BAJFINANCE / Q2-FY25 / claim-ledger

Audit the questions that mattered.

Bajaj Finance · Analyst questions, management answers, and the quality of the response where the ledger is available.

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WatchQ2-FY25 · 2024-10-16Back to quarter ↗

Questions audited

Answered directly

68%

Numeric claims

Consistency

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Question ledger

What was answered, and how?

Chintan Joshi · Autonomous

partial

Confidence that slippages and credit costs have peaked; NIM outlook with rate cuts.

The main interesting thing that we are seeing in the cycle is actually that the bounce rates are still lower. ... we are cautiously optimistic that we should ... come back to a hundred and eighty-five to hundred and ninety-five basis points of credit cost.

Chintan Joshi · Autonomous

direct

Clarification on credit cost guidance range (185-195 vs 175-185).

No, no, no. ... the 170-172 basis points that we used to be pre-COVID, based on the regulatory changes and our write-off policy changes, adds up being between 185-195 basis points.

Dhaval Gada · DSP

partial

Normalization timeline for Rural B2C and Business/Professional loan segments.

Rural B2C ... we foresee that business still, however, may grow only by 12-14% on a full year basis. ... Business and professional loan ... it's now at 98.63. ... we've stamped it as yellow.

Dhaval Gada · DSP

evasive

Medium-term cost-to-income ratio target (30-31% OpEx to NII).

I can't say whether a number will get to 31 ever, because at our base, 31-33 is a significant drop, but you will continue, you should continue to see the number trend down.

Piran Engineer · CLSA

partial

What could prolong the elevated credit cost cycle?

the fact that various actions by the bank has started to slow down the unsecured market. ... the personal loan year-on-year growth is degrowth ... minus 3% to 4%. ... we remain cautiously optimistic of the same.

Piran Engineer · CLSA

direct

Reason for weak fee income despite digital lending ban lift.

the transfer of the collections activity to RBL Bank, which otherwise would have come to us as payment towards the collections activity, would have sat in the fee income.

Kunal Shah · Citigroup

direct

Growth vs credit cost approach; any change in strategy?

there's no need to. ... the organic number would have looked like 24% to 25% ... without having to compromise in any given manner, the credit quality.

Kunal Shah · Citigroup

evasive

Risk of Urban B2C turning amber given elevated stage 2 and GNPA increase.

No, we remain watchful, Kunal, is what I would say ... we saw inching up on panel 51 across. ... between managing risk and managing growth, we'll choose credit.

Kunal Shah · Citigroup

direct

Whether management created a management overlay buffer against one-time gain.

we don't have options. ... we did not felt a need at this point in time to create an overlay.

Viral Shah · IIFL Securities

direct

Reason for halving of tractor distribution network sequentially.

depending on the activation rate ... we do the adjustment. ... Don't read anything into it. ... we are now disbursing between 65 to 70 crores of volumes a month in.

Viral Shah · IIFL Securities

direct

Profitability differential between captive and non-captive two-wheeler business.

the non-Bajaj book for us ... comes in at half the risk cost. ... In the short term, it'll have some impact on profitability. Over long term, it will be beneficial.

Umang Shah · Kotak Mutual Fund

direct

Festive season demand trends so far.

So far, at this point in time, looks like the count growth is, like, between 20% and 21%. ... In terms of value ... 19% to 20% growth.