January 23, 2023

Source: moneycontrol.com

On sequential basis, new loan bookings have seen a drop from 7.4 million in Q1FY23

Share price of Bajaj Finance opened marginally higher on October 6 and then slipped into red, despite the company reporting robust AUM (assets under management) growth of 31 percent for the September quarter. AUM grew to approximately Rs 2.18 lakh crore as compared to Rs 1.66 lakh crore as of 30 September 2021.

At 9:30 am, the stock was quoting at Rs 7,376 on the National Stock Exchange, down 1.5 percent. It is the the top index loser today. The stock has gained almost 50 percent from its June low of Rs 5,200 levels.

In an exchange filing, the company informed that customer franchise now stands at 62.9 million as compared to 52.8 million in the year-ago period. “In Q2FY23, the customer franchise increased by 2.6 million. New loans booked during the quarter were 6.8 million as compared to 6.3 million in Q2FY22,” it added.

On a sequential basis, new loan bookings have seen a drop from 7.4 million in Q1FY23. Global brokerage firm Macquarie has an underperform call with a target of Rs 5,000 on the stock. “AUM growth is ahead of estimates but loan volumes are flat versus FY20 overall volume. Loans booked are still below estimate of 7 million.”

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