L&T Finance reported 12% growth in its net profit to Rs 326 cr

24 Jan 2022 CW Team

Larsen and Toubro (L&T) Finance Holdings' reported a 12% growth in its net profit to Rs 326 crore during the December-end quarter of 2021.

The non-banking finance company (NBFC) registered a net profit of Rs 291 crore a year ago.

The company said that it had witnessed a strong improvement in its disbursements and collections in the third quarter (Q3) of FY22 and all-time high quarterly retail disbursements of nearly Rs 7,600 crore, a 29% growth from a year ago.

The company's total income during the October-December period 2021 dropped at Rs 3,099 crore, compared to Rs 3,504 crore in Q3 FY21.

CEO and Managing Director of L&T Finance Holdings', Dinanath Dubhashi, said that the company's retail business maintained business momentum as a leading retail financer, having a stable market share, owing to the company's digital and data analytics abilities.

He said that the company's micro-loans business volumes have normalised and continue to gain traction in consumer loans and home loans.

The company's gross non-performing assets (NPAs) increased to 5.91% by the end of December 2021, compared to 5.12% a year ago during the same period. Its NPAs also grew to 3.03% from 1.92%.

It said that the company would continue to carry additional provisions of Rs 1,699 crore and added that the existing provisions would be enough to counter any moratorium-related stress on the one-time restructuring-related impact on account of the Covid-19 pandemic.

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Also read: Prestige Group signs civil contract with L&T worth Rs 1,560 cr

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