(T.E.T)
L&T Financial Services reported a 12 per cent growth in net profit on a consolidated basis for the quarter ended December 2021.
The company intensified its focus on retail loans which rose 29 per cent year-on-year to Rs 7600 crore. 2.0. The company’s retail portfolio mix now stands at 50% (up from 40% in Q3FY21), in line with its stated strategic objective.
It managed to earn a net interest margin of 8.1 per cent during the quarter compared to 7.8 per cent in the previous quarter. Its one time restructured assets amounted to per cent of its portfolio. But it is fully covered according to, MD and CEO, L&T Finance. Dinanath Shubhashi
Its impaired assets amounted to 5.91 per cent of advances, compared to 5.12 per cent in the same period a year ago. The firm’s revenue from operation fell 12 per cent to Rs 2970 crore during quarter compared to Rs 3385 crore in the same quarter a year ago. But expenses fell steeper by 15 per cent to Rs 2730 crore on a sharp fall towards expenses under ” Impairment of financial instruments” during the quarter according to the filings made to the exchanges.
Collection Efficiencies (CE), having returned to pre-Covid level in the previous quarter, stabilized or further improved in Q3FY22, the company said in a release. The company’s stock price fell 3.2 per cent to close at RS 75.65 on Friday.
