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ICICI Direct Report
Bajaj Finserv Ltd, reported a healthy performance in the lending business.
Consolidated topline growth came in at 25.3% YoY to Rs 23625 crore. Assets under management up 25% YoY to Rs 247379 crore; profit after tax jump led by contained provision.
Gross written premium up 14% YoY to Rs 3765 crore; profit after tax down 30% YoY to Rs 322 crore. Life insurance premium grew 13% YoY, renewal premium was healthy.
Key triggers for future price performance:
The management has rolled out a five-year long range strategy, aiming for 3-4% share in total credit and 4-5% share in retail credit.
Digital transformation, client additions and ambitious targets on assets under management growth (25-27% compound annual growth rate) to boost profitability. Expect more than 21% profit after tax growth in the next two years.
Improving distribution strength and diversified product mix to aid premium accretion. Control on opex and selective approach in insurance business to aid margins and, thus, profitability.
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