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Results
22-Oct-24
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Analysis
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Bajaj Finance
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High credit cost hits bottomline, AUM growth strong at 29%
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Bajaj Finance has
continued to post robust 13% growth in the net profit to Rs 3999.73 crore for
the quarter ended September 2024 (Q2FY2025). Income from operations on a
consolidated basis increased 28% to Rs 14987.02 crore, while other income
jumped 28% to Rs 2108.39 crore. Total income moved up 28% to Rs 17095.41 crore
in the quarter ended September 2024.
Interest
expenses rose at higher pace of 36% to Rs 6149.32 crore. NII of the company
galloped 23% to Rs 8837.70 crore in Q2FY2025.
Operating
expenses increased 20% to Rs 3428.94 crore, allowing the operating profit to
jump 25% to Rs 7517.15 crore. Depreciation moved up 33% to Rs 210.04 crore,
while loan loss provisions increased 77% to Rs 1909.08 crore in Q2FY2025.
PBT
increased 13% to Rs 5398.03 crore. Effective tax rate rose to 25.7% in Q2FY2025
from 25.4% in Q2FY2024. Net Profit of the company moved up 13% to Rs 4010.29
crore in the quarter ended September 2024. The share of P&L of associate
was at Rs 3.45 crore in Q2FY2025 compared with Rs 0.15 crore in Q2FY2024. The
minority interst stood at Rs 14.01 crore in Q2FY2025 against nil in Q2FY2024. The
final bottomline of the company increased 13% growth in the net profit to Rs
3999.73 in Q2FY2025.
Book value of the company stood at
Rs 1403.1 per share at end September 2024, while adjusted book value stood at
Rs 1375.7 per share at end September 2024.
Business
highlights
Number of new loans booked grew by 14% in Q2FY25 to 9.69 million as against 8.53 million
in Q2FY24.
Customer franchise stood
at 92.09 million end September 2024 as compared to 76.56 million end September 2023, a growth of 20%. The customer franchise grew by 3.98 million in Q2FY25.
Assets under management (AUM) grew by 29% to Rs 373924 crore end September 2024 from Rs 290264
crore end September 2023. AUM grew by Rs 19732 crore in Q2FY25.
Net interest
income increased by 23% in Q2FY25 to Rs 8838 crore from Rs
7 196
crore in Q2FY24.
Loan
losses and provisions for Q2FY25 was Rs 1909 crore as against Rs 1077
crore in Q2FY24.
Profit
after tax increased by 13% in Q2FY25 to Rs
4014 crore from Rs 3551
crore in Q2FY24
Gross
NPA and Net NPA end September 2024 stood at 1.06% and 0.46% respectively, as against 0.91% and 0.31% end
September 2023. The provisioning coverage ratio on stage 3 assets was 57%.
Capital
adequacy ratio (CRAR) (including Tier-II capital) end September 2024 was 21.69%. The Tier-I capital was 20.90%.
The
Company`s subsidiary, namely BHFL, has successfully concluded its
Initial Public Offer (IPO) of Rs 6560 crore. This included issuance of new equity shares
amounting to Rs 3560 crore and
an offer for sale by BFL amounting to Rs 3000 crore. Consequently, BFL`s shareholding in BHFL reduced
from 100% to 88.75%.
Bajaj
Finance - Q2FY25
Assets under management grew 28% to Rs 275043 crore end September 2024 from Rs 214891 crore end September 2023.
Net interest
income increased by 23% in Q2FY25 to Rs 8054
crore from Rs 6532 crore in
Q2FY24.
Loan losses and provisions for Q2FY25 was Rs 1903
crore as against Rs 1059 crore in Q2FY24.
Profit before exceptional gain and tax increased by
11% in Q2FY25
to Rs 4647 crore from Rs 4191 crore in Q2FY24.
Profit before tax increased by 72% in Q2FY25 to Rs
7191 crore from Rs
4191 crore in Q2FY24. During the quarter, the Company recognized an
exceptional gain of Rs 2544
crore on account of sale of equity shares of BHFL pursuant to IPO of BHFL.
Profit after tax increased by 81% in Q2FY25
to Rs 5614
crore from Rs 3 106 crore in Q2FY24. Excluding exceptional gain, profit after tax grew by 11%
Gross NPA and Net NPA end
September 2024 stood at 1.33% and 0.58% respectively, as against 1.14% and
0.39% end September 2023. The Company has provisioning coverage ratio of 57% on
stage 3 assets.
Bajaj
Housing Finance - Q2FY25
Assets under management grew by 26% to Rs 102569 crore end September 2024 from Rs 81215 crore end September
2023.
Net interest income increased by 13% in Q2FY25 to Rs 713 crore from Rs 632 crore in
Q2FY24.
Loan losses and provisions in Q2FY25 was Rs 5 crore as against Rs 18 crore in Q2FY24.
Profit after tax increased by 21% in Q2FY25 to Rs
546 crore from Rs 451 crore in Q2FY24.
Gross NPA and Net NPA end
September 2024 stood at 0.29% and 0.12% respectively, as against 0.24% and 0.09% end September 2023. BHFL has provisioning coverage ratio of 58% on stage 3 assets.
Bajaj Financial Securities - Q2FY25
BFinsec
acquired approximately 77000 customers in Q2FY25. Overall customer franchise
stood at approximately 833000 end September 2024.
