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Arihant Capital
L&T Finance (Buy)
CMP: ₹180.8
Target: ₹205
L&T Finance Holdings Ltd (LTFH), promoted by L&T (64.2 per cent) is a leading NBFC with a diversified lending portfolio. Over the last two year the management has restructured its business model and is focusing on selective segments where it has competitive advantage, simultaneously downsizing some products which were making losses.
L&T Finance Q4FY18 result highlights: Total income for Q4FY18 at ₹2,938 crore — y-o-y growth of 31 per cent. Consolidated PAT for Q4FY18 at ₹406 crore — y-o-y growth of 28 per cent; Consolidated PAT for FY18 at ₹1,459 crore — y-o-y growth of 40 per cent; Return on equity for FY18 at 15.03 per cent and for Q4FY18 at 15.06 per cent. Company’s focus on increasing fees incomes has increased the overall margin during the year ended March 31, 2018. The company has raised funds amounting to 3,000 crore through allotments of equity shares (2,000 crore at price of ₹185/share and 1,000 crore at price of ₹158/share).
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