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Prabhudas Lilladher Report
Bajaj Finance Ltd.’s Q3 FY21 business update indicates strong customer augmentation but continued caution on incremental lending.
5% asset under management growth over Q2-Q3 FY21, slowing incremental loans trend QoQ in Q3 FY21 and channel checks suggesting a reduction in loan-to-values with stringent know-your-customer checks indicate company’s precedence for credit quality over aggressive book expansion.
While channel checks suggest improving consumer financing, the company’s cognizance on delinquency control until clarity emerging on credit bureau stands credible.
Against this backdrop and strong price momentum, we believe Bajaj Finance is entering into a priced-to-perfection zone.
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