Bajaj Finance stock jumps 5% after quarterly result
Published On: Wednesday, July 6, 2022 | By: Team KnowMyStock
Bajaj Finance's share price rose 5 percent on July 6 after the company reported better numbers for the quarter that ended June 2022. Bajaj Finance, a leading NBFC company, witnessed a 31% Year-on-Year (YoY) growth in its core assets under management in the quarter that ended June 30, 2022. The company's AUM grew from approximately Rs 156,115 crore on 30 June 2021 to Rs 204,000 crore as of 30 June '22. Bajaj Finance witnessed the highest ever quarterly increase in its customer franchise of 2.7 million in the initial quarter of FY23. Customer franchise of the company increased from 50.5 million in June 2021 to 60.3 million in June 2022 and new loans booked during the first quarter of 2023 were 7.4 million compared to last year’s 4.6 million, the company said in a filing to the exchanges. Bajaj Finance continues to remain well-capitalized with a CRAR of ~ 26.2%.
Consolidated net liquidity surplus stood at ~ 11,550 cr as of 30 June 2022. Deposit books saw a growth of 22% YoY basis and stood at Rs 34,100cr. During the quarter, the company invested Rs 2,500 crore in equity shares of Bajaj Housing Finance, a wholly-owned subsidiary of the company.
Brokerage firm CLSA has given a 'Sell' call to Bajaj Finance after the quarterly updates were out. It slashed the target from Rs 6,000 to Rs 5,000.On the contrary, Morgan Stanley retained its 'Overweight' rating with the same target price of Rs 8,000.
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