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Bajaj Finance
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Company History
Bajaj Finance Limited (Formerly Known as Bajaj Auto Finance Limited), is a subsidiary of Bajaj Finserv Limited. The Company is engaged in business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers variety of financial services products to its customers.
The Company has two wholly owned subsidiaries, viz Bajaj Housing Finance Ltd. (BHFL) and Bajaj Financial Securities Ltd. The Reserve Bank of India classified the Company as an Asset Finance Company. Apart from this, it focuses on six broad categories: Consumer Lending, SME Lending, Commercial Lending, Rural Lending, Deposits; and Partnerships and Services.
Bajaj Auto Finance Limited was originally incorporated on March 25, 1987 as a Non-Banking Financial Company primarily focused on providing two and three-wheeler finance. On 20 October 1987, it became a deemed Public Company u/s 43A(1) of the Companies Act 1956. On 24 September 1988, it was registered as a Public Limited Company. On 5 March 1998, Bajaj Auto Finance registered with RBI as a Non-Bank Company. In 1994-95, Bajaj Auto Finance came out an Initial Public Offer and was listed on the BSE and NSE. Subsequently, the Company ventured into consumer lending, SME (small and medium-sized enterprises) lending, commercial lending, rural lending, deposits, and wealth management.
Initially, the Company was promoted by erstwhile Bajaj Auto Ltd and Bajaj Auto Holdings Ltd. As per Scheme of Demerger of erstwhile Bajaj Auto Ltd, the shareholding of Bajaj Auto Limited in the Company was vested with Bajaj Finserv Limited.
In order to offer various finance schemes, the Company opened many branches in various locations throughout the country. During the years 1991-95, the company opened their branch offices at Hyderabad, New Delhi, Chennai, Bangalore, Mumbai, Nagpur, Vijaywada, Nasik, Vishakhapattanam, Kolkata, Goa, Madurai and Pune.
During the year 1995-96, the Company completed their first Real Estate Project for Nayan Co-operative Housing Society Ltd at Pune. Also, they opened their branch offices at Baroda and Trivandurm. During the year 1998-2003, they opened their branch offices at various places, which include Chandigarh, Cochin, Indore, Ludhiana, Surat, Kolhapur, Bhopal, Bhubaneshwar, Calicut, Erode, Jalgaon, Jullundhar, Kanpur, Lucknow, Raipur, Rajkot, Salem, Solapur, Udaipur, Tirupati, Amaravati, Amritsar, Bhavnagar, Durgapur, Jamshedpur, Jodhpur, Kopergaon, Mehsana, Mysore, Siliguri and Vellore.
During the year 2003-04, the company entered into the financing of Personal Computers. They opened their branch offices at Hissar, Hubli, Patiala, Rourkela, Agra, Ahmednagar, Ajmer, Akola, Alwar, Ambala, Anand, Bharuch, Bhilai, Chandrapur, Dindigul, Eluru, Guna, Gurgaon, Himatnagar, Jagadhri, Jamnagar, Karaikudi, Karimnagar, Karur, Kottayam, Kurnool, Navsari, Nellore, Palghat, Rajahmundry, Sangli, Tanjore, Tirunelveli and Ujjain during the year 2004-05.
During the year 2005-06, the company opened Loan Shoppes with a view to enhance their direct marketing activity and their brand awareness. They opened 22 shoppes and 14 new branch offices during the financial year.
During the year 2006-07, the company opened 11 new branch offices, in which the total number of branches has gone up to 113. Also, they cover 280 towns through their branch network.
The company launched new product lines/extensions during the year 2007-08. They launched IPO financing for high networth customers, acquisition of AAA rated securitization transactions, personal loan cross sell programme to their existing customers and financing for personal computers to SMEs.
On 6 September 2010, name of the Company was changed from Bajaj Auto Finance to Bajaj Finance Limited.
In 2013, the company makes Rights issue in the Ratio of 3:19. On 1 November 2014, the company acquired 100% shares of Bajaj Financial Solutions for a consideration of Rs. 17 crore from its holding company Bajaj Finserv to promote the business of housing finance. Bajaj Housing Finance Limited, a wholly owned subsidiary of Bajaj Finance received certificate of registration on 2 October 2015 from the National Housing Bank to commence housing finance business.
