Bajaj Finance
BSE SENSEX
31,924
S&P CNX
10,017
11 October 2017
Update
| Sector:
Financials
CMP: INR1,924
TP: INR2,300 (+20%)
BUY
Heads I win, Tails I don’t lose much
Laying the foundation for the next decade
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
BAF IN
574
1,989 / 762
2/47/68
1,118.3
17.1
1,542
42.1
n
n
n
We recently met with the heads of Bajaj Finance’s (BAF) SME, Rural, Commercial and
Risk Management operations. We were enthused by the company’s efforts to lay the
foundation for the next phase of its journey – BFL 2.0.
Furthermore, the recent QIP equips the company with the much-needed ammunition
to sustain its 30%+ AUM growth trajectory over the foreseeable future, and
importantly, without any EPS dilution.
For FY18-20, while our new EPS estimates are marginally accretive, our BVPS
estimates have been upgraded by 20-30%. We believe that valuations must be viewed
in relation to the overall market and the company’s continued outperformance versus
peers. Confident about management’s planning and execution, we expect BAF to
outperform its peers, and thus, do not foresee any meaningful multiple contraction
over the medium term. We raise our target price to INR2,300 (6.0x Sep 2019E BVPS).
Buy.
Financials Snapshot (INR b)
Y/E March
2017 2018E 2019E
NII
54.7
77.6 102.7
PPP
36.4
52.5
70.8
PAT
18.4
26.0
36.1
EPS (INR)
32.0
45.4
62.9
EPS Gr. (%)
43.6
41.6
38.7
BV/Sh. (INR)
167
285
338
RoA (%)
3.5
3.6
3.7
RoE (%)
21.6
20.1
20.2
Payout (%)
14.0
12.5
12.5
Valuations
P/E (x)
60.1
42.4
30.6
P/BV (x)
11.5
6.8
5.7
Div. Yield (%)
0.2
0.3
0.4
Shareholding pattern (%)
As On
Jun-17 Mar-17 Jun-16
Promoter
57.9
57.9
57.4
DII
5.9
5.4
5.5
FII
19.1
19.8
20.1
Others
17.1
16.9
17.1
FII Includes depository receipts
Stock Performance (1-year)
Bajaj Fin.
Sensex - Rebased
1,950
1,550
1,150
750
A tech enterprise in the business of finance
One of the key themes resonating in all our meetings was the large-scale use of
technology and analytics in all aspects of the business. For example, the company
uses the vast digital footprint available, along with other sources of data (such as
credit bureaus), to assess customer creditworthiness even before a loan application
is made. The company then approaches the customer with a pre-approved loan,
which not only improves customer satisfaction, but also significantly reduces the
turnaround time. For example,
the turnaround time for a pre-approved mortgage
is one day compared to 15 days for peers. BAF has already pre-approved loans for
0.9m doctors across the country, and targets to pre-approve for 2-3m SMEs in the
country over the next 18-24 months. BAF has upgraded its data systems, and is
improving its lending management systems to scale up the volume of CD loans
from 11m per year to 25m per year in the next three years.
Balancing growth and profitability with a unique strategy
The company categorizes its businesses into two segments:
‘scale builders’
and
‘profit maximizers’.
Scale builders are segments that have a large runway for
growth with minimal asset quality risk and moderate RoE (~15%). These include
segments like mortgages and commercial lending, among others. Profit maximizers
are the high-RoE (>20%) businesses. These include consumer durables and personal
loans, etc. The company balances growth across both segments, with a target to
maintain reasonable growth (20-25%) and strong returns (20% RoE). With a high
cross-sell ratio,
BAF is one of the few companies that do not look at return ratios
per product or segment, but instead per customer.
Research Analyst: Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com); +91 22 3982 5415
| Piran Engineer
(Piran.Engineer@MotilalOswal.com); +91 22 3980 4393
Nitin Aggarwal
(Nitin.Aggarwal@MotilalOswal.com); +91 22 3982 5540
| Anirvan Sarkar
(Anirvan.Sarkar@MotilalOswal.com); +91 22 3982 5505
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

