Strong Performance in Q3 Boosts Bajaj Finance Shares

Bajaj Finance’s shares experienced a notable increase of 4.6% to ₹7,723.95 each during early trading on Thursday following the release of the company’s Q3 update. The update disclosed a substantial 26% year-over-year rise in loans booked during the third quarter of FY24, bringing the total loans booked by the lender to 9.86 million, up from 7.84 million in Q3 FY23.
The assets under management (AUM) also exhibited impressive growth, surpassing the ₹3 lakh crore milestone and reaching approximately ₹3,11,000 crore in Q3 FY24. The AUM recorded a 35% year-over-year growth, increasing by approximately ₹20,700 crore in the quarter alone, as per the company’s exchange filing.
Despite the ban on new customer acquisitions and new loans booked, Bajaj Finance’s AUM growth remained robust. In November last year, the Reserve Bank of India (RBI) directed Bajaj Finance Ltd. (BAF) to cease sanctioning and disbursing loans under its ‘eCOM’ and ‘Insta EMI Card’ lending products.
The company’s customer franchise also experienced a substantial rise, with the number of customers increasing to 80.41 million in Q3 FY24 from 66.05 million in Q3 FY23. Furthermore, the consolidated net liquidity surplus stood at approximately ₹11,600 crore as of December 31, 2023, demonstrating a strong liquidity position. The deposits book recorded a 35% year-over-year growth, reaching approximately ₹58,000 crore in Q3 FY24.
In the September quarter, the company reported a 27.68% increase in its standalone net profit at ₹3,551 crore, with a total revenue from operations of ₹13,378 crore, representing a growth of 34.18% compared to the same quarter last year.
At 10:15 AM, the stock was trading with a gain of 3.56% at ₹7,647.95 apiece.
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