L-;T Finance Q2FY23 PAT 81.4% at Rs406.43 crore on sharply lower fair value change related losses

25 Oct 2022 , 07:14 PM

L&T Finance Ltd reported flat 7.10% growth in total revenues for the September 2022 quarter on consolidated basis at Rs3,257cr.

Revenue growth was 3.88% in sequential terms. The company saw top line growth in the retail business but the wholesale business saw lower revenues yoy.

In terms of operating profit performance, the retail business operating profit doubled while the wholesale business gained substantially from the lower fair value related write-downs in the quarter, despite higher losses on diminution of investments.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 81.42% at Rs406.43cr and it was 55.1% higher on sequential basis.

Its retail portfolio mix has improved from 47% to 58% on a yoy basis. The total NIM plus fees was 85 bps higher on yoy basis at 8.43% while the weighted average costs came down 20 bps to 7.33% even amidst rising rates of interest.

It holds excess provisions of Rs1,028 crore and has sold the MF business. PAT margins at 12.48% in Q2 FY23 against 7.37% in Q2FY2 and 8.36% in Q1FY23.

Financial highlights for Sep-22 compared yoy and sequentially

	L&T Finance
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 3,257.36	₹ 3,041.56	7.10%	₹ 3,135.80	3.88%
Net Profit (Rs cr)	₹ 406.43	₹ 224.03	81.42%	₹ 262.10	55.07%
Diluted EPS (Rs)	₹ 1.63	₹ 0.90		₹ 1.07
Net Margins	12.48%	7.37%		8.36%