Prabhudas Lilladher's research report on L&T FinanceL&T Finance Holdings (LTFH) reported 15% YoY growth in adjusted net profits at Rs2.37bn (PLe: Rs2.32 bn). NII growth stood at 18% YoY (inline with PLe) led by strong 22% YoY growth in advances though margins moderated by 14bp QoQ. Loan growth was led by strong traction in the wholesale business (29% YoY growth) while retail book growth stood at 17% YoY (including housing finance). Asset quality on 150dpd improved with Gross NPLs declining 28bp QoQ to 3.05% led by some improvement in the farm portfolio while wholesale business saw accretion in stressed assets. We fine‐tune our numbers and increase our PT to Rs80 (from Rs75) based on 1.8x Sep‐17E ABV. Retain BUY. LTFH reported steady growth in overall AUMs (share of equity AUMs remain healthy at 40%) and reported profits of Rs70mn vs Rs30 mn last year. We finetune our numbers and increase our PT to Rs80 (from Rs75) based on 1.8x Sep‐17E ABV. Retain BUY. For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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