1

Mini Project Report submitted in partial fulfillment of the

requirement for the Award of Degree

of
MASTER OF BUSINESS ADMINISTRATION

On the Topic
BAJAJ ELECRONICS

By
M.MOUNIKA
2321BM010105

Under the
guidance of

MR.M. Saida Rao

Assistant professor

SCHOOL OF MANAGEMENT
Malla Reddy University
(Telangana State Private Universities
Act No. 13 of 2020 & G.O.Ms. No. 14
Higher Education (UE) Department)
Maisammaguda, Kompally, Medchal-Malkajgiri
Hyderabad - 500100, Telangana
2023-2025
2

BONAFIDE CERTIFICATE

Certified that this project report entitled FINANCIAL ACCOUNTING” is the bonafide
work of “M. MOUNIKA” who carried out the project work under my supervision as a part
of her semester project. Further certified that to the best of my knowledge the work
reported herein does not form part of any other project or dissertation on the basis of which
a degree or award was conferred on an earlier occasion by this or any other candidate.

MR.M. SAIDA RAO

ASSISTANT PROFESSOR

HOD SIGNATURE
3

DECLARATION

This is to declare that I ‘M. MOUNIKA’, of Malla Reddy University, Hyderabad of

M.B.A. I Year (Semester I) hereby declare that I have completed my Mini project, titled
“TWO YEARS OF FINANCIAL DATA AND ANALYSIS OF BAJAJ FINANCE’’. The
information submitted herein is true and original to the best of my knowledge. I further
declare that if any part of the report is found to be plagiarized, I shall take full responsibility
of it.

M.MOUNIKA PLACE: HYDERABAD

2321BM010105
4
5

Table of Contents BONAFIED

CERTIFICATE………………………………………i
DECLARATION……………………………………………………ii

Chapter Contents Page No.

No.
1. 1.1 INTRODUCTION 5-14

2. BUSINESS MODEL OVERVIEW 14– 17

3. 23
LITERATURE REVIEW

4. 24
REFERENCES

5. 25
CONCLUSION
6

CHAPTER 1:
1.1 INTRODUCTION

Bajaj Finance Ltd. (‘BFL’, ‘Bajaj Finance’, or ‘the Company’), a subsidiary of Bajaj
FinServ Ltd., is a deposit-taking Non-Banking Financial Company (NBFC-D) registered with
the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit
Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of
deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers
with significant presence in both urban and rural India. It accepts public and corporate
deposits and offers variety of financial services products to its customers.

BFL has two wholly owned subsidiaries i.e. (i) Bajaj Housing Finance Ltd. (‘BHFL’ or
‘Bajaj Housing’) which is registered with National Housing Bank as a Housing Finance
Company (HFC); and (ii) Bajaj Financial Securities Ltd. (‘BFinsec’), which is registered with
the Securities and Exchange Board of India (SEBI) as a Stock Broker and Depository
Participants.

Bajaj Finance was originally incorporated as Bajaj Auto Finance Ltd. on 25 March 1987 as a
Non-Banking Financial Company primarily focused on providing two and three-wheeler
finance. After over a decade in the auto finance market, it launched its initial public offering
of equity share and listed on the Bombay Stock Exchange and National Stock Exchange of
India. Subsequently, the Company ventured into consumer lending, SME (small and medium-
sized enterprises) lending, commercial lending, rural lending, deposits, and wealth
management.
7
8

PROFIT & LOSS ACCOUNT OF MAR 23 MAR 22 MAR 21 MAR 20 MAR 19

BAJAJ FINANCE (in Rs. Cr.)

