Detailed Report | Sector: Financials

th
12 Annual Global Investor Conference
Bajaj Finance
BSE Sensex S&P CNX
28,797 8,867
CMP: INR1,152 TP: INR1,275 (+11%) Buy

Mr Rajeev Jain
MD and CEO
Bajaj Finance

CEO TRACK
Stock Info
Bloomberg BAF IN
Non-bank with the structure of a bank
Equity Shares (m) 535.5 Takeaways from CEO track
52-Week Range (INR) 1,180 /468
1, 6, 12 Rel. Per (%) 11/64/116
Business construct to deliver 3% RoA and 18-20% RoE
M.Cap. (INR b) 616.9
M.Cap. (USD b) 9.2Bajaj Finance (BAF) is a non-bank with a bank’s strategy and structure, both on the
12M Avg Val (INR M) 810 assets and liabilities side. It caters to the diverse needs of multiple segments, with
Free float (%) 42.7 33 products for retail, SME and commercial clients. BAF has a strategic business unit
(SBU) organization design, with horizontal common utility support functions to drive
Financial Snapshot (INR b) domain expertise, scalability and operating leverage. It strives to achieve an optimal
Y/E Mar 2017E 2018E 2019E
mix of risk and profit, thus attaining a sustainable business model. Mr Jain believes
NII 54.6 69.8 89.5
PPP 35.9 46.9 61.7
BAF has the business construct to deliver sustainable RoA of 3% and RoE of 18-20%.
PAT 18.5 23.7 31.9
EPS (INR) 34.6 44.2 59.5 Cross-selling expert – Focus to mine existing credit tested customers
EPS Gr. (%) 44.9 27.8 34.7 BAF mainly targets affluent and mass affluent customers, and focuses on (a) product
BV/Sh. (INR) 166.3 204.0 254.9 & process innovations, (b) customer experience, and (c) cross-selling to create a
RoAonAUM % 3.5 3.4 3.4
profitable business model. While it attempts to add new clients, it places higher
RoE (%) 22.8 23.9 25.9
Payout (%) 14.0 14.0 14.0 emphasis on retaining existing clients for a lifetime. BAF has a customer franchise of
Valuations 17.18m of which 9.24m are cross sell franchise,(moreover these customer are
P/E (x) 33.3 26.1 19.4 bureaus best customers with CIBIL score of +750) which growing at ~30% per year.
P/BV (x) 6.9 5.6 4.5 This gives it a sizable pool to cross-sell to.
Div. Yield (%) 0.2 0.3 0.4

BAF has developed significant competence in cross-selling products to its existing

Relative to Index
customers. It recognizes the twin advantages of cross-selling: (1) better asset quality
– existing clients are already credit-tested; therefore, delinquencies are lower, and
(2) cost savings – new customer acquisition involves sizable costs. In 1QFY17, BAF
disbursed 2.5m loans – 1.1m were new customers, while 1.4m (57% of the loans
disbursed) were existing customers.

BAF uses a metric – products per customer (PPC) – to evaluate its ability to cross-
sell. PPC measures the cumulative products bought by a customer over their
lifetime. It has an internal PPC benchmark of three products for retail customers and
five products for SME customers. It regularly reports its PPC data. Currently, its
overall PPC stands at 2.88; in the SME business, it is 3.78.

Sunesh Khanna (Sunesh.Khanna@MotilalOswal.com); +91 22 3982 5521

Alpesh Mehta (Alpesh.Mehta@MotilalOswal.com)/Piran Engineer (Piran.Engineer@MotilalOswal.com); +91 22 3980 4393
September
Investors2016
are advised to refer through important disclosures made at the last page of the Research Report. 1
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Bajaj Finance
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Strong risk management framework has led to stable asset quality

In-house credit history database + CIBIL checks: BAF implemented the usage of
credit bureau, CIBIL, from FY09. It also has an in-house credit history database of
over 5m of its customers (especially for consumer durable and two-wheeler loans).
The effective usage of this database along with CIBIL scores has helped BAF maintain
good asset quality. Once the credit record is approved, BAF disburses loans
instantly — a three-minute turnaround time compared to three days in FY08.

