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

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

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.

Image Source

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

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

Related Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code