Bajaj Finance Falls After Guidance On Impact From Covid Second Wave

Bajaj Finance fell as much as 5.2%, the most intraday since April 19, after the company said B2B and auto finance businesses were the worst hit by lockdowns in different states.

  • The businesses delivered only 40% of planned volumes in May, sharply lower compared to 70% in April
  • Bajaj estimated an impact of as much as 50 billion rupees to its AUM growth plan for FY22 due to disruptions
    • 1Q will see a higher impact on AUM due to lower B2B business volumes
  • Other businesses were less impacted, and delivered 85% of planned disbursements
  • “The second wave has caused a marginal increase in EMI bounce rates in 1Q over 4Q FY21. Average
    EMI bounce rates in 1Q were approximately 1.08X of 4Q”
  • Bajaj also said it expects an incremental credit cost of up to 13 billion rupees versus planned credit cost in
    FY22

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