Shares of Bajaj Finance tumbled 8 per cent to Rs 6,032.25 on the BSE in Thursday’s intra-day trades after the consumer finance reported that assets under management (AUM) grew by 27 per cent year-on-year (YoY), lower than market expectations, to Rs 2.30 trillion as of December 31, 2022.
On quarter-on-quarter (QoQ) AUM grew 6 per cent. AUM in Q3FY23 grew by approximately Rs 12,500 crore. AUM growth suggested that disbursements were strong across product segments, Motilal Oswal Financial Services said.
Bajaj Finance acquired 3.1 million new customers (v/s 2.6 million acquired in Q2FY23). The new customer acquisition run-rate was healthy in Q3FY23. Total customer franchise stood at 66 million, up 19 per cent YoY.
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New loans booked during the quarter witnessed highest growth at 7.8 million vs. 7.4 million in Q3FY22. The customer franchise increased by 3.1 million in Q3FY23 to 66 million vs. 55 million in Q3FY22. The company’s liquidity position continues to remain strong with net liquidity surplus at Rs 12,750 crore. READ MORE
Bajaj Finance witnessed decent growth on business front, though new customer addition remains strong, ICICI Securities said in a note.
With today’s decline, Bajaj Finance has underperformed the market in recent past. In past three months, the stock has slipped nearly 20 per cent, as compared to 4.4 per cent rise in the S&P BSE Sensex. Further, in past one year, it has declined 19 per cent, as against 0.67 per cent gain in the benchmark index.
At 09:27 AM; Bajaj Finance traded 5 per cent lower at Rs 6,230, as compared to 0.13 per cent rise in the S&P BSE Sensex. Shares of Bajaj Finserv, too, were down 3 per cent at Rs 1,503, after hitting a low of Rs 1,498.50 in intra-day trades on the BSE.