L&T Finance Q2 Results: Net profit increases 46% to 595 crore, while revenue increases 2.7% to 3,169 crore

 L&T Finance Q2 Results: Net profit increases 46% to 595 crore, while revenue increases 2.7% to 3,169 crore

L&T Finance posted a consolidated profit of 595 crore for the third quarter of FY 2023–24, a 46 percent increase over the same quarter the previous year, the company stated in a regulatory filing on October 20.

The company reported a profit of 406 crore for Q2 FY2022-23, it added.

The company's Net interest margin (NIM), which was 1,729 crore in Q2 FY23-24 compared to 1,563 crore in Q2 FY22-23, increased by 11%.

In addition, the company said that sales increased by 2.7 percent to 3,169 crore in the September quarter of FY23-24 from 3,086 crore in the same time the previous year.

The company said that its highest-ever quarterly retail expenditures were 13,499 crore, an increase of 32%.

The retail book size increased by 33% to 69,417 crore in the September quarter of FY23-24 from 52,040 crore in the same quarter last year.

After accomplishing the majority of our Lakshya 2026 goals, it gives me a great deal of joy to announce that we have continued the trajectory about morning into a top-notch Retail finance the business, said Mr. Dinanath Dubhashi, managing director & CEO of L&T Finance Holdings Ltd. in response to the financial results. The retail portfolio mix for LTFH reached 88% during the quarter, and the company also recorded its highest-ever quarterly retail disbursements of 13,499 crore, representing an increase of 32% YoY. This success is owed to the double strategy of retaining best-in-class asset quality while substantially increasing the retail asset book on the one side and assuring a substantial decrease in the wholesale asset book on the other.

In addition, the company said that "The Retail portfolio mix now stands at 88% of every one loan book with strong Retail disbursements of Rs. 13,499 crores (up 32% YoY) and Retail reserve at Rs. 69,417 crores (up 33% YoY)."