Tight vigil on portfolio: BAF follows strong risk management practices. It maintains a
tight vigil on its loan portfolio, which enables it to take prompt corrective measures
when necessary. In the past have detected asset quality alerts in construction
equipment and infrastructure portfolios have taken the corrective action at an early
stage and exited the business without deep losses. BAF involves dealers in the
credit disbursement process by a unique arrangement. If credit losses on loans
disbursed through a specific dealer are below the initial estimation, it pays an
incentive to the dealer. This motivates the dealer to do his bit in ensuring timely
collections.

Effective use of technology: BAF extensively uses technology to map customer

credit history and track portfolio risk. It identifies trends in delinquent loans across
time lines or geographies and then changes the loan appraisal policy to reduce
credit losses in the future. It also monitors collections across business lines. Besides
making extensive use of CIBIL, it maintains an in-house credit history database. It
prepares an application and fraud scorecard before disbursing any loan.

The FinTech revolution and macro trends in retail financial services

#1. From lending companies using technology to digital companies doing lending
Technology will completely change the way the lending business is conducted. A
revolution is currently underway – while traditional finance companies (banks and
NBFCs) are acquiring capabilities in technology to remain competitive in an
increasingly digital world, technology companies (FinTechs) are attempting to do
what players like Amazon did in merchandise retailing.

Traditional finance companies are capital intensive, highly regulated and have
strong risk management systems. FinTech’s have a challenger mindset, with no
baggage and a technology obsession. Mr. Jain believes that the capabilities
traditional finance companies have represent 70% effort for a digital financial
services company, while the capabilities that the FinTechs have represent 30%
effort. Despite several years of existence, FinTechs in the US only account for 0.5%
of retail assets because of regulatory, funding and risk management challenges.

To survive, traditional finance companies will have to change their mindset from
that of a lending company using technology to that of a digital company doing
lending. Like FinTechs, they will have to (a) have an obsession with technology, (b)
have a challenger mindset, and (c) innovate continuously.

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#2. From growth at speed to growth at hyper scale and hyper speed
BAF disburses 2.5m loans in a year. To scale up to 6m loans a year, it will need a
different orientation and approach. To deliver hyper scale at hyper speed it will have
to make serious investments in cloud computing, big data capabilities, machine
learning and operational/process revamps.

#3. From customer service to customer obsession

Traditional financial services companies are known for services not for customer
experience. The future belongs to companies that innovate continuously and have
service delivery and customer experience at the epicenter of functioning. Customer
retention and mining is becoming increasingly important. In BAF’s experience, for
instance, the credit loss rate for existing customers is just a third of the credit loss
rate for new customers. So, the mantra is to mine existing customers. To get the
maximum share of his wallet, companies will have to be obsessed with the
customer. They will have to focus on customer-centric products, processes and
policies, and provide maximum convenience to the customer while transacting.
Exhibit 1: Customer franchise of +17m customers of which over 9m are cross sell
customers

Source: Company, MOSL

Exhibit 2: Business product launch journey

Source: Company, MOSL

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Exhibit 3: AUM grew at CAGR of 67% from FY09-16…

AUM Growth (INR b) YoY Growth (%)
88
73
59
37 36 35
34 35 28 28

0 76 131 175 241 324 442 597 764 978

25 40
FY9

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17E

FY18E

FY19E
Source: Company, MOSL
Exhibit 4: … whereas GNPLs have fallen from .6% in FY08 to 1.23% in FY16
GNPA(%) NNPA(%)

9.60
7.1 8.10
5.5
4.90
2.2 2.90
0.8 1.20 1.10 1.18 1.51 1.23
0.1 0.2 0.3 0.5 0.3

FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Source: Company, MOSL

Exhibit 5: Loan mix: from captive 2 wheeler lender in FY08.. Exhibit 6: ..to most successful diversified lender now
RM RuralBFS Direct
FY08 CF Infra.4% 1%
2W & 3W
1% 3% 8% CD
LAS, 12% 1% FIG
LAS 1% 14%
PL, 6% 6% VF Lifestyle
3% 1% Digital
SEHL
2%
7% PL
CD, 16% 9%
LAP
2W, 66% 18% SLP
6%
HL
Prof. loan BL 4%
3% 10%
Source: Company, MOSL Source: Company, MOSL
Exhibit 7: RoEs improved from 1% t over 21%
RoE (%) RoA (%)
3.8 3.8 3.8
3.4 3.2
3.1
2.5

1.2
0.8
1.9 3.2 8.0 19.7 24.0 21.9 19.5 20.4 21.1
FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

Source: Company, MOSL

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Exhibit 8: 9 year PAT CAGR of 68%...

