Non-bank lender L&T Finance on July 16 reported a 29 percent rise in its consolidated net profit to Rs 685 crore in the first quarter of the financial year 2024-25. The company had reported a net profit of Rs 530 crore in the corresponding quarter last year.
The company's total income for Q1FY25 grew to Rs 3,785 crore, up 12 percent year-on-year.
Net Interest Income (NII) rose 23 percent to Rs 2,020 crore in the quarter compared to Rs 1,644 crore in the year-ago period. The company's net interest margin (NIM) plus fees and other income improved by 144 basis points to 11.08 percent in Q1FY25 from 9.64 percent in Q1FY24.
Revenue of the company was up 17.4 percent at Rs 3,784 crore versus Rs 3,223 crore last year.
Asset quality of L&T Finance improved with gross non-performing assets (NPAs) declining to 3.14 percent in Q1FY25 from 4.04 percent in Q1FY24.
Farmer finance business of the company saw 8 percent growth in disbursements to Rs 1,903 crore in Q1FY25. The outstanding book also grew by 8 percent to Rs 14,204 crore in Q1FY25 from Rs 13,125 crore a year ago. The growth was aided by steady disbursement while the industry growth remained flat, it said. Housing finance and Loans Against Property (LAP) segment saw 73 percent growth in disbursements to Rs 2,245 crore in Q1FY25 from Rs 1,299 crore in Q1FY24.
The consolidated loan book size grew by 13 per cent YoY to Rs 88,717 crore at the end of June 2024 from Rs 78,566 crore a year ago.
Shares of the company closed for trading at Rs 184.25 a piece on BSE, 0.83 percent down on July 16.
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