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Motilal Oswal Report
Bajaj Finance Ltd.'s reported PAT in Q2 FY25 grew 13% YoY to ~Rs 40.1 billion (in line). Net interest income grew 23% YoY to ~Rs 88.4 billion (in line). Non-interest income stood at ~Rs 21.1 billion (+3% QoQ). Fee income was lower QoQ due to the transfer of the collections activity to RBL Bank (in its co-branded credit cards). H1 FY25 PAT grew 13% YoY to ~Rs 79.3 billion and we estimate H2 FY25 PAT to grew 15% YoY.
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Bajaj Finance's Q2 FY25 NIM contracted ~5 bp QoQ to ~9.7%. The company expects that the ~25 bp reduction in repo rates will lead to a ~10-12 bp expansion in the NIM. However, the company plans to leverage the NIM expansion to support the growth of some of its newer lines of business launched over the past two years. We estimate NIM at 9.8%/9.9% in FY25/FY26.
The company has guided for AUM growth of ~27-28% in FY25, with newer businesses contributing 2-3% to this growth, while existing businesses are expected to grow at ~24-25% YoY in FY25. In the medium term, it has guided for AUM growth of ~25-27%.
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