L&T Finance Q2 profit rises 45% to Rs. 360 crore
L&T Finance Holdings Ltd (LTFH) reported a net profit of Rs360 crore during the July-September quarter, up 45% from Rs248 crore a year ago, the firm announced on Thursday. Profit was driven by robust growth in its rural lending and housing finance business.
Rural lending grew 29% year-on-year to Rs. 11,874 crore while the housing finance business reported a growth of 35% to Rs15,371 crore. The firm’s gross non-performing assets stood at 5.80% of loan book—down from 9.64% during the same quarter last fiscal.
The non-banking financial company’s (NBFC) overall loan book also grew 19% from Rs. 60,898 crore to Rs72,348 crore. LTFH’s renewable financing business also grew by 35%. Its renewable energy book rose from Rs. 10,635 crore to Rs. 14,333 crore year-on-year. The financial services firm is also winding down its “defocused” businesses. Its defocused book fell 47% from Rs 3,817 crore to Rs. 2,005 crore.