Bajaj Finance
The only constant is change
One of the biggest takeaways from all our meetings is that management does not
appear to be complacent. The question always is ‘What next?’ For example,
BAF
reduced the cost of mortgage loan processing from INR45,000 per file a few years
ago to INR11,000 per file today. The target is to bring it down to INR6,000 per file
in 12-24 months. This has been achieved by abolishing redundant processes in
credit appraisal.
Our visit to a consumer durables showroom also confirmed this
trait: BAF constantly upgrades its systems, processes and technology every few
months, and is way ahead of peers, according to the owner of the showroom. The
company also conducts an in-depth benchmarking exercise every year, wherein it
studies the systems and processes of some of the best companies in the world and
tries to benchmark its processes to theirs.
Some of these companies include HDFC
Bank, Wells Fargo, Amazon and Netflix.
Prevention is better than cure
One of the key aspects of BAF’s strategy is the continued focus on asset quality and
early warning signals. Management spends almost a third of its time monitoring
various asset quality metrics. If a change is required in the asset quality targets (with
regard to its product profitability matrix), there has to be consent from both Vice-
Chairmen, Mr Pamnani and Mr Bajaj. Also, the diversified product suite allows the
company to scale back in a product or segment where there are early warning
signals of stress. For example, it has completely exited the infrastructure financing
business. In the past, it slowed down on LAP, especially in the north India market.
Most recently,
BAF lowered its disbursements in business loans in the Top 20
markets by 35% due to intense competition. Interestingly, it has also pulled back
~15% in Tamil Nadu due to water shortage issues, which management believes
could have a second-order impact on small businesses.
Upgrading estimates and target price to factor in capital raise
We believe the company, post the recent capital raise of INR45b, is well capitalized
for growth over the next three years. While our new EPS estimates for FY18-20 are
marginally accretive, our BVPS estimates have been upgraded by 20-30% over FY18-
20. At 5.2x FY19E BVPS, the stock is richly valued. However, valuations must be
viewed in relation to the overall market and the company’s continued
outperformance versus peers, in our view. Confidence about management’s
planning and execution, we expect the company to outperform its peers, and thus,
do not foresee any meaningful multiple contraction over the medium term. We
raise our target price to INR2,300 (6.6x FY19E BVPS).
Buy.
11 October 2017
2

Bajaj Finance
Exhibit 1: What makes Bajaj Finance stand out among peers
Most diversified NBFC
v
No product accounts for more than 12% of AUM
v
2W/3W lending, which accounted for over 50% of AUM in 2007, now
accounts for only 8% of AUM
v
Mix of high-RoE products as well as highly scalable products
Growth driven by volumes, not values
Over FY15-17, disbursement volumes of
v
CD loans up 65%
v
Digital product loans up 4x
v
Lifestyle product loans up 4x
v
Personal cross-sell loans up 2x
v
EMI card for existing members reduces sourcing cost to 1/3rd of original
v
Database and analytics for pre-approved loans (home loans, personal loans)
v
Yearly exercise of thorough benchmarking against best-in-class companies
(HDFC Bank, Wells Fargo, Amazon, Netflix)
Innovation
Focus on early warning signals
v
Large scale use of analytics to determine early
warning signals
v
1,000+ credit risk metrics
v
Top management spends 10 days a month reviewing
portfolio quality
Source: MOSL, Company
11 October 2017
3

Bajaj Finance
New products, new branches, new locations
n
n
n
One of the key aspects of BAF’s growth story has been the introduction of new
products and segments, which have helped fuel growth.
The company has over 20+ products across four key business verticals with no product
accounting for more than 12% of AUM.
Growth has been driven by widening distribution reach and increasing loan volumes.
Points of sale for various
segments have gone up
between 4x-7x over the
past four years
Strong growth led by new product introduction and branch expansion
Over FY13-17, BAF registered 36% growth in AUM driven by expanding distribution
reach and introduction of new products. Growth has been driven by volumes, rather
than values. BAF has increased its consumer branches by more than 3x, SME lending
branches by more than 5x and scaled up the rural branch count to more than 500
branches over this time frame. While consumer durable lending has witnessed lower
sales volumes with incremental branches, digital and rural lending have witnessed
better volumes per branch over the past two years.
Exhibit 2: Trend in branch network for each business segment
Consumer presence
SME presence
Rural presence
538
397
232
91
57
FY13
114
161
80
70
119
262
193
318 296
FY14
FY15
FY16
FY17
Source: MOSL, Company
Exhibit 3: Trend in points of sale
CD retailer
Digital retailer
Lifestyle retailer
Rural retailer
FY13
FY14
FY15
FY16
FY17
Source: MOSL, Company
11 October 2017
4

