Money & Banking

L&T Finance Holdings net up 8% in first quarter

Our Bureau New Delhi | Updated on January 17, 2018 Published on July 22, 2016

L&T Finance Holdings (LTFH) reported an eight per cent increase in consolidated net profit at ₹207 crore in the reporting quarter ended June 30, as against ₹192 crore in the year-ago period.

LTFH, which is promoted by promoted by Larsen & Toubro, has seven wholly-owned subsidiaries — L&T Finance, L&T Infrastructure Finance Company, L&T Investment Management, L&T Capital Markets, L&T Housing Finance, Family Credit Ltd, and L&T FinCorp.

The financial holding company said consolidated net profit to shareholders (after considering dividend on preference shares on pro-rata basis) was up 21 per cent to ₹175 crore (₹145 crore in the year-ago quarter).

Overall loans and advances grew 17 per cent year-on-year to ₹57,736 crore ( ₹49,218 crore as on June 30, 2015).

“This growth was led by disbursements in housing finance, operational projects in renewable energy, microfinance and two-wheeler finance,” said LTFH in a statement.

As per regulatory requirements, LTFH has started recognising non-performing assets (NPAs) at 120 days of delinquency.

Gross NPAs reduced from 5.45 per cent as on June 30, 2015, to 4.58 per cent of book at the end of the current quarter. Net NPAs reduced from 4.43 per cent to 3.13 per cent.

In the investment management business, average assets under management for the quarter grew 28 per cent y-o-y to ₹28,404 crore.

Meanwhile, the company said Dinanath Dubhashi has been elevated as Managing Director. Earlier, he was Deputy Managing Director.

Published on July 22, 2016
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