L&T Finance Holdings board recommends final dividend of ₹2 per share, details here
1 min read 08 Jun 2023, 05:49 PM ISTL&T Finance Holdings declares final dividend of ₹2 per share for FY 2022-23; reports 47% rise in net profit for March quarter driven by retail disbursements.
PremiumL&T Finance Holdings board of Thursday has declared a final dividend for the financial year 2022-23.
The company's board of directors have recommended a final dividend of ₹2 per share of face value of ₹10.
“The Board of Directors of the Company at its Meeting held on June 08, 2023 has, inter alia, recommended a final dividend of Rs. 2 per Equity Share (face value Rs. 10 per share) for the financial year 2022-23. The dividend, if approved by the Members at the ensuing Annual General Meeting (“AGM") will be credited / dispatched within 30 days from the date of AGM," said L&T Finance Holdings.
For the March quarter, L&T Finance Holdings reported a 47 per cent rise in net profit at ₹501 crore. This is against a net profit of ₹342 crore in the year-ago period.
The growth trajectory was led by the highest annual retail disbursements of ₹42,065 crore across segments.
"This achievement has been on account of a strong year-on-year (YoY) growth of 35% in retail book with best-in-class asset quality and a decisive 54% reduction in the wholesale book," company managing director Dinanath Dubhashi was quoted saying in a statement.
The assets under management for the company shrunk to ₹80,893 crore at the end of March from ₹88,341 crore a year back, because of the reduction in wholesale business. The wholesale book saw an accelerated reduction of 54 per cent to ₹19,840 crore driven mainly by re/pre-payments and refinancing.
The company's scip ended 1.81 per cent down at ₹105.60 on BSE.
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