L&T Finance Q1 Net Profit Up 29% at Rs 902 Crore

Mumbai, Jul 11: Non-bank lender L&T Finance reported a 29 per cent jump in its June quarter consolidated net profit to Rs 902 crore compared to Rs 701 crore in the year-ago period.

The city-headquartered company, promoted by the EPC major L&T, said its net interest margin and fees inched up to 10.47 per cent during the quarter against 10.22 per cent in the year-ago period.

From an asset quality perspective, it reported a notable improvement in the stock of Gross Stage 3 assets to 2.86 per cent from 3.31 per cent in the year-ago period.

Credit costs improved at a sharper 0.89 per cent to 2.54 per cent on the back of improvements in the collections infrastructure and also the deployment of artificial intelligence-led tools, it said.

The consolidated loan book rose 27 per cent on-year to Rs 1.29 lakh crore, while retail disbursements rose 36 per cent.

Interestingly, the unsecured personal loan disbursements more than doubled to Rs 4,380 crore during the three months.

Shares of the company closed 0.06 per cent up at Rs 321.05 apiece on the BSE on Friday.