Consolidated net profit for L&T Finance Holdings increased by 46% to Rs 595.1 crore in the second quarter

23 Oct 2023 , 11:23 AM

On October 20, L&T Finance Holdings announced a 46.42% increase in net profit for the second quarter of the current fiscal year, to Rs 595.11 crore.

Sequentially, net profit increases by 12.01%. In the April through June period of the current fiscal year, L&T Finance Holdings’ combined net profit was Rs 530.93 crore.

In comparison to Rs 326.18 crore during the same period previous year, the company’s standalone net profit decreased to Rs 29.79 crore in the quarter ending in September.

According to a press release, the non-banking finance company’s retail net profit increased 86% year over year to Rs 606 crore in the reporting quarter thanks to robust Net Interest Margins (NIMs) plus Fees and a decline in credit costs.

In the second quarter of the current financial year, L&T Finance Holdings’ retail portfolio mix was 88%, up from 82% in the first quarter and 58% in the same period previous year.

As stated by Dinanath Dubhashi, Managing Director & CEO of L&T Finance Holdings Ltd., ‘During the quarter, LTFH not only reached a retail portfolio mix of 88% but also achieved the highest ever quarterly Retail disbursements of Rs 13,499 crore, registering a growth of 32% year-over-year.’

He continued by saying that this success was due to the double strategy of preserving best-in-class asset quality while simultaneously strongly developing the retail asset book on the one side and assuring a steep decline in the wholesale book on the other.

In the July–September quarter, the retail book size increased by 33% year over year to Rs 69,417 crore from Rs 52,040 crore in Q2FY23.

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