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BAJAJ FINANCE LIMITED 33Rd BAJAJ ANNUAL REPORT 2019-20

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BAJAJ FINANCE LIMITED 33Rd BAJAJ ANNUAL REPORT 2019-20 33rd ANNUAL REPORT 2019-20 BAJAJ FINANCE LIMITED 33rd ANNUAL REPORT 2019-20 REPORT ANNUAL 33rd BAJAJ FINANCE LIMITED Regd. Office: Akurdi, Pune - 411 035, India. Tel: (020) 30186403 Fax: (020) 30186364 www.bajajfinserv.in/finance CONTENTS Corporate Information ........................................................ 02 Leading the Way ................................................................. 03 Chairman’s Letter ................................................................04 Management Discussion and Analysis .............................. 07 Corporate Governance ........................................................ 29 General Shareholder Information ...................................... 49 Directors’ Report ................................................................ 59 Standalone Financial Statements .....................................105 Consolidated Financial Statements ...................................215 CORPORATE INFORMATION Board of Directors Corporate Social Bankers Responsibility Rahul Bajaj Central Bank of India Chairman Committee State Bank of India Nanoo Pamnani Rahul Bajaj IDBI Bank Vice-Chairman Chairman Syndicate Bank (upto 22 February 2020) Sanjiv Bajaj Bank of India Sanjiv Bajaj Vice-Chairman Dr. Naushad Forbes Rajeev Jain Share Transfer Agent Managing Director Risk Management KFin Technologies Pvt. Ltd. Madhur Bajaj Committee (earlier known as Karvy Rajiv Bajaj Fintech Pvt. Ltd.) Dr. Omkar Goswami Selenium Tower B, Plot 31–32, Dipak Poddar Chairman Ranjan Sanghi Gachibowli, Financial District, Sanjiv Bajaj Nanakramguda, D J Balaji Rao Rajeev Jain Hyderabad–500 032 Dr. Omkar Goswami Dipak Poddar Tel No. (040) 67162222, Extn.1562 Email ID: [email protected] Dr. Gita Piramal Deepak Bagati Dr. Naushad Forbes Fakhari Sarjan Anami N Roy Sandeep Jain Debenture Trustee Catalyst Trusteeship Ltd. Audit Committee Management GDA House, Plot No. 85, Bhusari Colony (Right), Dr. Omkar Goswami Rajeev Jain Paud Road, Pune–411 038 Chairman Managing Director Tel No.: (020) 25280081 Sanjiv Bajaj Anup Saha Email ID: [email protected] Ranjan Sanghi Deputy Chief Executive Officer Dr. Naushad Forbes Atul Jain Registered Office Chief Executive Officer Stakeholders (Bajaj Housing Finance Ltd.) Akurdi, Pune–411 035 Relationship Committee Chief Financial Officer Corporate Office Sandeep Jain 4th Floor, Ranjan Sanghi Bajaj Finserv Corporate Office, Chairman Off Pune–Ahmednagar Road, Sanjiv Bajaj Company Secretary Viman Nagar, Pune–411 014 Dr. Gita Piramal R Vijay CIN: L65910MH1987PLC042961 Nomination and Auditors Remuneration Committee S R B C & CO LLP Chartered Accountants Ranjan Sanghi Chairman Secretarial Auditor Rahul Bajaj Sanjiv Bajaj Shyamprasad D Limaye Practising Company Secretary Dr. Omkar Goswami Anami N Roy LEADING THE WAY First Row: Sanjiv Bajaj, Rajeev Jain Second Row: Atul Jain, Anup Saha Third Row: Sandeep Jain CHAIRMAN’S LETTER Dear Shareholder, I wish to start this letter in the memory of Nanoo Pamnani, who suddenly passed away on 22 February 2020. Nanoo was the Vice Chairman of your Company, Chairman of the Audit Committee and Risk Management Committee and mentor to all at Bajaj Finance. After Nanoo retired from a long and illustrious career at Citibank, I requested him to join the Board of your Company and also help Sanjiv Bajaj — and subsequently your Managing Director Rajeev Jain — to structure Bajaj Finance as a top-of-the-line financial services enterprise. Nanoo agreed, and joined the Board on 16 May 2007. From then on and right up to his death, Nanoo was not just a key adviser but a guiding force and the North Star of your Company. He introduced best-in-class systems and processes; ensured accountability to targets; and became a mentor, motivator and guru to the entire senior and middle management team. In my long corporate life, I have met some great managers. Nanoo undoubtedly ranked among the very best. We shall all miss him deeply. But, in doing so, we shall also ensure that the values, systems, processes and accountability that he introduced in your Company will not only continue but be strengthened over each passing year. Let me now touch upon the results of your Company. As you all know, a nation-wide lockdown came into effect from 25 March 2020 to combat the spread of COVID-19. Consequently, Bajaj Finance generated no business in the last seven days of the financial year — a time that usually 4 BAJAJ FINANCE LIMITED generates a sharp upturn in revenues. Despite this, I am happy to inform you that your Company has done very well for FY2020. The key results are given below: l New loans booked increased by 17% to 27.44 million. l Customer franchise increased by 24% to 42.60 million. l Assets under management (AUM) grew by 27% to H 147,153 crore. l Net interest income rose by 42% to H 16,913 crore. l Impairment on financial instruments was H 3,929 crore, which included a contingency provision