L&T Finance Holdings' fourth quarter consolidated net profit grew by 21.5 percent year-on-year to Rs 171 crore, sending shares one percent higher.
L&T Finance Holdings reported more than 21 percent year-on-year rise in its fourth quarter (January - March) consolidated net profit to Rs 171 crore, driven by robust loan growth and a spike in other income.
Consolidated net interest income or the difference between interest earned and pait out, upped 27 percent to Rs 478 crore during the quarter.
Loans expanded nearly 30% YoY to Rs 33,300 crore. Other income jumped to Rs 26 crore compared with Rs 4 crore a year back.
The rate of growth in infrastructure lending recorded 35% to about Rs 15,000 crore. Retail and corporate finance credit rose 23% to Rs 18,200 crore. Housing Finance business, started a year back, opened its innings with a book size of Rs 326 crore.
"For the year, while the disbursements in construction equipment and commercial vehicle segments witnessed a de-growth of 31.4 percent and 40.30 percent respectively, the rural products finance and infrastructure financing for the transportation sector showed healthy growth," said a release issued by the company on Thursday.
Gross non-performing asset (NPA) ratio increased to 2.03 percent compared with 1.80 percent a year back. The net NPA ratio rose from 1.17% to 1.26% during the same period.
L&T Mutual Fund, which had kick-started its business as a subsidiary of L&T Finance - the flagship company of L&T Holdings, is now a direct subsidiary of L&T Holdings. The management has obtained permission from the market regulator SEBI on this.
On Thursday, L&T Holdings shares closed at Rs 79.10, up 0.30% on NSE.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.