Money & Banking

L&T Finance reports ₹291 crore net profit in Q3

Our Bureau Mumbai | Updated on January 15, 2021

L&T Finance Holdings reported 51 per cent drop in its consolidated net profit at ₹290.66 crore for the third quarter this fiscal from a year ago, but had the highest quarterly disbursement in farm equipment and two-wheeler finance since 2016-17.

It had a net profit of ₹591.03 crore in the same period a year ago, and ₹265.12 crore in the second quarter this fiscal.

The net interest margin and fees stood at 7.9 per cent for the quarter ended December 31, as against 7.29 per cent in the same period a year ago.

Its total lending book grew by one per cent to ₹1,00,099 crore in the third quarter, as against ₹99,453 crore in the same period a year ago.

“Within the focused lending book, the rural finance book grew by four per cent on an annual basis, aided by growth in farm equipment finance book by 18 per cent, and the two-wheeler finance book by nine per cent. The home loan segment grew by three per cent year on year,” L&T Finance said in a statement on Friday.

It continues to carry additional provisions of ₹1,739 crore on standard book as of the third quarter this fiscal.

“Our strong performance in Infra disbursements should be seen alongside the sell-down volumes, which have increased on a year on year basis. It allows us to generate more fee income while proportionately reduces the need for allocating higher capital,” said Dinanath Dubhashi, Managing Director and CEO, L&T Finance.

Published on January 15, 2021

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