Skyrocketing surge: Bajaj group stock soars over 7 per cent with stellar Q1 FY24 performance!

The stock has seen tremendous purchasing activity as it has provided multibagger returns of more than 167 per cent in just three years

On Tuesday, the shares of Bajaj Finance Limited surged 7.08 per cent to trade at a new 52-week high of Rs 7917 per share on BSE. The scrip witnessed massive spurt in volume by more than 9.04 times.

In relation to the quarter ending on June 30, 2023, the company presented the following consolidated information:

• Customer franchise as of June 30, 2023, stood at 72.98 MM as compared to 60.30 MM as of June 30, 2022. The Company recorded highest ever quarterly increase in its customer franchise of 3.84 MM in Q1FY24.
• New loans booked during Q1 FY24 grew by 34 per cent to 9.94 MM as compared to 7.42 MM in Q1FY23.
• Assets under management (AUM) grew by 32 per cent to approximately Rs 270,050 crore as of 30 June 2023 as compared to Rs 204,018 crore as of June 30, 2022. The Company recorded highest ever quarterly increase in its AUM of approximately Rs 22,700 crore in Q1FY24.
• AUM mix remained stable in Q1FY24.
• Consolidated net liquidity surplus stood at approximately Rs 12,700 crore as of June 30, 2023. The Company’s liquidity position remains strong.
• Deposits book stood at approximately Rs 49,900 crore as of June 30, 2023, as compared to Rs 34,102 crore as of June 30, 2022, a YoY growth of 46 per cent.

Bajaj Finance is mostly in the loan business. BFL offers a diverse loan portfolio that includes retail, SME, and commercial customers, and it has a strong presence in both urban and rural India. It also takes public and corporate deposits and provides a wide range of financial services to its customers.

The stock has seen tremendous purchasing activity as it has provided multibagger returns of more than 167 per cent in just three years, and it has increased by 39 per cent in the last 1 year. Investors to keep close eye on this NBFC stock.