176.2 PAT (INR b) PAT Growth(%)

163.6

68.5 64.6
45.5 42.4
21.6 24.9
0 1 2 4 6 7 9 13

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16

Source: Company, MOSL
Exhibit 9: ..whereas loan loss grew only 22% during last 9 years

Credit Cost (%)

8.01
6.29

3.36
1.44 1.08 1.08 1.29 1.34
FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16
Source: Company, MOSL
Exhibit 10: 57% of the business is from existing customer Exhibit 11: ..resulting 2.88 product per customer

New customers Repeat customers Loan product Fee product

1.58 1.73
43% 1.42
57%
1.13 1.14 1.16

Upto 12 MOB Upto 18 MOB Upto 24 MOB

Source: Company, MOSL Source: Company, MOSL

Exhibit 12: Geographic Presence Exhibit 13: Active distribution points
(No of branches) FY13 FY14 FY15 FY16 1QFY17 FY13 FY14 FY15 FY16 1QFY17
Consumer presence 91 114 161 193 272 CD retailer 3,500 4,900 7,000 9,400 10,800
SME presence 57 80 119 262 283 Digital retailer 850 1,600 2,650 5,200 7,000
Rural presence 70 232 397 481 Lifestyle retailer 1,150 3,200 2,500
Total presence 148 264 512 852 1,036 Retail EMI 2,400
2W Dealers 2,600 2,600 3,000 3,000 3,100
Source: SME- DSA 400 700 700 800 800
Rural retailer 1,500 3,200 3,300
Total 7,350 9,800 16,000 24,800 29,900

Source:

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Investment rationale

Diversified and de-risked portfolio – a key strength

BAF has a diverse set of growth drivers in the portfolio versus peers. A diverse
portfolio comprising of profit maximizers and scale builders helps reduce cyclicality
in growth and asset quality. Its well-thought diversification strategy has worked well
– over FY10-16, when peers were facing cyclical headwinds, BAF’s AUM grew from
INR40b to INR496b, and its GNPLs dropped from 4.9% 1.2%.

Cross-selling expert
A well-diversified credit portfolio, focus on cross-selling, customer acquisition, and
systematic expansion in delivery channels (both physical and virtual) should help
BAF to sustain its robust AUM growth. It has a total customer franchise of 17.18m,
of which 9.24m is a cross-sell franchise growing at 30% every year. These, along with
its small market share, should help sustain 30% AUM CAGR in the next three years.

Market share gains to continue

BAF is the largest consumer durables and lifestyle financier in India. It has been
continuously gaining market share in these businesses. Continuous market share
gain and strong distribution has created entry barriers for competitors. One of the
key strengths that BAF has built is a quick turnaround time, unmatched by most
other retail financiers. Other than purchases using credit cards, BAF sees very little
competition in consumer durable financing, which gives it pricing power.

Focusing on reducing cost to income ratio

Due to the retail nature of its business, cost ratios are on the higher side. It is
targeting to utilise technology to help in reducing operating costs. BAF is looking to
reduce its reliance on third-party direct selling agents (DSAs) for business sourcing,
as origination costs are higher via the DSA channel as compared to internal sourcing.
It has stopped doing salaried loan against property loans via DSA since. Most of the
self-employed home loans are also direct. The cost/income ratio in the home loans
business is 43% currently, BAF is targeting to reduce it.

Well-managed asset quality; tested management capabilities

Despite lower growth and pressure on asset quality for peers, BAF continues to
clock healthy growth and its asset quality is among best. The management has not
only demonstrated its ability to gain market share, but has also been alert to
potential asset quality risks. It has withdrawn from or slowed down in segments like
construction equipment financing, three-wheeler financing, and loans against
property (LAP) on time, averting asset quality shocks.

Timely investment in automation, analytics and technology

BAF has been proactive in making timely investments in technology and
automation, which will help reduce operating and delivery cost over time. It
continues to increase its market share in the consumer business, as it enjoys near-
monopoly status in businesses like lifestyle financing. However, higher share of
incremental growth will be driven by low-yielding mortgage business, which will

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exert some pressure on yields. Yet, superior blended margins, focused fee income
strategy, and low credit cost will keep core profitability strong.

