6 percent QoQ.
The detailed updates about digital transformation & asset quality are the key to monitor, reported CNBC-TV18.
CLSA
Brokerage house CLSA has kept sell rating on the stock and cut target to Rs 5,000 from Rs 6,000 per share.
The growth has slowed from pre-covid levels. The Q1 is a seasonally a strong quarter for company & it used to grow 10%+ QoQ.
AUM growth will sustainably slow down given its large customer base, reported CNBC-TV18.
At 9:18am, Bajaj Finance was quoting at Rs 5,752.55, up Rs 90.50, or 1.60 percent on the BSE.
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