Bajaj Finance’s acquire and cross-sell strategy to be key growth driver in FY24, says Motilal Oswal

On the back of its omni-channel strategy, Bajaj Finance anticipates greater customer acquisition, improved customer loyalty, increased cross-selling opportunities, and improved margins

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Motilal Oswal Financial Services has reiterated its bullish outlook on Bajaj Finance, citing the lender’s ambitious of becoming an “omnipresent” financial services provider across various consumer touchpoints.

Bajaj Finance aims to assert dominance in physical, app-based, web, social, and virtual channels.

“The core to delivering Bajaj Finance’s omni-channel strategy lies in its payments solution offerings, which are expected to drive higher customer engagement and retention on the company’s new digital platforms,” analysts at Motilal Oswal said.

In the current financial year, Bajaj Finance plans to accelerate the execution of its omnichannel strategy by expanding its presence through the opening of an additional 400-450 locations nationwide.

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This is expected to result in a substantial increase in business volumes, an enhanced customer experience and a more cost-effective operating structure.

Bajaj Finance anticipates greater customer acquisition, improved customer loyalty, increased cross-selling opportunities, and improved margins.

“The approach of ‘acquire and cross-sell’ (across payments, loans, deposits, insurance and investments, which derives from BAF’s experience of an existing customer exhibiting significantly lower credit risk) would be a key growth driver in FY24 as well,” the broking firm said.

On the back of this, it models an asset under management (AUM) compound annual growth rate (CAGR) of approximately 29 percent over the period from FY23 to FY25E, aiming for a sustainable Return on Equity (RoE) of 25 percent.

It has “buy” rating on the stock, with a target price of Rs 8,800, based on a valuation of 6.5 times the FY25E book value per share. At 9.30 am, the stock was quoting at Rs 7,322.05 on the National Stock Exchange (NSE), lower by 0.89 percent from the previous close.

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