Bajaj Finance
Exhibit 4: Growth driven by volumes
Number of loans disbursed ('000)
CD
Digital Products
Lifestyle
2W/3W
Personal loans cross-sell
Salaried Personal Loans
SME Lending
Rural lending
FY15
3579
293
80
560
169
38
31
131
FY16
4651
562
162
626
162
63
44
448
FY17
5937
1304
238
769
304
72
59
846
Source: MOSL, Company
Management has always
highlighted its focus on
digital (mobile phones),
lifestyle and rural lending
Exhibit 5: Growth driven by volumes
Number of loans disbursed CAGR (FY15-17)
Clear growth focus in these
businesses
72
17
2W/3W
29
34
38
38
154
111
CD
PL Cross Sell Salaried PL
SME
Lending
Lifestyle
Digital
Rural
Source: MOSL, Company
Exhibit 6: Number of loans disb per point of sale (CD)
511
495
424
Exhibit 7: Number of loans disb per point of sale
Digital Products
Rural lending
221
140
154
111
87
108
FY15
FY16
FY17
Source: MOSL, Company
FY15
FY16
FY17
Source: MOSL, Company
8 new products in the past
two years
Eight new products introduced in the past two years
BAF continues to innovate on how it can cross-sell more products to its existing
customer base. In the past two years, it introduced eight new products, primarily
across the consumer and commercial lending segments.
11 October 2017
5

Bajaj Finance
Exhibit 8: Timeline of new product introduction in the past two years
FY16
FIG
Light Engg
Corporate Finance
FY17
E-Commercie
Co-branded credit
card (RBL Bank)
Developer Finance
IPO Financing
Retail Spends
Financing
Source: MOSL, Company
Scaled back in LAP and 2W/3W financing in the past few years
While share of consumer
financing has increased in
the overall pie, the share of
2W/3W financing has
declined significantly
Over the past few years, BAF has consciously scaled back in LAP (especially DSA-
sourced LAP) and has focused more on consumer and rural lending verticals. As a
result, the share of SME business declined from 53% in FY14 to 37% in FY17.
Interestingly, while the share of consumer lending increased over the past few
years, the share of 2W/3W lending in the consumer finance book declined sharply
due to larger focus on digital product financing, lifestyle financing and personal
loans.
Exhibit 10: Share of 2W/3W finance in consumer lending
Commercial
3
12
42
Rural
5
13
37
49
39
25
Exhibit 9: AUM mix trend (%)
Consumer
8
53
1
10
48
SME
20
19
39
FY14
41
FY15
43
FY16
45
FY17
FY13
FY14
FY15
FY16
FY17
Source: MOSL, Company
Source: MOSL, Company
11 October 2017
6

Bajaj Finance
Asset quality - The key differentiator for the company
n
n
n
About a third of top management’s time and effort is spent on monitoring asset
quality performance across all products and geographies in great detail.
If a change is required in the asset quality targets (with regard to its product
profitability matrix), there has to be consent from both Vice-Chairmen, Mr Pamnani
and Mr Bajaj.
Most importantly, since BAF does not depend on just 1 or 2 products for growth, it can
effortlessly scale back in any business that has early warning signals without it
significantly impacting the overall company performance.
Having a large number of
products and business
segments makes it easy for
BAF to withdraw from any
one product if it deems so.
Asset quality is top priority for management
Management spends almost a third of its time monitoring various asset quality
metrics. Also, the diversified product suite allows the company to scale back in a
product or segment where there are early warning signals of stress. For example, it
has completely exited the infrastructure financing business. In the past, it slowed
down on LAP, especially in the north India market. Most recently, BAF lowered its
disbursements in business loans in the Top 20 markets by 35% due to intense
competition. Interestingly, it has also pulled back ~15% in Tamil Nadu due to water
shortage issues, which management believes could have a second-order impact on
small businesses.
Exhibit 11: BAF has controlled its LAP product due to early warning signals
25
AUM (INR b)
Share of LAP in total AUM (%)
19
14
12
82
FY15
83
FY16
84
FY17
86
1QFY18
Source: MOSL, Company
Asset quality, on all metrics
(GNPL ratio, credit costs),
superior to most peers
Asset quality superior to peers
As a result of superior analytical technology as well as continued management focus
on asset quality, BAF has witnessed superior asset quality performance compared to
peers. Its GNPL ratio of 1.7% and credit costs of 1.6% (both as of FY17) are better
than most peers. NPLs have remained benign despite the sharp increase in the share
of unsecured lending in the past few years. This lends credence to the superior
analytics deployed by the company for underwriting of bulk of its consumer loans.
11 October 2017
7