Valuation and view

BAF continues to increase its market share in consumer business, as it has almost
monopoly in some of the business like lifestyle financing; however higher share of
incremental growth will be driven by low yielding mortgage business which will
exert some pressure on yields, however superior blended margins, focused fee
income strategy and low credit cost will keep core profitability strong. We value BAF
based on residual income model assuming earnings CAGR of 12% by FY35E,
Rf=7.70%, β=0.75, risk premium of 5% and terminal growth rate of 5.5%. We expect
net profit to grow at CAGR of 36% over FY16-18E and RoEs to touch 24% by FY18E.
The stock is currently trading at 7x/5.7x FY17/18E BV. We value the stock at a target
price of INR1,275. Maintain Buy.

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Exhibit 14: Financials: Valuation metrics

Rating CMP Mcap EPS (INR) P/E (x) BV (INR) P/BV (x) RoA (%) RoE (%)
66
(INR) (USD b) FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18 FY17 FY18
ICICIBC* Buy 274 24.2 17.2 19.9 12.5 9.9 144 158 1.43 1.24 1.13 1.17 10.6 11.3
HDFCB Buy 1,291 49.4 58.4 70.2 22.1 18.4 332 386 3.89 3.34 1.90 1.89 18.9 19.6
AXSB Buy 613 22.1 31.8 37.4 19.3 16.4 243 274 2.52 2.24 1.32 1.31 13.8 14.4
KMB* Buy 819 22.8 26.8 34.0 30.6 24.1 207 240 3.95 3.41 1.61 1.82 14.2 15.4
YES Buy 1,277 8.1 78.8 99.2 16.2 12.9 390 469 3.27 2.72 1.80 1.84 22.0 23.1
IIB Buy 1,214 10.9 50.5 63.8 24.0 19.0 334 389 3.63 3.12 1.92 1.96 16.2 17.6
IDFC Bk Buy 64 3.3 3.3 4.0 19.6 15.9 43 46 1.50 1.40 1.19 1.08 7.9 9.1
FB Buy 73 1.9 3.9 4.7 18.7 15.7 50 54 1.46 1.37 0.67 0.67 8.0 9.0
DCBB Buy 121 0.5 7.4 8.6 16.4 14.1 69 78 1.75 1.56 0.98 0.93 11.3 11.7
JKBK Neutral 78 0.6 17.6 21.2 4.4 3.7 146 162 0.54 0.48 0.99 1.05 12.7 13.7
SIB Buy 24 0.5 3.1 3.7 7.9 6.6 30 33 0.81 0.74 0.61 0.64 10.7 11.7
Private Aggregate 144.4 21.1 17.7 2.81 2.49
SBIN (cons)* Buy 264 31.1 14.7 24.3 17.9 10.9 234 253 1.20 1.10 0.47 0.54 7.9 9.5
PNB Neutral 145 4.3 10.8 12.8 13.4 11.3 193 204 0.75 0.71 0.31 0.34 5.7 6.5
BOI Neutral 123 1.7 -10.8 21.6 -11.5 5.7 239 255 0.52 0.48 -0.16 0.29 -4.6 8.7
BOB Buy 172 6.0 14.1 20.0 12.2 8.6 157 173 1.09 1.00 0.47 0.60 9.3 12.1
CBK Neutral 311 2.6 25.4 34.8 12.3 8.9 497 524 0.63 0.59 0.24 0.30 5.2 6.8
UNBK Buy 149 1.6 22.4 39.1 6.7 3.8 314 348 0.48 0.43 0.37 0.58 7.4 11.8
OBC Neutral 130 0.7 16.7 24.2 7.8 5.4 410 428 0.32 0.30 0.23 0.30 4.2 5.8
INBK Buy 229 1.7 24.8 31.4 9.2 7.3 300 324 0.77 0.71 0.56 0.64 8.5 10.1
ANDB Buy 62 1.9 2.9 8.2 21.2 7.6 129 136 0.48 0.46 0.15 0.39 2.3 6.2
Public Aggregate 51.5 16.2 10.5 0.82 0.77
Banks Aggregate 195.9 19.6 15.0 1.71 1.57
HDFC* Buy 1,411 33.8 34.6 37.9 28.7 22.9 194 217 4.47 3.55 1.85 1.83 19.5 19.0
LICHF Buy 583 4.5 40.4 50.1 14.4 11.6 214 254 2.73 2.30 1.52 1.56 20.5 21.4
IHFL Buy 795 5.1 68.2 84.0 11.7 9.5 280 315 2.84 2.53 3.74 3.78 25.6 28.2
GRHF Buy 318 1.8 8.3 10.7 38.2 29.8 28 35 11.21 9.01 2.33 2.34 32.4 33.5
REPCO Buy 851 0.8 30.4 39.7 28.0 21.4 180 215 4.74 3.96 2.15 2.20 18.3 20.1
DEWH Buy 300 1.3 30.5 38.2 9.8 7.8 194 222 1.55 1.35 1.25 1.34 16.7 18.4
Housing Finance 47.2 22.4 18.8 4.50 3.97
RECL Neutral 242 3.6 59.2 68.6 4.1 3.5 336 389 0.72 0.62 2.63 2.55 18.9 18.9
POWF Neutral 125 5.0 24.0 25.5 5.2 4.9 149 167 0.84 0.75 2.37 2.12 16.8 16.2
Infra Finance 8.6 4.7 4.2 0.79 0.69
SHTF Buy 1,223 4.2 68.4 84.6 17.9 14.5 503 570 2.43 2.14 1.96 2.01 14.4 15.6
MMFS Buy 353 3.0 13.9 18.1 25.4 19.5 118 131 3.00 2.70 1.92 2.19 12.3 14.5
BAF Buy 1,152 1.9 34.6 44.2 33.3 26.1 166 204 6.93 5.65 3.48 3.38 22.8 23.9
MUTH Buy 365 2.2 28.0 33.6 13.1 10.9 159 180 2.30 2.03 3.66 3.57 18.7 19.9
SKSM Buy 779 1.5 48.8 52.5 16.0 14.8 157 210 4.95 3.71 6.30 4.48 36.7 28.6
Asset Finance 12.8 14.3 11.6 2.31 2.09
NBFC Aggregate 68.6 14.1 12.1 2.54 2.25
Financials 264.5 17.8 14.1 1.87 1.71
*Multiples adj. for value of key ventures/Investments; For ICICI Bank and HDFC Ltd BV is adjusted for investments in subsidiaries

