L&T Finance Holdings' net profit up 46 pc March quarter
During the January-March 2023 quarter, it reported a consolidated profit after tax (PAT) of Rs 501 crore, up 46 per cent on a yearly basis.
MUMBAI: L&T Finance Holdings Ltd, one of the key Non-Banking Financial Companies (NBFCs) in India, announced the financial results for the fourth quarter and the financial year that ended in March. During the January-March 2023 quarter, it reported a consolidated profit after tax (PAT) of Rs 501 crore, up 46 per cent on a yearly basis.
The PAT was at Rs 1,623 crore for the entire financial year, up 52 per cent year-on-year.
L&T Finance Holdings (LTFH) is amongst the leading financial institutions offering Farm Equipment Finance, Rural Business Finance, Two-Wheeler Finance, Consumer Loans, Housing Finance as well as SME Loans.
"The Company will continue to offer retail products which encircle the entire customer ecosystem, creating a bespoke cross-sell and up-sell franchise and optimum distribution strategy," said Dinanath Dubhashi, Managing Director and CEO, L&T Finance Holdings Ltd. Further, its rural business finance disbursements recorded a YoY growth of 70 per cent in 2022-23.
The business also recorded the highest-ever monthly disbursement of Rs 1,596 crore in March 2023, aided by a focus on repeat customer conversion and green channel disbursals. Consumer loans continued to scale up with Rs 4,886 crore disbursements in 2022-23 compared with Rs 2,254 crore in 2021-22 (up 117 per cent YoY).
SME Loans also registered robust growth where disbursements crossed the Rs 1,000 crore milestone in 2022-23. This vertical recorded the highest-ever monthly disbursement of Rs 274 crore in March 2023.