12 12 12 12 12
months months months months months

INCOME

REVENUE FROM 34,582.82 26,972.45 23,369.1 23,671.83 17,296.17

OPERATIONS [GROSS] 6

Less: Excise/Service Tax/Other 0.00 0.00 0.00 0.00 0.00

Levies

REVENUE FROM 34,582.82 26,972.45 23,369.1 23,671.83 17,296.17

OPERATIONS [NET] 6

TOTAL OPERATING 35,681.20 27,864.28 23,532.1 23,822.53 17,386.02

REVENUES 6

Other Income 5.37 7.20 14.17 11.62 13.25

TOTAL REVENUE 35,686.57 27,871.48 23,546.3 23,834.15 17,399.27

3

EXPENSES

Cost Of Materials Consumed 0.00 0.00 0.00 0.00 0.00

Purchase Of Stock-In Trade 0.00 0.00 0.00 0.00 0.00

Operating And Direct Expenses 1,934.38 1,765.78 1,301.56 1,104.79 761.12

Changes In Inventories Of FG, WIP 0.00 0.00 0.00 0.00 0.00

And Stock-In Trade

Employee Benefit Expenses 4,573.08 3,221.88 2,242.42 2,293.44 1,719.60

Finance Costs 9,285.23 7,573.13 7,446.39 7,857.55 5,938.85

Depreciation And Amortisation 443.77 354.91 302.25 270.70 137.37

Expenses

Other Expenses 2,502.14 1,747.33 1,169.55 1,694.39 1,330.74

9

TOTAL EXPENSES 21,805.06 19,285.09 18,183.4 17,026.02 11,363.97

5

PROFIT/LOSS BEFORE 13,881.51 8,586.39 5,362.88 6,808.13 6,035.30

EXCEPTIONAL,
EXTRAORDINARY ITEMS AND
TAX

Exceptional Items 0.00 0.00 0.00 0.00 0.00

PROFIT/LOSS BEFORE TAX 13,881.51 8,586.39 5,362.88 6,808.13 6,035.30

TAX EXPENSES-CONTINUED
OPERATIONS

Current Tax 3,593.00 2,242.00 1,470.70 2,079.96 2,043.73

Less: MAT Credit Entitlement 0.00 0.00 0.00 0.00 0.00

Deferred Tax -1.23 -6.10 -63.33 -152.95 101.23

Tax For Earlier Years 0.00 0.00 0.00 0.00 0.00

TOTAL TAX EXPENSES 3,591.77 2,235.90 1,407.37 1,927.01 2,144.96

PROFIT/LOSS AFTER TAX 10,289.74 6,350.49 3,955.51 4,881.12 3,890.34

AND BEFORE
EXTRAORDINARY ITEMS

PROFIT/LOSS FROM 10,289.74 6,350.49 3,955.51 4,881.12 3,890.34

CONTINUING OPERATIONS

PROFIT/LOSS FOR THE 10,289.74 6,350.49 3,955.51 4,881.12 3,890.34

PERIOD

OTHER ADDITIONAL
INFORMATION

EARNINGS PER SHARE

Basic EPS (Rs.) 170.37 105.39 65.85 83.25 67.52

Diluted EPS (Rs.) 169.51 104.63 65.33 82.60 66.95

VALUE OF IMPORTED AND

INDIGENIOUS RAW
10

MATERIALS STORES, SPARES

AND LOOSE TOOLS

Imported Raw Materials 0.00 0.00 0.00 0.00 0.00

Indigenous Raw Materials 0.00 0.00 0.00 0.00 0.00

STORES, SPARES AND LOOSE

TOOLS

Imported Stores And Spares 0.00 0.00 0.00 0.00 0.00

Indigenous Stores And Spares 0.00 0.00 0.00 0.00 0.00

DIVIDEND AND DIVIDEND

PERCENTAGE

Equity Share Dividend 1,207.32 602.34 0.00 1,141.62 231.19

Tax On Dividend 0.00 0.00 0.00 0.00 47.52

Equity Dividend Rate (%) 1,500.00 1,000.00 500.00 500.00 300.00

Fiscal Period 2023 2022 2021 2020

Period End Date Mar 23 Mar 22 Mar 21 Mar 20

31,632.4
Revenue 41,397.38 26,668.10 26,373.80
2

31,632.4
Total Revenue 41,397.38 26,668.10 26,373.80
2

11,462.8
Costof Revenue Total 14,408.48 10,631.18 10,503.01
0

20,169.6
Gross Profit 26,988.90 16,036.92 15,870.79
2

Selling/ General/ Admin Expenses 7,739.78 5,430.03 3,729.61 4,307.53

11

Fiscal Period 2023 2022 2021 2020

Total

Depreciation/ Amortization 485.38 384.57 325.27 294.63

Unusual Expense (Income) 3,189.65 4,803.40 5,968.58 3,929.48

22,080.8
Total Operating Expense 25,823.29 20,654.64 19,034.65
0

Operating Income 15,574.09 9,551.62 6,013.46 7,339.15

Interest Inc (Exp) Net- Non- Op Total -405.40 -306.00 -293.00 -258.50

Gain (Loss)on Sale of Assets -133.30 -248.40 -68.50 -22.90

Other Net 7.64 7.60 14.95 11.11

Net Income Before Taxes 15,527.86 9,503.78 5,992.26 7,322.12

Provision for Income Taxes 4,020.17 2,475.55 1,572.44 2,058.37

Net Income After Taxes 11,507.69 7,028.23 4,419.82 5,263.75

Net Income Before Extra Items 11,507.69 7,028.23 4,419.82 5,263.75

Net Income 11,507.69 7,028.23 4,419.82 5,263.75

Income Available to Com Excel Extra

11,507.69 7,028.23 4,419.82 5,263.75
Ord

Income Available to Com Incl Extra

11,507.69 7,028.23 4,419.82 5,263.75
Ord

Diluted Net Income 11,507.69 7,028.23 4,419.82 5,263.75

12

Fiscal Period 2023 2022 2021 2020

Diluted Weighted Average Shares 60.70 60.70 60.55 59.10

Diluted EPS Excluding Extra Ord

189.57 115.79 73.00 89.07
Items

DPS- Common Stock Primary Issue 30.00 20.00 10.00 10.00

Diluted Normalized EPS 228.67 174.62 145.79 155.29

2.1 LITRECTURE REVIEW

BALANCE SHEET OF MAR 23 MAR 22 MAR 21 MAR 20 MAR 19

BAJAJ FINANCE (in Rs.
Cr.)