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Financials and Valuations

Income Statement (INR Million)
Y/E MARCH 2013 2014 2015 2016 2017E 2018E 2019E
Interest Income 29,248 37,896 51,200 69,566 93,854 123,175 160,680
Interest Expended 12,057 15,732 22,483 29,269 39,302 53,325 71,187
Net Interest Income 17,191 22,163 28,717 40,297 54,552 69,850 89,493
Change (%) 37.5 28.9 29.6 40.3 35.4 28.0 28.1
Other Operating Income 1,689 2,429 2,618 3,477 4,764 5,955 7,146
Other Income 177 419 364 792 901 951 951
Net Income 19,057 25,011 31,699 44,566 60,216 76,756 97,590
Change (%) 33.7 31.2 26.7 40.6 35.1 27.5 27.1
Operating Expenses 8,523 11,511 14,284 19,492 24,346 29,811 35,865
Operating Income 10,534 13,500 17,415 25,074 35,870 46,944 61,725
Change (%) 39.2 28.2 29.0 44.0 43.1 30.9 31.5
Provisions and W/Offs 1,818 2,588 3,846 5,429 7,589 10,812 13,055
PBT 8,716 10,912 13,569 19,646 28,281 36,132 48,670
Tax 2,803 3,722 4,591 6,861 9,757 12,466 16,791
Tax Rate (%) 32.2 34.1 33.8 34.9 34.5 34.5 34.5
PAT 5,913 7,190 8,979 12,785 18,524 23,667 31,879
Change (%) 45.5 21.6 24.9 42.4 44.9 27.8 34.7
Proposed Dividend 747 802 903 377 2,316 2,958 3,985

Balance Sheet (INR Million)

