Bajaj Finance Ltd — Q4 FY24
Bajaj Finance reported a solid Q4 FY24 with AUM growth of 34% to INR 3,30,600 crore and PAT of INR 3,825.8 crore, up 21% YoY.
neutral
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
65%Questions answered2Evaded / deflected10Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Plans for international listing, timeline for INR 1,000 crore profit in gold loan and broking, and cross-subsidization issues.
Asked by Shubhranshu Mishra, PhillipCapital
Initially avoided giving a timeline for INR 1,000 crore profit; later provided after follow-up.
no specific timeline for INR 1,000 crore initiallydeferred to long-term view
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Question
do we have any plans to list in the international market... second is with respect to fledgling businesses... gold loan, second is broking. When do we see INR 1,000 crore bottom line for each of the businesses?
Rajeev Jain, Managing Director
So ADR, GDR, it's a new point... We'll evaluate... In terms of profit horizon... gold loan... 18-24 months... breakeven... 36-48 before it starts to meet hurdle rate...
Answered
High priority
Follow-up: When will gold loan and broking hit INR 1,000 crore profit?
Asked by Shubhranshu Mishra, PhillipCapital
Provided a specific timeline for gold loan (3 years) and growth trajectory for broking.
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Question
What's the commitment in INR 1,000 crore bottom line for gold business and broking business?
Rajeev Jain, Managing Director
gold loan... if the current run rate was to continue, in three years' time, it could be INR 1,000 crore profitability... BFSL... should get to three-digit growth... should compound 35%-40%...
Evasive
Medium priority
Management transition progress and RBI regulatory concerns.
Asked by Viral Shah, IIFL Securities
Avoided giving details on transition progress and declined to discuss regulatory issues.
declined to comment on regulatory mattersno specifics on transition progress
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Question
how is the management transition happening with Anup now being elevated... second question... RBI placing business restrictions... any other pressing points that have been a persistent issue?
Rajeev Jain, Managing Director
management transition... very early days... patience play... second part... our preference would be to not comment on it... we remain committed to compliance...
Answered
High priority
Credit cost guidance at 1.75%-1.85% despite pivot to secured assets.
Asked by Kunal Shah, Citi
Explained the gradual nature of the pivot and provided a timeline for when credit cost impact would be seen.
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Question
credit cost guidance... still seems to be slightly on a higher side at 1.75%-1.85%... any other product segments which is becoming a cause of concern?
Rajeev Jain, Managing Director
pivot is gradual... 2.5% of assets went down in terms of unsecured... credit costs have held flat... sometime in 2026, 2027 you will see an impact.
Partial answer
Medium priority
Average write-off rate given the asset profile.
Asked by Kunal Shah, Citi
Did not provide a specific average write-off rate; pointed to disclosed provisioning data.
no explicit average write-off number givenreferred to disclosed data
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Question
what could be the write-offs? ... what should be the average write-offs, given the profile of the assets which we are building?
Rajeev Jain, Managing Director
the overall provisioning versus last year to this year is very well disclosed... The differential is nothing but the write-off number... barring 10 basis points...
Answered
High priority
BHFL NIM contraction and ROA profile outlook.
Asked by Kunal Shah, Citi
Explained competitive pressure and provided ROE guidance range.
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Question
BHFL... NIMS there itself have contracted... how should we look at the BHFL, both in terms of the margin as well as the ROA profile?
Rajeev Jain, Managing Director
competitive activity in the mortgage space... borrowing costs for BHFL... at 8.3%, and home loans are being distributed at 8.4%-8.5%... ROE anywhere between 13%-15% on a sustainable basis.
Partial answer
Medium priority
Impact of account aggregator, ONDC, rewards on franchise profitability.
Asked by Kuntal Shah, Oaklane Capital
Described initiatives qualitatively but did not quantify impact on profitability.
no quantitative impact on profitability givenqualitative description only
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Question
you mentioned in passing about account aggregator, ONDC rewards... can you just throw a granular light on how does it impact franchisee profitability?
Rajeev Jain, Managing Director
Account Aggregator... fundamental shift... 8.1 million consents... ONDC... dramatically improve engagement rates... Rewards... open architecture customer acquisition engine...
Declined
High priority
Timeline for RBI to lift embargo on eCOM and Insta EMI cards.
Asked by Kuntal Shah, Oaklane Capital
Explicitly declined to comment on RBI timeline.
refused to provide timeline
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Question
What is the timeframe you are expecting for RBI to revert, and when would you be able to fire that engine?
Rajeev Jain, Managing Director
I cannot comment, Kuntal. As I've said, we have completed the compliance, and we are awaiting next steps from RBI.
Answered
High priority
Does FY25 guidance assume RBI relaxation on eCOM and Insta EMI cards?
Asked by Umang Shah, Kotak Mutual Fund
Clearly stated that guidance assumes relaxations will be lifted.
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Question
FY 2025 guidance... does that factor in the relaxation from the RBI or on eCOM and Insta EMI cards or you are assuming that... continues?
Rajeev Jain, Managing Director
sometime in near future, we assume... that the relaxations will be lifted, right?
Answered
High priority
Is the shift to secured assets temporary or structural, and does BHFL listing impact consolidated guidance?
Asked by Umang Shah, Kotak Mutual Fund
Explained that shift is opportunity-driven, not structural, and clarified listing impact.
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Question
the shift that we are seeing between secured and unsecured... is it just temporary... or more structural... does the listing impact that in any way?
Rajeev Jain, Managing Director
structurally... our market share across lines of businesses remain very low... no change in structural guidance... BHFL listing... consolidated conversation is as important as standalone.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| BFSL pre-tax profit of INR 72 crore last year | ₹72 cr | ₹3,825.8 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.