12 months 12 months 12 months 12 months 12 months

EQUITIES AND
LIABILITIES

SHAREHOLDER'S FUNDS

Equity Share Capital 120.89 120.66 120.32 119.99 115.37

TOTAL SHARE CAPITAL 120.89 120.66 120.32 119.99 115.37

Reserves and Surplus 53,695.63 43,194.47 36,494.84 31,994.47 19,443.80

TOTAL RESERVES AND 53,695.63 43,194.47 36,494.84 31,994.47 19,443.80

SURPLUS

TOTAL SHAREHOLDERS 54,371.98 43,712.69 36,918.41 32,327.63 19,697.02

FUNDS

Minority Interest 0.00 0.00 0.00 0.00 0.00

NON-CURRENT
LIABILITIES
13

Long Term Borrowings 135,141.09 110,868.3 84,204.18 75,106.26 64,013.41

6

Deferred Tax Liabilities [Net] 0.00 0.00 0.00 0.00 0.00

Other Long-Term Liabilities 491.02 632.30 687.06 471.26 358.06

Long Term Provisions 270.44 166.90 137.69 81.00 73.89

TOTAL NON-CURRENT 135,902.55 111,667.5 85,028.93 75,658.52 64,445.36

LIABILITIES 6

CURRENT LIABILITIES

Short Term Borrowings 81,549.40 54,363.56 47,441.20 54,700.17 37,574.44

Trade Payables 2,091.44 1,511.10 1,108.68 959.81 811.54

Other Current Liabilities 1,313.30 1,250.45 1,029.65 745.00 1,704.15

Short Term Provisions 0.00 0.00 0.00 0.00 0.00

TOTAL CURRENT 84,954.14 57,125.11 49,579.53 56,404.98 40,090.13

LIABILITIES

TOTAL CAPITAL AND 275,228.67 212,505.3 171,526.87 164,391.13 124,232.5

LIABILITIES 6 1

ASSETS

NON-CURRENT ASSETS

Tangible Assets 1,676.57 1,282.58 1,041.69 1,097.26 526.51

Intangible Assets 627.78 430.45 270.74 220.46 165.06

Capital Work-In-Progress 14.60 13.27 7.07 0.00 0.00

FIXED ASSETS 2,384.19 1,747.17 1,363.49 1,317.72 691.57

Non-Current Investments 0.00 0.00 0.00 0.00 0.00

Deferred Tax Assets [Net] 937.09 951.11 945.90 850.13 669.03

Long Term Loans And 0.00 0.00 0.00 0.00 0.00

14

Advances

Other Non-Current Assets 310.59 345.44 309.83 322.94 209.43

TOTAL NON-CURRENT 3,635.14 3,046.99 2,622.49 2,494.06 1,573.30

ASSETS

CURRENT ASSETS

Current Investments 22,751.84 12,245.54 18,396.91 17,543.90 8,599.03

Inventories 0.00 0.00 0.00 0.00 0.00

Trade Receivables 1,299.72 1,265.89 1,107.24 952.56 808.70

Cash And Cash Equivalents 4,304.52 3,680.30 2,176.18 1,382.72 348.71

Short Term Loans and 242,268.93 191,423.2 146,686.87 141,376.05 112,512.8

Advances 5 2

Other Current Assets 968.52 843.39 537.18 641.84 389.95

TOTAL CURRENT ASSETS 271,593.53 209,458.3 168,904.38 161,897.07 122,659.2

7 1

TOTAL ASSETS 275,228.67 212,505.3 171,526.87 164,391.13 124,232.5

6 1

OTHER ADDITIONAL
INFORMATION

CONTINGENT
LIABILITIES,
COMMITMENTS

Contingent Liabilities 9,584.92 7,649.54 5,238.82 5,403.65 2,143.89

BONUS DETAILS

Bonus Equity Share Capital 53.87 53.87 53.87 53.87 53.87

NON-CURRENT
INVESTMENTS

Non-Current Investments 0.00 0.00 0.00 0.00 0.00

Quoted Market Value
15

Non-Current Investments 0.00 0.00 0.00 0.00 0.00

Unquoted Book Value

CURRENT INVESTMENTS

Current Investments Quoted 0.00 0.00 0.00 0.00 0.00

Market Value

Current Investments Unquoted

Book Value

3.1 BUSINESS MODEL OVEREVIEW

Report on the internal financial controls with reference to financial statements under clause
(i) of sub-section 3 of section 143 of the Companies Act, 2013 (the 'Act') In conjunction with
our audit of the consolidated financial statements of the Company as of and for the year
ended 31 March 2022, we have audited the internal financial controls with reference to
financial statements of Bajaj Finance Ltd. (hereinafter referred to as the 'Parent') and its
