L&T Finance Q2 profit rises 45% to Rs360 crore
Mumbai: L &T Finance Holdings Ltd (LTFH) on Thursday reported a net profit of Rs360 crore during the July-September quarter, up 45% from Rs248 crore a year ago.
Profit was driven by robust growth in its rural lending and housing finance business.
Rural lending grew 29% year-on-year to Rs11,874 crore while the housing finance business reported a growth of 35% to Rs15,371 crore.
The company’s gross non-performing assets stood at 5.80% of loan book—down from 9.64% during the same quarter last fiscal.
The non-banking financial company’s (NBFC) overall loan book also grew 19% from Rs60,898 crore to Rs72,348 crore. Its renewable financing business grew by 35%, from Rs10,635 crore to Rs14,333 crore.
The financial services firm is also winding down businesses it calls ‘defocused’. Its defocused book fell 47% from Rs3,817 crore to Rs2,005 crore.
“The defocused businesses includes cars, small, medium and heavy commercial vehicles, small and medium enterprises term loans, construction equipment, gensets, three wheelers etc,” Dinanath Dubhashi, managing director and chief executive at LTFH told Mint in August.
Shares of L&T Finance Holdings rose 0.1% from their previous to close at Rs 196.45 on the BSE on Thursday while the benchmark Sensex index rose 0.32%.