In June 2015, Bajaj Finance raised Rs. 1400 crore through Qualified Institutions Placement (QIP).
On 8 August 2017, Bajaj Finance entered into an agreement with One Mobikwik Systems Private Limited (Mobikwik) and invested an amount of Rs. 225 crore in the equity shares and cumulative compulsorily convertible preference shares (CCPS) of Mobikwik, a mobile wallet major. Post conversion of CCPS, Bajaj Finance would hold approximately 10.83% of equity in MobiKwik on a fully diluted basis.
In September 2017, Bajaj Finance raised Rs. 4500 crore through Qualified Institutions Placement (QIP). The QIP was priced at Rs. 1,690 per equity share of Rs. 2 face value.
On 11 October 2017, Bajaj Finance and LG Electronics India announced the launch of an exclusive OEM co-branded card - LG Bajaj Finserv EMI card that will enable customers to buy all LG products at no cost EMI option across all LG formats.
During the FY 2017-18, the company's assets under management (AUM) stood at Rs 80,444 crore on standalone basis and Rs 84,033 on consolidated basis, As on 31 March 2018, the company is present in 1,332 locations across the country, including 602 rural locations.
During FY2018, the Company raised approximately Rs 4,500 crore through the Qualified Institutions Placement (QIP) route by issuing 6,627,218 equity shares of face value of Rs 2 at a premium of Rs 1,688 per share. This was the largest QIP of equity shares by any NBFC in India.
BFL continued to grow its Co-branded Credit Cards business with RBL Bank. The number of cards-in-force stood at over 380,000 as on 31 March 2018.
BFL entered into an strategic partnership with One MobiKwik Systems Pvt. Ltd. (MobiKwik') on 8 August 2017, and invested approximately Rs 225 crore in the equity shares and cumulative compulsorily convertible preference shares (CCCPS) of MobiKwik. Based on the capital structure of Mobikwik as on the date of investment, the Company will hold approximately 12.38% of equity in Mobikwik on a fully diluted basis post conversion of CCCPS.
During the FY 2017-18, the company has received the following important awards: a. Featured among the Top 18 Best Employers in India', 2017 by Aon Hewitt. The company has been awarded India's Leading NBFC - Other than Infrastructure Financing' by Dun and Bradstreet. Further the company won The Mint Corporate Strategy Award, recognising excellence in corporate governance.
During the fiscal 2019, the company's consolidated AUM stood at Rs 115,888 crore and a standalone AUM of Rs 98,671 crore, and BFL has emerged as one of the leading diversified NBFCs in the country. As on 31 March 2019, the company is present in 1,830 locations across the country, including 903 locations in rural/smaller towns and villages.
During the FY2019, the company made a strategic investments an amount of in BHFL by subscribing 2,000,000,000 equity shares of Rs 10 each on rights basis. Further the company acquired 100% shareholding of BFinsec from its wholly owned subsidiary, BHFL by investing an amount of Rs 20.38 crore.
Further, the Company was allotted 10,534 Series E compulsorily convertible cumulative preference shares of One MobiKwik Systems Pvt. Ltd. (MobiKwik) on 12 April 2019 against the receivables of the Company, pursuant to commercial agreement with MobiKwik, amounting to Rs 8.67 crore. The total investment in MobiKwik as on the date of this report is approximately Rs 234 crore.
The company has won the award Outstanding Company of the Year' at CNBC Indian Business Leader Awards in February 2019. Also the company ranked 9th amongst 'Top 25 Best Large Workplaces in Asia', 2019, by Great Places to Work' institute.
During the fiscal 2020, the Company's standalone AUM stood at Rs 116,102 crore and a consolidated AUM of Rs 147,153 crore. As on 31 March 2020, the company is present in 2,392 locations across the country, including 1,357 locations in rural/smaller towns and villages.
