摩根大通：印度投资者峰会 总体大于部分 - 与 Sanjiv Bajaj 先生的会谈

Investment Rating - The investment rating for Bajaj Finance Ltd is Overweight (OW) [4][9]. Core Insights - The report emphasizes the growth potential in consumer finance in India, with Bajaj Finance aiming to capture an increasing market share through technology and compliance [2]. - Over the past six years, Bajaj Finance has added 23.6 million new-to-credit customers, indicating significant growth opportunities [2]. - The company has a strong focus on talent management and leadership transitions, with a low attrition rate of 17% compared to peers at over 25% [2]. Summary by Sections Company Overview - Bajaj Finance operates a comprehensive financial services platform, including housing finance, insurance, mutual funds, and securities [2]. - The company is optimistic about the medium-term consumer finance opportunities despite current market cycles [2]. Strategic Focus - The group leverages technology and compliance to gain a competitive edge, with a structured approach to capital allocation and risk management [2]. - Leadership transitions are planned to maximize impact, ensuring minimal disruption and maintaining a strong talent pool [2]. Market Position - Bajaj Finance has historically focused on consumer-oriented businesses, with a strategy to adapt to market conditions using data collection and AI [2]. - The regulatory environment has been favorable, allowing the company to build competitive advantages [2].