Bajaj Finance (BAJFINANCE) Q4 22/23 earnings summary

Executive summary

• FY2023 consolidated AUM rose 25% to ₹247,379 crore; core AUM growth was 29%, while PAT increased 64% to ₹11,508 crore.

• Record customer additions of 11.6 million lifted the customer base 20% to 69.1 million; 29.6 million loans were booked.

Financial highlights

• Consolidated total income rose 31% to ₹41,406 crore and NII increased 32% to ₹28,846 crore.

• Pre-impairment operating profit grew 31% to ₹18,716 crore; impairment on financial instruments fell 34% to ₹3,190 crore.

• PBT advanced 63% to ₹15,528 crore and PAT rose 64% to ₹11,508 crore; diluted EPS increased 64% to ₹189.57.

• Standalone total income grew 28% to ₹35,687 crore and PAT rose 62% to ₹10,290 crore.

Outlook and guidance

• FY2024 was expected to be at least as good as FY2023, with digital omnichannel initiatives supporting customer acquisition, cross-sell and margins.

• Medium-term balance-sheet growth guidance was 25%-27%; confidence was supported by growth momentum, low NPAs and strong capitalisation.

• FY2024 plans included 300-350 additional locations, targeting 4,000-4,100 total; new car loans, microfinance and QR/EDC initiatives were also planned.

• Key planned launches included auto loans in Q2 FY2024, emerging corporate loans in Q3, and microfinance and QR-based offerings in Q4.