BFL was allotted 45,325 Series E compulsorily convertible cumulative preference shares, in tranches, against the receivables of the Company, pursuant to commercial agreement with MobiKwik, amounting to Rs 37.32 crore. The total investment in MobiKwik as on 31 March 2020 is approximately Rs 262.32 crore.
During the FY2020, the Company made a strategic investments an amount of in BHFL -an amount of approximately Rs 1,500 crore by subscribing to 1,333,333,329 equity shares at a price of Rs 11.25 for equity share of face value of Rs 10, on rights basis. The total investment in BHFL as on 31 March 2020 is approximately Rs 5,050 crore.
Further, investment made in BFinsec-an amount of Rs 100 crore by subscribing to 100,000,000 equity shares of the face value of Rs 10 issued at par, on rights basis. The total investment in BFinsec as on 31 March 2020 is approximately Rs 120.38 crore.
BFL participated in Qualified Institutions Placement of RBL Bank and was allotted 4,273,504 equity shares at a price of Rs 351 per Equity Share aggregating to approximately Rs 150 Crore.
The Company launched health EMI card product which provides benefits like higher financing limits in 2021; EMI facility at multi-speciality hospitals; discounts on medicines and medical tests; and various other wellness benefits. In FY2021, BFL expanded its rural lending footprint adding 333 locations and deepening its rural geographical presence. At the end of FY2021, it was present in 1,690 locations across 21 states and union territories in India.
During period 2022, the Company expanded its geographic presence by adding 516 locations taking its presence to 3,504 locations, with a distribution network of over 133,200 points of sale. It acquired over 9 million new customers taking existing customer franchise to 57.6 million as on 31 March 2022. It launched two-wheeler financing across all manufacturers in addition to financing of Bajaj Auto two-wheelers. On 19 January 2021, the Company received approval of the RBI for issuance of co-branded credit card in association with DBS Bank (India) Ltd., which got launched with DBS Bank on 5 April 2022. It formed a strategic tie-up with Cars24.
During the year 2023, Company acquired 41.5% stake into Snapwork Technologies Private Ltd., and post- acquisition, Snapwork became an associate of the Company.
During period 2023, the Company expanded its presence to 3,733 locations with a distribution network of over 154,650 points of sale.
Bajaj Finance Share Price
Bajaj Finance share price reflects investor sentiment toward the company and is impacted by various factors such as financial performance, market trends, and economic conditions. Share price is an indicator which shows the current value of the company's shares at which buyers or sellers can transact.
Bajaj Finance Market Cap
Market capitalization of Bajaj Finance indicates the total value of its outstanding shares. Marketcap is calculated by multiplying share price and outstanding shares of the company. It is a helpful metric for assessing the company's size and market Valuation. It also helps investors understand how Bajaj Finance is valued compared to its competitors.
Bajaj Finance PE Ratio
Bajaj Finance PE ratio helps investors understand what is the market value of each stock compared to Bajaj Finance 's earnings. A PE ratio higher than the average industry PE could indicate an overvaluation of the stock, whereas a lower PE compared to the average industry PE could indicate an undervaluation.
Bajaj Finance PEG Ratio
The PEG ratio of Bajaj Finance evaluates its PE ratio in relation to its growth rate. A PEG ratio of 1 indicates a fair value, a PEG ratio of less than 1 indicates undervaluation, and a PEG ratio of more than 1 indicates overvaluation.
Bajaj Finance ROE (Return on Equity)
Return on Equity (ROE) measures how effectively Bajaj Finance generates profit from shareholders' equity. A higher ROE of more than 20% indicates better financial performance in terms of profitability.
Bajaj Finance ROCE (Return on Capital Employed)
Return on Capital Employed (ROCE) evaluates the profitability of Bajaj Finance in relation to its capital employed. In simple terms, ROCE provides insight to investors as to how well the company is utilizing the capital deployed. A high ROCE of more than 20% shows that the business is making profitable use of its capital.
Bajaj Finance Total Debt
Total debt of Bajaj Finance shows how much the company owes to either banks or individual creditors. In simple terms, this is the amount the company has to repay. Total debt can be a very useful metric to show the financial health of the company. Total debt more than equity is considered to be a bad sign.
