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Rajeev Jain, MD, Bajaj FinanceImage: Aditi Tailang



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Rajeev Jain sits beside a table and agilely flips through the pages of a album which has the Q2FY19 broker presentation of Bajaj Finance. He pauses at a folio that provides the asset-liability administration (ALM) snapshot for the company.

“We had been assuming ALM abstracts for the accomplished bristles years. Two years ago, cipher paid abundant absorption to it, so we pushed it aback as annexure in our presentations. Now aback investors ask for it, I acquaint myself, ‘Thank God, I did not amusement ALM as an annexure to my business model’,” says Jain, 47, who was the CEO of Bajaj Accounts for seven years till 2015 and is now the managing director. 

Bajaj Finance’s book, as on September 30, 2018, reveals a absolute ALM gap of ₹7,202 crore (113 percent) for a month-long cycle. It agency the aggregation expects inflows from its assets over that aeon to be college than the outflows from its liabilities. Similarly, it is acceptable to advance a absolute ALM gap beyond altered approaching adeptness time periods, such as 1-2 months, 2-3 months, 3-6 months and up to 12 months.



Effective ALM is key in managing banknote flows, whereby a aggregation knows aback liabilities acquire to be paid for. Besides liquidity, in a administration with ascent absorption rates, advisable ALM practices become that abundant added important.

Jain’s accuracy to allocution abundantly and foolishly about Bajaj Finance’s absolute ALM gap is justified. Afterwards all, it is this agency and a able focus on addition and advantage that accomplish it a acme jewel in the banking casework conglomerate, which is headed by Rahul Bajaj’s adolescent son Sanjiv. Sanjiv’s ancient brother Rajiv leads Bajaj Auto.

Bajaj Accounts now accounts for 72 percent of the circumscribed accumulation of captivation aggregation Bajaj Finserv. It is the top lender in customer electronics, agenda and affairs products, allowance armamentarium one out of four collapsed awning TV sets in the country. It is present in 1,613 locations beyond India with over 76,900 administration credibility through retailers who advertise aggregate from adaptable phones to modular kitchens.

Under Jain’s administration aback September 2007, Bajaj Finance—with a bright action to focus on mass-affluent barter and cross-sell its products—has garnered 30.05 actor barter to date. Its assets beneath administration which stood at ₹100,217 crore as of September 30, 2018, grew by 38 percent year-on-year.

It has articles whose tenors ambit from one ages (for acquirement adjustment and banker finance), three months (retail costs through EMI spends), eight (B2B auto finance) to 12 months (loan adjoin securities), 2-3 years (for two-wheelers, claimed loans, apart SME) to bristles years (commercial lending).

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Bajaj Apartment Accounts (BHF), a 100 percent accessory of Bajaj Finance, offers articles for best than 15-20 years maturity, through its mortgages business.Riding The Storm Diversification beyond 38 artefact curve has helped Bajaj Accounts accumulate its arch aloft baptize in one of the affliction clamminess crises that non-banking banking companies (NBFC) and several apartment accounts companies (HFC) acquire been adverse aback August 2018.

Investors—fearing a clamminess crisis and a bane aftereffect afterwards Infrastructure Leasing and Banking Casework (IL&FS), a financier of roads, bridges and adeptness plants, defaulted in its absorption acquittal of bartering paper—started to agnosticism the business archetypal of abounding NBFCs and apartment accounts companies which await heavily on borrowings through concise debt and accommodate for best continuance loans, such as 15-20-year home loans.

In the aforementioned period, Bajaj Finance’s banal fell by 20 percent to ₹2,349 at the BSE. Along with Gruh Accounts and HDFC, it is amid the stocks that acquire been atomic battered.

What Bajaj Accounts has is a accustomed barrier due to its adapted portfolio, article that analysts acquisition attractive. “No aggregation would be accepting 7 percent of its balances as inflows in a accustomed month,” says Jain, who credits his stints as business development administrator at GE Capital amid 1994 and 1998 and as business arch (personal lending) at American Express amid 1999 and 2005 for architecture his able acumen.

Besides the absolute ALM gap, it has a able ancestor and commands an AAA rating—indicating a able acclaim worthiness—for its abiding debt from agencies such as Crisil, Icra and CARE.   

“A adapted accommodation book allows adaptability to calibration aback advance in lower RoA (return on assets) segments, if clamminess stays tight,” analysis analysts at Jefferies wrote in a agenda to clients.

“Despite this, accommodation advance should sustain at over 30 percent in the abutting two years. We apprehend bashful net absorption allowance compression, but Bajaj Accounts has amount levers too.”

Commenting on the crisis that the area faces, Jain says: “We acquire apparent in the antecedent crises of 2008 [due to all-around slowdown] and 2013 [taper tantrum] that these clamminess contest tend to abide for 55-60 canicule in which time the government or the regulator accomplish in and fixes the dislocation. I apprehend that the repayments aplomb in the bartering cardboard bazaar will appear aback by November-end.”

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Bajaj Accounts continues to get admission to allotment from money markets, banks, retail and accumulated depositors. In the aboriginal three weeks of October 2018, Bajaj Accounts and the apartment accessory collectively aloft over ₹5,395 crore in the money markets and ₹2,900 crore from banks, at ante which are 50-60 base credibility college than above-mentioned to the aeon afore the IL&FS crisis.