of H 900 crore for COVID-19. Adjusted for one-time provisions of H 1,512 crore taken in FY2020, impairment on financial instruments for FY2020 would have been H 2,416 crore. l Profit after tax grew by 32% to H 5,264 crore. l The capital adequacy ratio (including Tier II capital) as of 31 March 2020 stood at 25.01%. The Tier I capital stood at 21.27%. l During FY2020 your Company raised equity capital of approximately H 8,500 crore through the QIP route. l Your Company continued to prudently manage its asset liability management, and had surplus liquidity of H 15,725 crore as of 31 March 2020 on a consolidated basis. These are the kind of excellent results that we have associated with Bajaj Finance over the last several years. The issue is how your Company will fare in FY2021 under the shadow of COVID-19. Bajaj Finance’s Senior Management has prepared different scenarios, and contingency plans under each such alternative. There is no doubt that business will be difficult in the first half of the year — especially so in the first quarter with April 2020 being fully under lockdown. However, your Management believes that things may pick up in the second half. In any event, it has sufficient surplus liquidity to deal with the crisis. Your Senior Management is using this grave situation to cut operational costs wherever possible, while simultaneously improving efficiency and the IT infrastructure for even faster delivery. Large organisations tend to build up costs. It needs a jolt such as COVID-19 to examine these costs in great detail, and prune them wherever possible. This is what I understand your Company will do throughout FY2021. If these efforts are successful, the cost savings should counteract the downward pull of revenues in the first half of the financial year. And the benefits of such cost savings will continue even as revenues improve. I am confident of Bajaj Finance. It has best-in-class people running great businesses; it has excellent systems and processes; it has developed outstanding risk metrics; and it has shown nimbleness in adapting to changed circumstances. Therefore, despite COVID-19, I believe that your Company will continue to do well in FY2021. May I, on your behalf, encourage your Vice Chairman Sanjiv Bajaj, your Managing Director Rajeev Jain, all senior management, every business head and every employee of Bajaj Finance to leverage the Company’s core strengths to prove that even a hurdle as serious as COVID-19 can be overcome. Because, together, we can. As we have. With my best wishes. And my prayers that you and your family stay safe. Yours sincerely, Rahul Bajaj Chairman Pune: 19 May 2020 33rd ANNUAL REPORT 2019-20 5 AIM FOR THE STARS NANOO PAMNANI (05.04.1945 - 22.02.2020) MANAGEMENT DISCUSSION AND ANALYSIS Bajaj Finance Ltd. (‘BFL’, ‘Bajaj Finance’, or ‘the Company’) is a deposit-taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI). It is a subsidiary of Bajaj Finserv Ltd. and is engaged in the business of lending and acceptance of deposits. The Company has a diversified lending portfolio across retail, SMEs and commercial customers with a significant presence in urban and rural India. It accepts public and corporate deposits and offers variety of financial services products to its customers. BFL has two 100% subsidiaries (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 participant. BHFL started its business in the financial year 2017-18 (FY2018). BFinsec commenced its operations in the financial year 2019-20 (FY2020). The COVID-19 pandemic and lockdown We are amidst unprecedented times. The COVID-19 pandemic has spread across the world — leading to well above 4.7 million confirmed infections, over 315,000 deaths, enormous human suffering and a full stop on virtually all commercial and economic activities. Even India, apparently relatively fortunate up to now, has had 101,139 confirmed cases and 3,163 deaths as per COVID-19 Situation Report–120 of World Health Organisation (WHO) dated 19 May 2020. With lockdowns spreading across countries accounting for over 50% of the world’s gross domestic product (GDP), COVID-19 has caused disruptions on an unimaginable scale. Nobody really knows how long the pandemic will last; whether it will increase in the winter of 2020-21 and if so how, and what will be its final toll on lives and livelihood. With the impact of this pandemic still to play out, the scenario of eerily empty high streets, shut factories and stores, and literally millions being rendered unemployed together point to a single outcome — extreme stress for the global economy of the kind not seen since the Great Depression. In India too, which implemented a lockdown since 25 March 2020, the pandemic has created shocks ripping through society and the world of business. The picture of millions of unemployed daily wage workers and their families trying to trudge back to their villages hundreds of kilometres away; shut factories and stores; empty construction sites; and a nation being deprived of its natural economic vigour are vignettes of this scourge.
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