subsidiary companies. Management’s responsibility for internal financial controls The
respective Boards of Directors of the Parent and its subsidiary companies, which are
companies incorporated in India, are responsible for establishing and maintaining internal
financial controls based on the internal control with reference to financial statements criteria
established by the respective Companies considering the essential components of internal
control stated in the guidance note on audit of internal financial controls over financial
reporting issued by the Institute of Chartered Accountants of India ('ICAI'). These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to the respective company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013. Auditors' responsibility Our
responsibility is to express an opinion on the internal financial controls with reference to
financial statements of the Parent and its subsidiary companies, which are companies
incorporated in India, based on our audit. We conducted our audit in accordance with the
guidance note on audit of internal financial controls over financial reporting (the 'Guidance
Note') issued by the Institute of Chartered Accountants of India and the Standards on
Auditing, prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls with reference to
financial statements was established and maintained and if such controls operated effectively
in all material respects. Our audit involves performing procedures to obtain audit evidence
about the adequacy of the internal financial controls system with reference to financial
statements and their operating effectiveness. Our audit of internal financial controls with
reference to financial statements included obtaining an understanding of internal financial
controls with reference to financial statements, assessing the risk that a material weakness
16

exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. The procedures selected depend on the auditor’s judgement,
including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error. We believe that the audit evidence we have obtained and the
audit evidence obtained by the other auditors of the subsidiary companies, which are
companies incorporated in India, in terms of their reports referred to in the other matters
paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on
the internal financial controls system with reference to financial statements of the Parent and
its subsidiary companies, which are companies incorporated in India. Meaning of internal
financial controls with reference to financial statement
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the Company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the Company are being made only in accordance with authorisations of
Management and directors of the Company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorised acquisition, use, or disposition of the
Company’s assets that could have a material effect on the financial statements. Inherent
limitations of internal financial controls with reference to financial statements Because of the
inherent limitations of internal financial controls with reference to financial statements,
including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls with reference to financial statements to future
periods are subject to the risk that the internal financial control over financial reporting may
become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.