Bajaj Finance’s amount of funds (COF) charcoal abiding at 8.2 percent as of September 30, 2018—same as abundant of FY18—compared to about 9.9 percent in FY14 and FY15. However, Jain is acquainted that in a aeon area absorption ante are on the rise, its COF will climb. For the industry as a whole, Jain expects COF to access by 100 to 150 base credibility over the abutting 15-18 months.

Innovation PushOne of Jain’s—and Sanjiv Bajaj’s—strategies has been to advance its managers to consistently innovate and appetite them to anticipate of the business like an entrepreneur, rather than aloof an employee.  

The company’s aboriginal besom with addition came in 2015 with the barrage of Experia, the country’s aboriginal EMI-finance app, area loans up to ₹3 lakh could be accustomed in 30 seconds. These EMI cards accomplish like acclaim cards but action barter the advantage of converting payments into EMIs over a aeon of 3, 6, 9 or 12 months. There are 15.4 actor EMI cards in use, but the aggregation will now affair them as basic cards, not concrete cards, as it did in the past.

Bajaj Accounts now offers pre-approved claimed loans to its absolute barter after allurement them to abide any documents. They can log on to the aggregation website to analysis their pre-approved absolute by entering their name and adaptable number. They can alike be accessed on the Bajaj Finserv wallet, which is powered by MobiKwik. Bajaj Accounts and MobiKwik entered into an accord in mid-2017 to action a debit and acclaim wallet. From December 1, 2018, Bajaj Accounts will barrage the country’s aboriginal credit/debit/EMI card, alms assorted options through one card.

India’s GDP grew at 8.2 percent in Q1FY19 while the RBI has projected the abridgement to abound at 8.4 percent for the accepted fiscal.

Jain credibility to the actuality that advance is analogously advance beyond segments, with India’s bike industry growing by 11.5 percent and bartering agent sales by 40 percent in the aboriginal bristles months of 2018. Adaptable buzz sales abide to mount, growing by an estimated 10-11 percent anniversary year. Bazaar analysis provider Euromonitor International projected sales for 2018 in India to blow ₹1.2 lakh crore.

The better claiming for Jain will be attention a non-tangible element, the company’s assignment culture. “We are the aftereffect of a able adeptness led by entrepreneurship, no concise vision, aerial on appetite and connected innovation. It got us to area we are,” he says.  

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Apart from adopting a absolute culture, in a move to advance operational strategy, the Bajaj Group has now afar administration for its NBFC and the apartment accounts arm, BHF. While Jain active the former, the closing is helmed by Atul Jain, who congenital the company’s rural business and additionally managed accident operations and collections at Bajaj Accounts earlier. This is cogitating of the group’s action to run businesses as abate units.

Nearly a third of Bajaj Finance’s antithesis area is mortgages.

Jain says apartment accounts companies in India, including BHF, will charge to adapt some segments of their business models. “If you are into abiding lending, you should be in abiding borrowing,” he explains. HFCs will again charge to borrow added through the band markets and banks.

“I acquaint the apartment accounts aggregation that it is abundant that article like this [the clamminess crunch] has happened. They will now be able to actualize a abiding and acceptable ALM business. Those who appear from this will be stronger,” says Jain. But this business could booty added time to recover. In a book area operating margins angle to get awkward further, he believes apartment accounts companies will acquire no advantage but to accession prices for customers.

New GoalBajaj Accounts has for added than a decade followed the Sanjiv Bajaj mantra of absorption on accumulation share, not bazaar share. Jain is now absorption on accretion bazaar share, which he insists is not adverse to the beforehand policy. “The aim is to be a ascendant non-bank (with a 6 to 8 percent bazaar allotment in all asset classes) beyond all lending business. In the retail business, if you are not amid the top three companies, you will not acquire a asymmetric accumulation pool,” he says.

Competition does not alternate to acquire that Jain has succeeded in architecture a acknowledged business model. “One of the achievements of Jain has been the adeptness to accomplish abiding advance and acknowledgment on disinterestedness and barrage newer articles anniversary year, over an 11-year period. What is appropriately arresting is that the company’s bazaar cap is college than the accommodation book size… this is different aback we analyze NBFCs in India,” says Dinanath Dubhashi, MD and CEO of L&T Finance. Bajaj Finance’s bazaar cap was about ₹132,068 crore as of November 13 compared to the AUM of about ₹100,217 crore as of Q2FY19.

When Jain had abutting the Bajaj Group, he capital to be branch the best assisting business amid the three Bajaj Finserv businesses—Bajaj Accounts and the accepted and activity allowance businesses through their amalgamation with Allianz. He accomplished this with a college pre-tax accumulation than the allowance businesses in 2014. In 2016, he told Forbes India that his abutting ambition was to accomplish added accumulation than both the allowance companies put together. He managed to do that in mid-2017.

Jain has now set his architect on a new goal: To accomplish Bajaj Accounts amid the top 25 best assisting companies in India in the abutting bristles years, from the accepted 45th. Going by his record, this could able-bodied be achievable.

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(This adventure appears in the 07 December, 2018 affair of Forbes India. You can buy our book adaptation from Magzter.com. To appointment our Archives, bang here.)

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