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 Transport

NHAI to Build 6-Lane Agra-Gwalior Expressway on BOT (Toll) Mode

To enhance connectivity between the tourism hubs of Agra and Gwalior, National Highways Authority of India (NHAI) will develop 88 km long 6-lane access controlled Agra-Gwalior Greenfield Expressway (NH-719D). NHAI, today signed a concession agreement for the implementation of project with GR Infraprojects, in presence of NHAI Chairman, Santosh Kumar Yadav and senior officials of NHAI and the Concessionaire. The Agra-Gwalior Greenfield Expressway will start from Deori village in Agra and terminate at Susera village in Gwalior. The project shall be developed at a Total Capital Cost of Rs 46.13 b..

Next Story
Infrastructure Transport

Cabinet Nods 166.8-km NH-6 Greenfield Corridor on HAM Mode

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi has approved the proposal for Development, Maintenance and Management of 4-lane Greenfield Access Controlled 166.80 km of National Highway No. 06 from Mawlyngkhung (near Shillong) in Meghalaya to Panchgram (near Silchar) in Assam on Hybrid Annuity Mode as an access controlled greenfield High-Speed Corridor at a total capital cost of Rs 228.64 billion. The project length of 166.80 km lies in Meghalaya (144.80 km) and Assam (22.00 km). The proposed Greenfield high-speed corridor will improve the service level ..

Next Story
Infrastructure Urban

Commercial Ops Begin at Multi-Modal Logistics Park in Nagpur

Under the PM Gati Shakti initiative of Prime Minister with the aim to provide seamless and efficient connectivity for the movement of people, goods and services across various modes of transport, thereby enhancing last-mile connectivity and reducing travel time, and under the guidance of Union Minister of Road Transport and Highways, Nitin Gadkari, the Multi Modal Logistics Park, Nagpur (MMLP Nagpur) at Sindi, near Wardha commenced its commercial operations with a goal to establish a faster link. The MMLP Nagpur established by National Highway Logistics Management (NHLML), a 100 per cent own..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?