Margin
trade financing (MTF) book stood
at Rs 5430
crore end September 2024 as against Rs
2056 crore end September 2023.
Net
total income in Q2FY25 was Rs
121 crore as against Rs 68
crore in Q2FY24.
Profit
after tax of Rs 37 crore in Q2FY25 against Rs 13 crore in Q2FY24.
BFinsec
enjoys the highest credit rating
of AAA/Stable for its long-term debt programme from CRISIL and A1+ for
short-term debt programme from CRISIL and India Ratings.
Financial
Performance H1FY2025:
The
company has reported 29%, on yoy basis, increase in its income from operations
to Rs 29036.20 crore for the half year ended September 2024 (H1FY2025), while other
income of the company surged 25% to Rs 4161.52 crore. Total income advanced 28%
to Rs 33197.72 crore. Interest expenses increased 37% to Rs 11833.18 crore. NII
of the company increased 24% to Rs 17203.02 crore.
Operating
expenses moved up 21% to Rs 6700.07 crore, allowing the operating profits to
increase 25% to Rs 14664.47 crore for H1FY2025. Depreciation increased 30% to
Rs 409.85 crore, while provisions galloped 73% to Rs 3593.76 crore.
PBT
moved up 15% to Rs 10660.86 crore. Effective tax rate increased to 25.7% in
H1FY2025 from 24.9% in FY2023. PAT of the company was up 13% to Rs 7919.75
crore in H1FY2025. The share of P&L of associate was at Rs 5.97 crore in
H1FY2025 compared with Rs 2.98 crore in FY2023. The final bottomline of the
company increased 13% growth in the net profit to Rs 7911.71 in H1FY2025.
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Bajaj Finance:
Consolidated Results
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Particulars
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2409 (3)
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2309 (3)
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Var %
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2409 (6)
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2309 (6)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Income from operations
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14987.02
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11732.13
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28
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29036.20
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22555.10
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29
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48306.60
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35548.57
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36
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Other Income
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2108.39
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1651.95
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28
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4161.52
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3328.60
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25
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6675.91
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5869.69
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14
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Total Income
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17095.41
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13384.08
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28
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33197.72
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25883.70
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28
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54982.51
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41418.26
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33
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Interest Expended
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6149.32
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4537.07
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36
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11833.18
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8639.59
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37
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18724.69
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12559.89
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49
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Operating Expense
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3428.94
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2853.81
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20
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6700.07
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5551.17
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21
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11641.87
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9657.15
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21
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Operating Profits
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7517.15
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5993.20
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25
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14664.47
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11692.94
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25
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24615.95
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19201.22
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28
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Depreciation /
Amortization
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210.04
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158.52
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33
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409.85
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314.61
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30
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683.32
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485.38
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41
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Provisions and
Write-offs
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1909.08
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1077.07
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77
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3593.76
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2072.34
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73
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4630.70
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3189.65
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45
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PBT
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5398.03
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4757.61
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13
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10660.86
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9305.99
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15
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19301.93
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15526.19
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24
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Tax Expense
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1387.74
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1206.96
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15
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2741.11
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2321.28
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18
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4858.40
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4020.17
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21
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PAT
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4010.29
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3550.65
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13
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7919.75
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6984.71
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13
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14443.53
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11506.02
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26
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Share of P&L of
asso.
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3.45
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0.15
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2200
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5.97
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2.98
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100
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7.64
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1.67
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357
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Minority interest
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14.01
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0.00
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-
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14.01
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0.00
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-
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0.00
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0.00
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-
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Net Profit
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3999.73
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3550.80
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13
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7911.71
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6987.69
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13
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14451.17
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11507.69
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26
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EPS
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258.7
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229.6
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255.8
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226.0
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233.6
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186.1
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Adj BV (Rs)
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1375.7
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974.3
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1375.7
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974.3
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1221.4
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885.7
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* Annualized on
current equity of Rs 123.73 crore. Face Value: Rs 2, Figures in Rs crore
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Source: Capitaline
Corporate Database
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Previous News |
Bajaj Finance Ltd slips for fifth straight session
(
Hot Pursuit
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13-Nov-24
13:13
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Bajaj Finance allots NCDs
(
Corporate News
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28-Oct-24
14:40
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Nifty October futures trade at premium
(
Market Commentary
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Futures Market
23-Oct-24
16:24
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Nifty tad above 24,500; IT shares in demand
(
Market Commentary
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Mid-Session
23-Oct-24
10:34
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Bajaj Finance spurts on reporting strong Q2 numbers
(
Hot Pursuit
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23-Oct-24
10:20
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Bajaj Finance consolidated net profit rises 12.64% in the September 2024 quarter
(
Results
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Announcements
23-Oct-24
07:28
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Bajaj Finance
(
Results
-
Analysis
22-Oct-24
22:58
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Moody's Ratings assigns 'Baa3 ' LT issuer rating to Bajaj Finance
(
Hot Pursuit
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18-Oct-24
13:27
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Bajaj Finance Ltd eases for fifth straight session
(
Hot Pursuit
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17-Oct-24
13:35
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Bajaj Finance allots NCDs aggregating Rs 500 cr
(
Corporate News
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09-Oct-24
13:37
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Bajaj Finance to announce Quarterly Result
(
Corporate News
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04-Oct-24
17:47
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