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L&T Finance Holdings (LTFH) has reported a profit of ₹538 crore in the first quarter of fiscal 2018-19 from the ₹314 crore recorded in the year-ago period.
The company, which reported its first results under the new accounting standard, witnessed a 27 per cent growth in assets during the March-June quarter in its lending businesses – rural finance, housing finance and wholesale finance.
At the end of Q1 FY19, rural and housing businesses together constituted 46 per cent of the total portfolio, compared to 35 per cent at the end of Q1 FY18. Average Assets Under Management in its investment management business increased to ₹71,118 crore in Q1 FY19 from ₹44,484 crore in Q1 FY18 – a growth of 60 per cent. Assets under Service in wealth management business increased to ₹18,866 crore in Q1 FY19 from ₹17,120 crore in Q1 FY18 – a growth of 10 per cent.
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