L&T Finance Holdings' fourth quarter consolidated net profit increased by 10 percent to Rs 205.5 crore against Rs 186.5 crore, in a year ago period.
The company's consolidated net interest income rose 21 percent at Rs 705.6 crore against Rs 581.7 crore on a yearly basis.
Its gross NPA declined to 2.25 percent versus 3.01 percent and net NPA was at 1.26 percent versus 1.98 percent, Q-o-Q. During the quarter, its provision coverage ratio at 44 percent versus 35 percent Q-o-Q.
Commenting on the results and financial performance, YM. Deosthalee, Chairman &Managing Director said, “We are happy to report a healthy 18 percent growth in loans and advances along with a 23 percent growth in profits for the full year. Focus on B2C products (tractors, 2-wheeler finance, microfinance and housing finance) and emphasis on operating projects in renewable power and road segment have been key to this growth.
The quarter has also seen a sharp improvement in the gross NPAs due to strongcollection efforts and proactive calls on certain stress assets. Healthy net interestmargins, increased fee income and stable operating expenses all through the year haveenabled the company to accelerate provisions that would result in a stronger balancesheet and create further headroom for growth.”
At 13:27 hrs L&T Finance Holdings was quoting at Rs 65.35, up Rs 1.65, or 2.59 percent on the BSE.
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