News: Bajaj Finance posted mixed Q4FY24. While AUM growth remained healthy at 34% YoY to Rs 3.3 lakh crore, moderation in margins, slower customer acquisition amid regulatory forbearance and signs of asset quality concerns in rural B to C segment remains a dampener. Increase in cost of borrowings impacted margins thereby resulting in slower growth in NII at 18% YoY, while higher provision kept PAT growth at 21% YoY to Rs 3825 crore.
Views: Guidance remain steady with customer acquisition expected at 1.2-1.4 crore, driving AUM growth at 26-28% in FY25. New segment including new car and tractor finance is expected to support growth. Margins could witness moderation by 30-40 bps in 1HFY25, though RoA target stays at 4.6-4.8%.
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