Bajaj Finance
Exhibit 12: GNPL ratio (FY17, %)
9.0
6.7
4.7
1.7
1.7
4.9
1.6
1.0
2.4
3.0
Exhibit 13: Credit costs (FY17, %)
4.3
4.5
BAF
CAFL
CIFC
LTFH
SCUF
MMFS
CIFC
BAF
CAFL
MMFS
SCUF
LTFH
Source: MOSL, Company; Note: CAFL, CIFC NPL at 90dpd, others at
120dpd
Source: MOSL, Company
Asset quality has remained
stable despite the
continued increase in share
of unsecured lending
Exhibit 14: Increasing share of secured lending (%)
Secured loans
24
28
Unsecured loans
34
38
76
72
66
62
FY14
FY15
FY16
FY17
Source: MOSL, Company
11 October 2017
8

Bajaj Finance
Story in charts
Exhibit 15: AUM growth to remain healthy
AUM (INR b)
37
35
36
36
Growth (%)
35
Exhibit 16: Margin improvement due to capital infusion
12.2
11.7
30
10.8
10.4
10.6
11.3
10.5
11.2
11.2
34
33
175
241
324
442
602
813
1,081
1,405
Source: MOSL, Company
Source: MOSL, Company
Exhibit 17: Opex ratio to remain stable due to tech
investments
Cost to assets(%)
6.2
5.5
5.4
5.0
4.9
4.9
5.1
4.9
4.7
Exhibit 18: Robust monitoring to ensure credit costs stay in
check
Credit Cost (%)
1.4
1.1
1.1
1.3
1.3
1.5
1.7
1.6
1.6
Source: MOSL, Company
Source: MOSL, Company
Exhibit 19: Robust PAT CAGR over the medium term
PAT (INR b)
45
22
6
7
25
42
PAT Growth (%)
Exhibit 20: Return ratios stable
RoE (%)
3.8
3.4
3.1
3.3
3.5
RoA (%)
3.6
3.7
3.9
44
42
39
38
9
13
18
26
36
50
21.8
19.5
20.4
20.9
21.6
20.1
20.2
23.1
Source: MOSL, Company
Source: MOSL, Company
11 October 2017
9

Bajaj Finance
Appendix – Takeaways from our meetings
SME Segment
Business strategy
TAT of 1 day for pre-
approved loans a key
differentiator for the
company
n
n
n
n
Mortgages are done from
only 50 locations today;
Scope to scale it up
manifold
n
n
n
n
This segment is considered to be a ‘scale builder,’ where growth opportunities are
immense, but profitability is moderate.
The company follows a differentiated customer targeting approach, wherein it assesses
a prospective customer beforehand and then pre-approves a loan. With this, the
turnaround time for BAF is 1 day v/s 15-20 days for peers.
Over the next 1-2 years,
management targets to have a pool of 2-3m pre-approved SME customers.
The company eliminated a lot of redundancies in its loan underwriting process. Hence,
it was able to reduce the loan processing cost from INR45,000 per file three years back
to INR11,000 today. The target is INR5,000 per file over the near term. This not only
saves money for the company, but also improves TAT.
The home loan plus LAP loan book industry-wide is around INR18t, while BAF’s
customers have home and LAP loans worth INR5.4t outstanding with other players.
Management believes that with proper targeting, it will be able to get customers to
transfer their loans to BAF. Management mentioned that 7% of its mortgage loans are
balance transfers from HDFC Ltd and HDFC Bank.
Incremental LAP yields are anywhere between 9% and 11%, as against 13% three years
ago.
70% of business loan sourcing comes from DSAs. It targets to reduce this to 30% over
the next 18-24 months.
BAF has compiled state-wise regulations on one tech platform. This helps it to serve the
local customer better, as sales personnel are well accustomed with document/filing
requirements.
BAF does mortgages from 50 locations and business loans from 550 locations. It only
goes to locations where HDFCB, SBI and at least one other bank are already present.
HDFCB is present in 2,657 markets – so that is the scope of expansion the company is
targeting.
Risk management strategies
n
n
n
n
n
BAF has over 1,000+ credit risk metrics.
Rajeev Jain, along with senior management, reviews asset quality performance across
products and segments thoroughly for 10 days a month.
In business loans, the company pulled back in the top 20 locations by 35% due to
intense competition.
For salaried customers, the company targets only the segment with take-home monthly
salary of more than INR30,000.
Cheque bounce rate is 7-8%. However, ~95% of bounce cases are settled before month-
end.
11 October 2017
10

