Bajaj Finance hits 52-week high on robust Q1 business update

A meeting of the board of directors of the company will be held on July 26 to consider and approve the unaudited standalone and consolidated financial results of the company for the quarter ended June 30

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Bajaj Finance shares surged 8 percent in the early trade on July 4 as the company reported upbeat numbers for the quarter ended June 2023. The customer franchise as of June 30 stood at 72.98 MM as compared to 60.30 MM as of 30 June 2022.

The company also recorded the highest-ever quarterly increase in its customer franchise of 3.84 MM in Q1FY24. The new loans booked during Q1 FY24 grew by 34 percent to 9.94 million compared to 7.42 million in Q1FY23.

Deposits book stood at approximately Rs 49,900 crore as of June 2023, a growth of 46 percent over Rs 34,102 crore as of June 2022.

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Its assets under management (AUM) increased by 32 percent to Rs 2,70,050 crore in Q1FY24 against Rs 204,018 crore in the same period last year. Consolidated net liquidity surplus stood at Rs 12,700 crore as of June 2023. While its AUM mix remained stable in Q1 FY24.

A meeting of the board of directors of the company will be held on July 26 to consider and approve the unaudited standalone and consolidated financial results of the company for Q1FY24.

Morgan Stanley maintained its overweight rating on the sock and raised target price to Rs 9,250 per share. The brokerage said asset growth of 9.2 percent QoQ and 32 percent YoY should dispel loan growth debate. Volume growth and strong customer acquisition trend are also supportive to share prices.

Morgan Stanley underlined that Bajaj Finance has a strong credit track record while return on assets (RoA) is at a historical high. Thus, it sees the stock to rerate to 30x F25 P/E.

As of 10.45 am, the stock traded at Rs 7,866.35, up 7.24 percent on BSE.