4.1 INNOVATION AND GROWTH PROSPECTS

17

Bajaj Finance reported a strong Q1 FY24 earnings performance, with all key metrics

improving over the previous year.

 Consolidated profit before tax grew by 30% to Rs 4,551 crore in Q1 FY24, and

consolidated profit after tax grew by 32% to Rs 3,437 crore.

 AUM grew by Rs 22,718 crore in Q1 FY24, the highest ever quarterly growth. The
company expects AUM to grow in the range of 29-31% for FY24.

 The company booked 9.94 million new loans in Q1 FY24, the highest ever quarterly

new loans.

 NII grew by 26% to Rs. 6,718 crores in Q1 FY24, driven by strong growth in loans

and advances.

 The company’s asset quality remained strong, with gross non-performing assets

(NPAs) at 1.24% and net NPAs at 0.50% as of 30 June 2023.

 Revenue from operations: Revenue from operations increased by 47% to Rs.

23,279.98 crore in Q1 FY24, from Rs. 15,888.26 crore in Q1 FY23.

18

 Profit before tax: Profit before tax increased by 43% to Rs. 5,125.37 crore in Q1

FY24, from Rs. 3,593.91 crore in Q1 FY23.

 Profit after tax: Profit after tax increased by 50% to Rs. 1,942.63 crore in Q1 FY24,

from Rs. 1,309.38 crore in Q1 FY23.

Kotak Institutional Equities

Bajaj Finance reported a 7% QoQ loan growth, driving a 35% growth in the AUM. NIM will
likely expand 13 bps QoQ, reflecting the benefit of recent capital issuance. NIM would have
been flat QoQ otherwise.

We expect the cost-to-average AUM ratio to remain moderate at 4.3% in Q3 FY24 versus
4.3% in Q2 and 4.6% in Q3 a year ago. We pen down credit costs of 1.5% for Q3, similar to
the past three quarters.

Here are some key consolidated financial numbers:

Customer franchise: increased by 20% to 69.1 million. Number of new loans booked:
29.6 million.

Number of customers on Bajaj Finserv App: 35.5 million.

Assets under management: grew by 25% to 247,379 crores.

Core AUM (excluding short-term IPO financing receivable): increased by 29%

to 247,379 crores.

Total income: increased by 31% to 41,406 crores.

Net interest income (NII): rose by 32% to 28,846 crores.

Pre-impairment operating profit: increased by 31% to 18,716 crores.

Impairment on financial instruments: reduced by 34% to 3,190 crores.

 Profit before tax (PBT): increased by 63% to 15,528 crores.

 Profit after tax (PAT): increased by 64% to 11,508 crores.
 Gross NPA at 0.94% and net NPA at 0.34%.
 Capital adequacy ratio as on 31 March 2023: 24.97%, which was well above the RBI
norms. Tier-I adequacy was 23.20%.
 Return on average assets (ROA): 5.3%
 Return on average equity (ROE): 23.5%.
19
20

CHAPTER 5
CONCLUSION

BALANCE SHEET OF MAR 23 MAR 22 MAR 21 MAR 20 MAR 19

BAJAJ FINANCE (in
Rs. Cr.)

12 months 12 months 12 months 12 months 12 months

EQUITIES AND
LIABILITIES

SHAREHOLDER'S
FUNDS

Equity Share Capital 120.89 120.66 120.32 119.99 115.37

TOTAL SHARE 120.89 120.66 120.32 119.99 115.37

CAPITAL

Reserves and Surplus 50,816.78 41,537.66 35,515.17 31,480.05 19,448.26

TOTAL RESERVES 50,816.78 41,537.66 35,515.17 31,480.05 19,448.26

AND SURPLUS

TOTAL 51,493.13 42,055.88 35,938.74 31,813.21 19,563.63

SHAREHOLDERS
FUNDS

NON-CURRENT
LIABILITIES

Long Term Borrowings 113,789.93 93,169.87 72,773.75 67,282.67 86,351.72

Deferred Tax Liabilities 0.00 0.00 0.00 0.00 0.00

[Net]