Bajaj Finance
Commercial Business
Competitive segment, but
low opex makes it a
moderate RoE business
Business strategy
n
This segment is a ‘scale builder’ – good growth, moderate return ratios and impeccable
asset quality (GNPL ratio ~0.05%). RoE in this segment is ~15%, and management
expects it to remain in this range.
n
This is a low-margin business (NIM of 2.5-3%). However, opex is low too (expense ratio
of 30-40bp).
Vendor finance
n
n
n
Target segment comprises borrowers with annual turnover of INR2-20b. BAF caters only
to borrowers in certain industries.
This segment is very competitive with respect to pricing. Key to success in this business
is having a low-cost structure.
The company caters to 120 out of the 250 auto vendors in India.
Regulatory arbitrage over
banks in LAS segment
Securities lending
n
n
In LAS, BAF has a regulatory advantage over banks, as the latter cannot do LAS of more
than INR2m ticket size.
Borrowers include HNIs, brokers, promoters and regular individuals.
The RBI has capped
LTV at 50%
(three years back, it used to be 60-65%). The size of the overall securities
lending industry is INR300b. Major players include BAF, IIFL, JM Fin, Edel, ABCL, MOSL
and Kotak Prime.
Corporate finance
n
In the corporate finance segment, BAF provides loans with a ticket size of INR500-750m
to companies with INR10b+ annual turnover.
LRD forms a large portion of this segment.
11 October 2017
11

Bajaj Finance
Rural Segment
Business strategy
High-growth, high-returns
businesses make this
segment a key focus area
for the company
n
n
n
n
n
n
In our view, management is most enthused about this business as it offers immense
scalability, low competition and high return ratios. Additionally, management
commented that delinquency trends in this segment are better than in the Top 20
markets.
Management targets the middle and upper-middle class section in these markets. For
example, for personal loans, only people with income greater than INR27,000 per month
(take home) are eligible to get a loan.
Customers directly or indirectly related to agriculture form only 14% of its rural
customer base.
BAF follows a hub-and-spoke model. There are 168 hubs and 390 spokes currently.
Management expects to add 40-50 hubs on an annual basis.
Management expects AUM to cross USD1b in FY18 (v/s USD620m in 1QFY18). Over the
next five years, there is high probability of this segment continuing to deliver strong
growth as competition remains benign.
Break-up of the INR41b rural book: Personal loans – INR17b; CD financing – INR10b; LAP
–INR4-4.5b; gold loans – INR3.5b; other products comprise the rest.
Risk management strategies
BAF enters markets with
population greater than
1lac and where at least one
private sector bank is
present
n
n
BAF enters only those markets where population is in excess of 100,000 and at least one
private sector bank is present.
To assess income/credit worthiness of a customer who has surrogate income, it uses
other means like electricity bill, vehicle owned by the borrower, etc.
11 October 2017
12