Bajaj Finance Debt to Equity Ratio
The Debt-to-Equity (DE) ratio of Bajaj Finance compares its total debt to shareholders' equity. A higher Debt to Equity ratio could indicate higher financial risk, while a lower ratio suggests that the company is managing its debt efficiently.
Bajaj Finance CAGR (Compound Annual Growth Rate)
CAGR shows the consistent growth rate of Bajaj Finance over a specific period, whether it is over a month, a year, or 10 years. It is a key metric to evaluate the company’s long-term growth potential. Main metrics for which CAGR is calculated are net sales, net profit, operating profit, and stock returns.
Bajaj Finance Technical Analysis
Technical analysis of Bajaj Finance helps investors get an insight into when they can enter or exit the stock. Key components of Bajaj Finance Technical Analysis include:
Support Levels (S1, S2, S3)
There are usually multiple support levels, but the main support levels for a stock are S1, S2, S3. Support levels indicate price points where stock might get support from buyers, helping the stock stop falling and rise.
Resistance Levels (R1, R2, R3)
There are usually multiple resistance levels, but the main resistance levels for a stock are R1, R2, R3. Resistance levels represent price points where Bajaj Finance shares often struggle to rise above due to selling pressure.
Bajaj Finance Dividends
Dividends refer to the portion of the company’s profits distributed to its shareholders. Dividends are typically paid out in cash and reflect Bajaj Finance ’s financial health and profitability.
Bajaj Finance Bonus Shares
Bonus shares are usually given by companies to make the stock more affordable, increase liquidity, boost investor confidence, and more.
Bajaj Finance Stock Split
Stock split increases the number of its outstanding shares by dividing each existing share into multiple shares. When the company offers a stock split, the face value of the stock reduces in the same proportion as the split ratio.
Bajaj Finance Financials
The financials of Bajaj Finance provide a complete view to investors about its net sales, net profit, operating profits, expenses, and overall financial health. Investors can analyze financial data to assess the company’s stability and also understand how the company has been growing financially.
Bajaj Finance Profit and Loss Statements
The profit and loss statement of Bajaj Finance highlights its net sales, net profit, total expenditure, and operating profits in the current financial year. This Profit and Loss statement is crucial for evaluating the profitability and financial stability of Bajaj Finance .
Bajaj Finance Balance Sheet
The balance sheet presents a snapshot of Bajaj Finance ’s assets, liabilities, and equity of shareholders, providing insights into the financials of the company.
Bajaj Finance Cashflow Statements
Cashflow statements track the company's cash inflows and outflows over a period. It is an essential tool for understanding how well the company manages its liquidity and finances.
Bajaj Finance Net Interest Margin (NIM)
Bajaj Finance Net Interest Margin (NIM) tells about the profitability earned by all NBFCs and financial institutions. It represents the income generated by the bank from the difference between the interest earned on loans and the interest paid on public deposits. Net Interest Margin (NIM) is a metric that monitors the profitability generated from a bank's lending activities.
Bajaj Finance Non-Performing Assets (NPA) Ratio
Non-Performing Assets (NPA) indicate the ratio of a bank's loans that are classified as non-performing. A lower NPA ratio reflects stronger asset quality and more effective risk management.
Bajaj Finance Capital Adequacy Ratio (CAR)
Capital Adequacy Ratio (CAR) is a metric to measure the bank's ability to absorb losses and still remain financially stable. A higher CAR shows that the bank is financially sound and can absorb potential losses.
Bajaj Finance Gross NPA
Gross NPA is the percentage of total non-performing loans before provisioning, while net NPA is the percentage after provisioning. Lower gross and net NPA ratios indicate better loan quality.
Bajaj Finance Net NPA Ratio
Net NPA is the actual losses a bank has incurred due to NPA accounts. Lower the NPA, better the banks can maintain stable income from interest on loans.
Bajaj Finance CASA Ratio
CASA ratio tells how much of a bank's total deposits are in both current and savings accounts.
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