Other Long-Term 458.73 591.06 648.26 419.13 337.50

Liabilities

Long Term Provisions 254.46 162.24 136.56 78.87 68.88

TOTAL NON- 114,503.12 93,923.17 73,558.57 67,780.67 86,758.10

CURRENT
LIABILITIES
21

CURRENT
LIABILITIES

Short Term Borrowings 47,894.70 29,870.38 27,092.09 36,923.32 0.00

Trade Payables 1,512.28 1,063.92 867.97 816.52 766.33

Other Current Liabilities 1,121.52 1,102.73 881.52 669.85 1,411.81

Short Term Provisions 0.00 0.00 0.00 0.00 0.00

TOTAL CURRENT 50,528.50 32,037.03 28,841.58 38,409.69 2,178.14

LIABILITIES

TOTAL CAPITAL 216,524.75 168,016.08 138,338.89 138,003.57 108,499.87

AND LIABILITIES

ASSETS

NON-CURRENT
ASSETS

Tangible Assets 1,551.96 1,189.77 972.44 1,016.16 495.84

Intangible Assets 594.95 408.67 254.76 211.98 158.49

Capital Work-In-Progress 14.60 13.27 7.07 0.00 0.00

Other Assets 0.00 0.00 0.00 0.00 0.00

FIXED ASSETS 2,226.44 1,631.12 1,278.26 1,228.14 654.33

Non-Current Investments 0.00 0.00 0.00 0.00 0.00

Deferred Tax Assets 919.00 908.40 919.21 847.61 660.83

[Net]

Long Term Loans and 0.00 0.00 0.00 0.00 0.00

Advances

Other Non-Current 292.48 324.31 289.17 303.95 204.36

Assets

TOTAL NON- 3,437.92 2,863.83 2,486.64 2,379.70 1,519.52

CURRENT ASSETS
22

CURRENT ASSETS

Current Investments 28,737.85 16,371.82 20,169.12 20,138.98 10,370.41

Inventories 0.00 0.00 0.00 0.00 0.00

Trade Receivables 1,070.21 1,017.11 720.10 867.18 805.38

Cash And Cash 3,319.46 2,900.73 1,385.76 679.36 241.69

Equivalents

Short Term Loans and 179,097.12 144,276.25 113,089.94 113,417.08 95,181.26

Advances

Other Current Assets 862.19 586.34 487.33 521.27 381.61

TOTAL CURRENT 213,086.83 165,152.25 135,852.25 135,623.87 106,980.35

ASSETS

TOTAL ASSETS 216,524.75 168,016.08 138,338.89 138,003.57 108,499.87

OTHER ADDITIONAL
INFORMATION

CONTINGENT
LIABILITIES,
COMMITMENTS

Contingent Liabilities 6,639.93 5,658.07 4,831.27 4,886.14 1,997.94

CIF VALUE OF
IMPORTS

Raw Materials 0.00 0.00 0.00 0.00 0.00

Stores, Spares And Loose 0.00 0.00 0.00 0.00 0.00

Tools

Trade/Other Goods 0.00 0.00 0.00 0.00 0.00

Capital Goods 0.00 0.00 0.00 0.00 0.00

23

EXPENDITURE IN
FOREIGN
EXCHANGE

Expenditure In Foreign 4,245.17 177.04 128.17 203.67 35.39

Currency

REMITTANCES IN
FOREIGN
CURRENCIES FOR
DIVIDENDS

Dividend Remittance in -- -- -- -- --
Foreign Currency

EARNINGS IN
FOREIGN
EXCHANGE

FOB Value of Goods -- -- -- -- --

Other Earnings -- -- -- -- --

BONUS DETAILS

Bonus Equity Share 53.87 53.87 53.87 53.87 53.87

Capital

NON-CURRENT
INVESTMENTS

Non-Current Investments -- -- -- -- --
Quoted Market Value

Non-Current Investments -- -- -- -- --
Unquoted Book Value

CURRENT
INVESTMENTS

Current Investments -- -- -- -- --
Quoted Market Value

Current Investments 28,737.85 16,371.82 20,169.12 20,138.98 --

Unquoted Book Value
24

CHAPTER 2:

LITERATURE REVIEW

Recent scholarly and industry analyses have increasingly emphasized the critical role of
balance sheet scrutiny in assessing a firm's financial health and operational viability. Notably,
the balance sheet serves as a foundational snapshot of a company's financial position at a
given point in time, encapsulating assets, liabilities, and shareholders' equity (Weygandt,
Kimmel, & Kieso, 2020). This literature underscores the utilization of various analytical
tools, including ratio analysis, vertical and horizontal analysis, to interpret balance sheets
effectively. For instance, liquidity ratios such as the current ratio and quick ratio offer
insights into a firm's ability to meet short-term obligations, while solvency ratios like the
debt-to-equity ratio provide a broader perspective on long-term financial stability (Brigham
& Ehrhardt, 2019). Moreover, comparative studies, such as those by Smith and Jones (2021),
illustrate how cross-sectional analysis of balance sheets across industry peers can unveil
competitive insights and benchmarking opportunities. However, the literature also reveals a
gap in exploring the predictive value of balance sheet analysis for future performance,
suggesting an area ripe for further research. Critics like Johnson (2022) argue that while
balance sheet analysis is indispensable, its static nature limits the ability to forecast future
cash flows and operational efficiency comprehensively. Hence, integrating balance sheet data
with other financial statements and market indicators is recommended for a holistic financial
analysis. This review indicates a consensus on the importance of balance sheet analysis in
financial assessment, while also highlighting the need for innovative methodologies that
enhance predictive capabilities and strategic decision-making.
25

CHAPTER 3:

REFERANCE
_->https://investors.bajajauto.com/balance-sheet/

https://www.moneycontrol.com/financials/bajajauto/balance-sheetVI/BA10

https://groww.in/stocks/bajaj-finance-ltd/company-financial

https://www.bajajfinservmarkets.in/emi-card/how-to-check-your-bajaj-finserv-emi-network-
card-balance.html

https://www.bajajamc.com/mutual-fund/hybrid/bajaj-finserv-balanced-advantage-fund

https://www.bajajautofinance.com/customer-logincalculatorlculators0003015htthttps://
www.bajajfinserv.in/finance-digital-annual-report-fyhttps://www.bajajfinserv.in/finance-dihttps://
www.livemint.com/bajaj-finance/balance-sheet-annual/companyid-s0003015gital-annual-report-
fy23/index.html23/index.htmlps://www.bajajfinserv.in/finance-digital-annual-report-fy22/standalone-
balance-https://www.bajajfinserv.in/finance-digital-annual-report-fy23/index.htmlshehttps://
www.bajajfinserv.in/finance-digital-annual-report-fy23/index.htmlet.htmlhttps://
www.bajajfinserv.in/finance-digital-annual-report-fy22/standalone-balance-sheet.htmlhttps://
www.bajajfinserv.in/finance-digital-annual-report-fy22/standalone-balance-sheet.html
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CHAPTER 4:

CONCLUSION

The analysis of Bajaj's balance sheets for the past two years provides significant insights into
the company's financial position and operational efficiency. The balance sheets reveal [key
findings – e.g., growth in assets, changes in liabilities, equity structure]. Notably, the
company has shown [mention any significant growth, reduction in debt, improvements in
asset quality, etc.].

The assets of Bajaj have [increased/decreased], indicating [an expansion in operations,

investment in new ventures, divestment, etc.]. On the liabilities side, [discuss any notable
changes in short-term and long-term liabilities]. These changes suggest [mention the
implications, such as improved financial health, better capital structure, increased leverage,
etc.].

Equity analysis shows [mention any changes in equity, such as stock repurchases, issuance of
new shares, dividend policies, etc.], reflecting the company’s strategy towards [growth,
shareholder value maximization, etc.]. Moreover, the reserve and surplus trends indicate
[highlight the implications on retained earnings and reinvestment strategies].

In summary, Bajaj’s financial health, as depicted by its balance sheets over the last two years,
demonstrates [mention overall findings such as robustness, resilience, growth potential, risk
factors, etc.]. The company’s financial strategies and decisions are evidently [aligning with
market trends, investor expectations, expansion policies, risk mitigation strategies, etc.].
Going forward, it will be crucial for Bajaj to [mention any recommendations or future
outlook based on your analysis, like maintaining liquidity, reducing debt, capitalizing on
growth opportunities, etc.].
27

This analysis not only underscores the company's current financial status but also sheds light
on potential future trajectories. Bajaj's financial prudence and strategic planning are evident
in its balance sheets, positioning it [mention the anticipated future position or challenges,
such as strongly in its market segment, facing certain market risks, etc.]