On July 26, the company’s board of directors will meet to evaluate and approve the company’s unaudited standalone and consolidated financial statements for the quarter ended June 30.
Bajaj Finance shares rose 8% in early trade on July 4 after the business reported positive results for the quarter ended June 2023. The customer franchise as of June 30 was 72.98 million, compared to 60.30 million as of June 30, 2022.
In addition, the firm had its highest-ever quarterly rise in customer franchise of 3.84 MM in Q1FY24. The number of new loans booked in Q1 FY24 increased by 34% to 9.94 million, up from 7.42 million in Q1 FY23.
The deposit book was roughly Rs 49,900 crore in June 2023, a 46 percent increase from Rs 34,102 crore in June 2022.
Its assets under management (AUM) climbed by 32% to Rs 2,70,050 crore in Q1FY24 from Rs 204,018 crore the previous year. As of June 2023, the consolidated net liquidity surplus was Rs 12,700 crore. While its AUM mix remained constant in the first quarter of FY24.
On July 26, the company’s board of directors will meet to review and approve the company’s unaudited standalone and consolidated financial statements for Q1FY24.
Morgan Stanley kept its overweight rating on the stock and increased its target price to Rs 9,250 per share. According to the brokerage, asset growth of 9.2 percent QoQ and 32 percent year-on-year should remove loan growth concerns. Share prices are also supported by volume growth and a strong customer acquisition trend.
Morgan Stanley emphasized that Bajaj Finance has a solid credit track record and that its return on assets (ROA) is at an all-time high. As a result, it expects the stock to rerate to 30x F25 P/E.
On the BSE at 10.45 a.m., the stock was trading at Rs 7,866.35, up 7.24 percent.