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Anand Rathi Report
Driven by strong, 34% YoY, assets under management growth, Bajaj Finance Ltd.'s Q4 FY24 net profit rose 21% YoY to Rs 38.2 billion (as expected).
Despite pricey valuations, we retain a Buy on best-in-class execution skills, robust customer franchisees and strong tech architecture.
At our 12-month unchanged target price of Rs 8,630 the stock would trade at 4.7 times FY26e book value and 24 times FY26e earnings per share.
Risks: Key-man risk, regulatory changes.
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