BAJFINANCE / Q4-FY24 / 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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WatchQ4-FY24 · 2024-04-24Back to quarter ↗

Questions audited

Answered directly

65%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Shubhranshu Mishra · PhillipCapital

partial

Plans for international listing, timeline for INR 1,000 crore profit in gold loan and broking, and cross-subsidization issues.

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...

Shubhranshu Mishra · PhillipCapital

direct

Follow-up: When will gold loan and broking hit INR 1,000 crore profit?

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%...

Viral Shah · IIFL Securities

evasive

Management transition progress and RBI regulatory concerns.

management transition... very early days... patience play... second part... our preference would be to not comment on it... we remain committed to compliance...

Kunal Shah · Citi

direct

Credit cost guidance at 1.75%-1.85% despite pivot to secured assets.

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.

Kunal Shah · Citi

partial

Average write-off rate given the asset profile.

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...

Kunal Shah · Citi

direct

BHFL NIM contraction and ROA profile outlook.

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.

Kuntal Shah · Oaklane Capital

partial

Impact of account aggregator, ONDC, rewards on franchise profitability.

Account Aggregator... fundamental shift... 8.1 million consents... ONDC... dramatically improve engagement rates... Rewards... open architecture customer acquisition engine...

Kuntal Shah · Oaklane Capital

declined

Timeline for RBI to lift embargo on eCOM and Insta EMI cards.

I cannot comment, Kuntal. As I've said, we have completed the compliance, and we are awaiting next steps from RBI.

Umang Shah · Kotak Mutual Fund

direct

Does FY25 guidance assume RBI relaxation on eCOM and Insta EMI cards?

sometime in near future, we assume... that the relaxations will be lifted, right?

Umang Shah · Kotak Mutual Fund

direct

Is the shift to secured assets temporary or structural, and does BHFL listing impact consolidated guidance?

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.