Sharekhan's research report on Bajaj Finance
Bajaj Finance reported robust operating performance with strong consolidated AUM growth of 29% y-o-y and 9% q-o-q in FY2022. PAT grew by 80% y-o-y in Q4Y2022, the highest-ever consolidated profit by the company. NII stood at Rs. 6,068 crore versus our expectations of Rs. 5,105 crore, up 30% y-o-y and 1% q-o-q. Asset quality continued to witness improvement during the quarter with stage-3 assets at 1.6%, down by ~14 bps q-o-q. Consolidated AUM at Rs. 1.97 trillion was up ~29% y-o-y/~9% q-o-q, added Rs. 16,250 crore worth of loans sequentially.
At the CMP, the company trades at 8.2x its FY2023E P/BV. We maintain our Buy rating on the stock with a revised PT of Rs. 9,097.
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