L&T Finance Holdings Ltd. reported a significant increase in its Profit After Tax (PAT) for Q1FY24, reaching Rs. 531 crore, a growth of 103% compared to the previous year. The company achieved its Lakshya 2026 goal of over 80% retailisation well ahead of schedule.
The PLANET app, an integral part of their digital strategy, has surpassed 44 lakh downloads. L&T Finance has seen strong retail disbursements in Q1FY24, totaling Rs. 11,193 crore, a YoY increase of 25%, driven by growth across all retail segments and the implementation of advanced digital and data analytics.
The wholesale book has been reduced by 65% YoY, amounting to a reduction of Rs. 25,992 crore, aligning with their goal of transforming into a leading retail finance company. The company is making progress on the proposed merger of entities to establish a consolidated single entity structure.
In Q1FY24, L&T Finance Holdings reported a Profit After Tax (PAT) of Rs. 531 crore, representing a substantial increase of 103% compared to Q1FY23's PAT of Rs. 262 crore. The company demonstrated a strong balance sheet with a Capital Adequacy Ratio of 25.75% (Tier 1: 23.42%) in Q1FY24, indicating a solid financial position and sufficient liquidity buffers.
L&T Finance Holdings also announced its highest final dividend to date of Rs. 2 per equity share (with a face value of Rs. 10 per share) for FY23. Furthermore, the company holds top ratings of 'AAA' from leading credit rating agencies such as CRISIL, ICRA, CARE, and India Ratings, underscoring its exceptional creditworthiness and reliability.
The Board of L&T Finance Holdings Ltd. (LTFH), one of the leading Non-Banking Financial Companies (NBFCs) in India today announced the financial results for the first quarter ended June 30, 2023. Under Lakshya 2026, the Company is accelerating its journey towards becoming a top-class, digitally-enabled and customer-focused retail financier.