Bajaj Finance
Financials and valuations
Income Statement
Y/E MARCH
Interest Income
Interest Expended
Net Interest Income
Change (%)
Other Operating Income
Other Income
Net Income
Change (%)
Operating Expenses
Operating Income
Change (%)
Provisions and W/Offs
PBT
Tax
Tax Rate (%)
PAT
Change (%)
Proposed Dividend
Balance Sheet
Y/E MARCH
Capital
Reserves & Surplus
Net Worth
Borrowings
Change (%)
Other liabilities & provisions
Total Liabilities
Investments
Change (%)
Advances
Change (%)
Net Fixed Assets
Other assets
Total Assets
E: MOSL Estimates
2013
29,248
12,057
17,191
37.5
1,689
177
19,057
33.7
8,523
10,534
39.2
1,818
8,716
2,803
32.2
5,913
45.5
747
2014
37,896
15,732
22,163
28.9
2,429
419
25,011
31.2
11,511
13,500
28.2
2,588
10,912
3,722
34.1
7,190
21.6
802
2015
51,200
22,483
28,717
29.6
2,618
364
31,699
26.7
14,284
17,415
29.0
3,846
13,569
4,591
33.8
8,979
24.9
903
2016
69,012
29,269
39,743
38.4
3,924
398
44,065
39.0
18,991
25,074
44.0
5,429
19,646
6,861
34.9
12,785
42.4
1,347
2017
92,723
38,034
54,690
37.6
7,050
260
61,999
40.7
25,642
36,357
45.0
8,182
28,175
9,810
34.8
18,366
43.6
2,296
2018E
125,045
47,430
77,614
41.9
10,928
719
89,261
44.0
36,792
52,469
44.3
12,449
40,020
14,007
35.0
26,013
41.6
3,252
2019E
166,514
63,784
102,730
32.4
14,753
999
118,482
32.7
47,689
70,793
34.9
15,304
55,489
19,421
35.0
36,068
38.7
4,508
(INR m)
2020E
218,480
83,283
135,197
31.6
19,179
1,391
155,767
31.5
59,371
96,395
36.2
20,025
76,370
26,730
35.0
49,641
37.6
6,205
(INR m)
2020E
1,147
235,238
236,385
1,178,595
30.5
18,610
1,433,591
54,234
10.0
1,359,394
30.0
3,641
16,321
1,433,591
2013
498
33,173
33,670
133,490
30.5
11,051
178,211
53
-4.0
167,440
36.3
1,762
8,957
178,211
2014
498
39,411
39,909
197,496
47.9
8,776
246,180
282
436.3
229,710
37.2
2,199
13,990
246,180
2015
500
47,497
47,997
266,908
35.1
13,206
328,111
3,323
1,077.9
311,995
35.8
2,492
10,303
328,112
2016
1,071
72,175
74,266
370,247
38.7
6,903
451,417
10,341
211.2
433,144
38.8
2,870
5,062
451,417
2017
1,094
94,909
96,003
492,497
33.0
8,471
596,970
40,747
294.0
582,394
34.5
3,611
-29,782
596,970
2018E
1,147
162,065
163,212
671,442
36.3
11,012
845,666
44,822
10.0
786,232
35.0
3,621
10,991
845,666
2019E
1,147
192,858
194,005
903,474
34.6
14,316
1,111,795
49,304
10.0
1,045,688
33.0
3,631
13,171
1,111,795
11 October 2017
13

Bajaj Finance
Financials and valuations
Ratios
Y/E MARCH
Spreads Analysis (%)
Yield on Advances
Cost of borrowings
Interest Spread
Net Interest Margin
Profitability Ratios (%)
RoE
RoA
RoA on AUM
Int. Expended/Int.Earned
Secur. Inc./Net Income
Efficiency Ratios (%)
Op. Exps./Net Income
Empl. Cost/Op. Exps.
Asset-Liability Profile (%)
Loans/Borrowings Ratio
Net NPAs to Adv.
CAR
Tier 1
Valuation
Book Value (INR)
Price-BV (x)
EPS (INR)
EPS Growth (%)
Price-Earnings (x)
Dividend per Share (INR)
Dividend Yield (%)
E: MOSL Estimates
2013
20.2
10.2
9.9
11.7
2014
19.1
9.5
9.6
10.8
2015
18.9
9.7
9.2
10.4
2016
18.5
9.2
9.3
10.5
2017
18.3
8.8
9.4
10.6
2018E
18.3
8.2
10.1
11.3
2019E
18.2
8.1
10.1
11.2
2020E
18.2
8.0
10.2
11.2
21.8
3.8
3.9
41.2
8.9
19.5
3.4
3.5
41.5
9.7
20.4
3.1
3.2
43.9
8.3
20.9
3.3
3.3
42.4
8.9
21.6
3.5
3.5
41.0
11.4
20.1
3.6
3.7
37.9
12.2
20.2
3.7
3.8
38.3
12.5
23.1
3.9
4.0
38.1
12.3
44.7
28.8
46.0
29.6
45.1
31.6
43.1
33.2
41.4
36.3
41.2
36.0
40.2
36.6
38.1
36.8
125.4
0.2
22.0
18.7
116.3
0.3
21.0
18.0
116.9
0.5
18.0
14.2
117.0
0.3
19.5
16.1
118.3
0.4
20.3
14.6
117.1
0.0
24.1
18.3
115.7
0.0
22.1
16.4
115.3
0.0
21.1
15.4
59
10.3
45.5
1.3
70
12.5
21.6
1.4
84
15.7
24.9
1.6
128
22.3
42.4
2.3
167
11.5
32.0
43.6
60.1
4.0
0.2
285
6.8
45.4
41.6
42.4
5.7
0.3
338
5.7
62.9
38.7
30.6
7.9
0.4
412
4.7
86.6
37.6
22.2
10.8
0.6
11 October 2017
14

Bajaj Finance
NOTES
11 October 2017
15

Disclosures:
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Bajaj Finance
Disclosure of Interest Statement
§
Analyst ownership of the stock
Bajaj Finance
No
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11 October 2017
16