Buy Bajaj Finserv; target of Rs 1880: KR Choksey

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26 Aug, 2025 12:21

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The consolidated profit after tax for FY24 were INR 81,478 Mn, a growth of 27.0% YoY. Excluding the volatile mark-to-market unrealized gains of BAGIC and BALIC, the consolidated profit after tax was INR 81,800 Mn, up 21.0% YoY. In Q4FY24, Bajaj Finserv reported a consolidated profit of INR 21,185 Mn, a growth of 19.8% YoY, but declined by 1.8% QoQ on account of higher operating costs. Net profit was lower than our estimates due to higher-than-expected costs, especially claims paid for the quarter.The consolidated revenues stood at INR 320,408 Mn, an increase of 35.6% YoY (+10.3% QoQ) for Q4FY24. Revenues were above our estimates, led by higher growth in premiums and other operating income.

We revise the target price to INR 1,880 per share (earlier INR 1,925); primarily due to cut in the business value of lending business on the back of the expected moderation in the growth. We maintain our “BUY” rating as the target price implies an upside of 16.4%.

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