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

Next Story
Infrastructure Urban

What Industry Wants!

The construction industry is gearing up for Budget 2025 with high expectations. As one of India’s key economic drivers, the sector is eagerly anticipating reforms and policies to address pressing challenges such as high input costs, funding gaps, and sustainability demands. Industry leaders across real estate, infrastructure, construction materials, and logistics have shared their wishlists, urging the government to focus on GST rationalization, increased CAPEX, and green initiatives.This year’s budget presents an opportunity for the government to not only tackle existing bottlenecks but a..

Next Story
Infrastructure Urban

Messe Stuttgart, Startup India Tie-Up to Boost Funding

The logistics market in India is poised for significant growth, with a projected revenue of $357.3 billion by 2030. Despite this huge potential, a recent McKinsey & Company report highlights the decline in logistics funding following the pandemic that remains a significant concern. After receiving unprecedented funding of $25.6 billion in 2021, venture capital investment in logistics startups fell sharply to $2.9 billion in 2023—a nearly 90 per cent decrease, marking the lowest since 2015. This pullback from investors is attributed to several factors, including high interest rates, a glo..

Next Story
Infrastructure Transport

JK Tyre Strengthens Road Safety Commitment

Reinforcing its unwavering commitment to road safety, JK Tyre & Industries, a leader in the tyre manufacturing industry, partnered with the Delhi Traffic Police to organise a comprehensive Road Safety Awareness Week. This initiative, held as part of National Road Safety Month (January 1–31, 2025) spearheaded by the Ministry of Road Transport and Highways (MoRTH), aimed to foster responsible driving habits and reduce road accidents. Under the theme ‘Sadak Suraksha Jeevan Raksha,’ the initiative commenced on January 16, 2025, at the Delhi Police Traffic Training Park, BKS. The program feat..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000