Y/E MARCH 2013 2014 2015 2016 2017E 2018E 2019E
Capital 991 995 1,003 1,071 1,071 1,071 1,071
Reserves & Surplus 32,677 38,914 46,996 72,175 87,990 108,196 135,412
Net Worth 33,668 39,909 47,999 73,246 89,061 109,267 136,483
Borrowings 133,490 197,496 266,908 370,247 503,141 681,870 900,068
Change (%) 30.5 47.9 35.1 38.7 35.9 35.5 32.0
Other liabilities & provisions 11,051 8,776 13,206 6,903 8,284 9,941 11,929
Total Liabilities 178,209 246,180 328,112 450,397 600,486 801,077 1,048,481
Investments 53 282 3,323 10,341 11,375 12,285 13,268
Change (%) -4.0 436.3 1,077.9 211.2 10.0 8.0 8.0
Advances 167,440 229,710 311,995 433,144 571,751 766,146 1,011,312
Change (%) 36.3 37.2 35.8 38.8 32.0 34.0 32.0
Net Fixed Assets 1,762 2,199 2,492 2,870 2,880 2,890 2,900
Other assets 8,957 13,990 10,303 18,210 14,481 19,757 21,001
Total Assets 178,211 246,180 328,112 464,565 600,486 801,077 1,048,481
E: MOSL Estimates

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Financials and Valuations

Ratios
Y/E MARCH 2013 2014 2015 2016 2017E 2018E 2019E
Spreads Analysis (%)
Yield on Advances 20.2 19.1 18.9 18.7 17.8 17.7 17.5
Cost of borrowings 10.2 9.5 9.7 9.2 9.0 9.0 9.0
Interest Spread 9.9 9.6 9.2 9.5 8.8 8.7 8.5
Net Interest Margin 11.7 10.8 10.4 10.6 10.6 10.3 9.9

Profitability Ratios (%)

RoE 21.9 19.5 20.4 21.1 22.8 23.9 25.9
RoA 3.8 3.4 3.1 3.2 3.5 3.4 3.4
RoA on AUM 3.9 3.5 3.2 3.3 3.6 3.5 3.7
Int. Expended/Int.Earned 41.2 41.5 43.9 42.1 41.9 43.3 44.3
Secur. Inc./Net Income 8.9 9.7 8.3 7.8 7.9 7.8 7.3

Efficiency Ratios (%)

Op. Exps./Net Income 44.7 46.0 45.1 43.7 40.4 38.8 36.8
Empl. Cost/Op. Exps. 28.8 29.6 31.6 32.3 34.1 34.8 35.3

Asset-Liability Profile (%)

Loans/Borrowings Ratio 125.4 116.3 116.9 117.0 113.6 112.4 112.4
Net NPAs to Adv. 0.2 0.3 0.5 0.3 0.4 0.5 0.0
CAR 22.0 21.0 18.0 19.5 17.0 17.5 19.5
Tier 1 18.7 18.0 14.2 16.1 14.0 13.0 16.0

Valuation
Book Value (INR) 68 80 96 137 166 204 255
Price-BV (x) 17.0 14.4 12.0 8.4 6.9 5.6 4.5
Adjusted BV (INR) 66.8 78 91 133 166 204 255
Price-ABV (x) 17.2 14.8 12.7 8.7 6.9 5.6 4.5
EPS (INR) 11.9 14.5 17.9 23.9 34.6 44.2 59.5
EPS Growth (%) 21.3 21.1 23.9 33.4 44.9 27.8 34.7
Price-Earnings (x) 96.5 79.7 64.3 48.3 33.3 26.1 19.4
OPS (INR) 21.3 27.1 34.7 46.8 67.0 87.7 115.3
OPS Growth (%) 16.1 27.6 28.0 34.8 43.1 30.9 31.5
Price-OP (x) 54.2 42.5 33.2 24.6 17.2 13.1 10.0
Dividend per Share (INR) 1.5 1.6 1.8 2.5 2.5 3.2 4.4
Dividend Yield (%) 0.1 0.1 0.2 0.2 0.2 0.3 0.4
E: MOSL Estimates

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SECTOR GALLERY

September 2016 11
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Disclosure of Interest Statement BAJAJ FINANCE
 Analyst ownership of the stock No
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For Hong Kong: This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
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In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Varun Kumar Kadambari Balachandran
Varun.kumar@motilaloswal.com kadambari.balachandran@motilaloswal.com
Contact : (+65) 68189232 (+65) 68189233 / 65249115
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Motilal Oswal Securities Ltd

Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
September 2016 Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com 12