Moneycontrol PRO
Upcoming Event:Super25 3.0- India’s Largest Online Stock Traders Conference brought to you by Moneycontrol Pro & Espresso

L&T Finance Holdings' net profit rises 12% to Rs 326 crore in December quarter

In a statement, the company said it witnessed strong improvement in disbursements and collections in Q3FY22, and witnessed an all-time high retail quarterly disbursements of about Rs 7,600 crore, up by 29 per cent from a year ago.

January 21, 2022 / 07:32 PM IST
Representative image

Representative image

L&T Finance Holdings on Friday reported a 12 per cent increase in its net profit to Rs 326 crore for the quarter ended December 2021.

The non-banking finance company (NBFC) had registered a net profit of Rs 291 crore in the year-ago period.

In a statement, the company said it witnessed strong improvement in disbursements and collections in Q3FY22, and witnessed an all-time high retail quarterly disbursements of about Rs 7,600 crore, up by 29 per cent from a year ago.

Total income during the October-December 2021 period, however, was down at Rs 3,099 crore, as against Rs 3,504 crore in Q3FY21.

"The period saw businesses returning to pre-COVID-19 levels despite industry de-growth during the festive season."

Close

"In our retail businesses of farm and two-wheeler finance, we maintained business momentum as a leading retail financier with a stable market share, owing to our digital and data analytics capabilities,” Dinanath Dubhashi, managing director and CEO of L&T Finance Holdings, said.

Dubhashi added that the company’s micro-loans business volumes have normalised and it continues to gain traction in consumer loans and home loans.

On the asset quality, the company’s gross non-performing assets (NPAs) rose to 5.91 per cent by the end of December 2021 from 5.12 per cent by the year-ago same period.

The net non-performing assets (NPAs) also rose to 3.03 per cent from 1.92 per cent.

The company said it continues to carry additional provisions of Rs 1,699 crore, and expressed confidence that the existing provisions will be sufficient to counter any moratorium-related stress on account of a one-time restructuring-related impact in future, if any, on account of COVID-19.



Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

PTI
first published: Jan 21, 2022 07:32 pm
Sections
ISO 27001 - BSI Assurance Mark