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Intense competition in prime home loans
View Risks →Bajaj Housing Finance Limited — Q2 FY25
Bajaj Housing Finance reported a strong Q2 FY25 with AUM crossing ₹1,00,000 crore, growing 26% YoY to ₹1,02,569 crore.
bullish
medium
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Bajaj Housing Finance reported a strong Q2 FY25 with AUM crossing ₹1,00,000 crore, growing 26% YoY to ₹1,02,569 crore. PBT grew 23% to ₹708 crore, while PAT rose 21% (impacted by prior-year tax write-back). Asset quality remained pristine with GNPA at 29 bps and NNPA at 12 bps. Credit cost normalized to 14 bps (ex-overlay). The company successfully listed via IPO, raising ₹3,560 crore, boosting capital adequacy to 28.98%. Growth was broad-based: home loans (+24% AUM), lease rental discounting (+28%), and developer finance (+56%). Management highlighted stable spreads (1.9%) and improving opex efficiency (20.5% opex/NIM). Forward guidance was limited due to regulatory silent period, but the company expects retail disbursements to pick up with affordable/near-prime segments gaining traction. Key risk: intense competition in prime home loans could pressure growth and spreads.
बजाज हाउसिंग फाइनेंस ने दूसरी तिमाही में शानदार प्रदर्शन किया। उनका कुल कर्ज 1 लाख करोड़ रुपये पार कर गया, जो पिछले साल से 26% ज्यादा है। मुनाफा 23% बढ़कर 708 करोड़ रुपये हुआ। कंपनी के खराब कर्ज बहुत कम हैं - सिर्फ 0.29%। उन्होंने आईपीओ से 3,560 करोड़ रुपये जुटाए, जिससे उनकी पूंजी मजबूत हुई। होम लोन 24%, किराया आधारित कर्ज 28% और डेवलपर फाइनेंस 56% बढ़ा। कंपनी का कहना है कि सस्ते घरों के लिए लोन मांग बढ़ेगी। लेकिन प्रीमियम होम लोन में कड़ी प्रतिस्पर्धा से मुनाफा कम हो सकता है।
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Read Transcript →Quarter Snapshot
AUM
₹1,02,569 crore
+26% YoY
AUM crossed ₹1 lakh crore milestone, driven by strong growth across all segments.
GNPA
0.29%
flat YoY
Asset quality remains best-in-class with GNPA stable at 29 bps.
Capital Adequacy Ratio
28.98%
+13.98pp YoY
Post-IPO, CAR surged to 29%, well above regulatory minimum of 15%.
Opex to NIM
20.5%
-160bps YoY
Operating efficiency improved as opex-to-NIM ratio declined from 22.1%.
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Guidance and risk preview
Management expects retail disbursement growth to accelerate as the affordable and near-prime verticals start delivering, offsetting the current 7%...
Competition remains very intense in the prime home loan segment, which could pressure growth and spreads.
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