Bajaj Finance today announced its Q4 results for FY20 and posted profit after tax of Rs. 948 crore versus Rs. 1176 crore during the same quarter a year-ago.
Revenue from operations at the firm grew year-on-year to Rs. 6302 crore as against Rs. 5,307.66 crore in year-ago period.
Brokerage houses are bullish on the stock of Bajaj Finance as they view the company to spearhead the recovery once the lockdown is lifted and economy re-opens.
Morgan Stanley maintains 'overweight' call on the stock with a target price of Rs. 2740 while HSBC has a 'buy' rating with a target price set at Rs. 3700 per share.
Morgan Stanley foresees the NBFC to post above-industry RoE or return on equity in FY21 and expects the company to recover at the fastest pace as situation improves. "Structural asset growth and RoE potential has been expanding, while valuations are also attractive at current levels," the global brokerage said.
The stock of Bajaj Finance ahead of its Q4 results closed at Rs. 1967.25, up 1.4% or Rs. 27.25 per share on the BSE.