Elevated credit costs remain a drag on earnings

Company
23 Oct 2024
5 Min read 
  • Bajaj Finance's financials and valuations are detailed, including income statement, balance sheet, and ratios.
  •  The company's AUM grew 29% YoY, with new customer acquisitions of 15-16m in FY25.
  •  Asset quality stress is broad-based, impacting retail and SME offerings.
  •  The company's credit costs are expected to decline to ~2% by 4QFY25.
  •  Despite attractive valuations, the company's asset quality stress is a concern.
  •  The company maintains a neutral rating with a target price of INR7,320.
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