L&T Fin profit rises 41% in Q3 on strong retail loan growth
net profit year-on-year for the quarter ended December on strong retail loan growth and high fee income even as asset quality remained stable. Net profit increased to ₹640 crore during the quarter from ₹454 crore a year ago.
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The company recorded its highest-ever quarterly retail disbursements at ₹14,531 crore, up 25% year-on-year led by a 31% growth in its retail book which increased to ₹74,759 crore from ₹57,000 crore a year earlier.
Incumbent CEO Sudipta Roy took charge from January 24 for a period of five years. The company also appointed predecessor Dinanath Dubhashi as whole-time director from January 24 until April 30 to oversee a smooth transition. Roy has been COO since July 2023.
Retail loans now stand at 91% of the total loan book. Rural group and microfinance grew 32% to ₹23,110 crore. Home loans and loans against property grew 33% to ₹16,654 crore during the quarter under review. Farmer finance book grew 11% to ₹13,845 crore. These three are the largest loan books of the company.
Net interest income (NII) increased by 8% to ₹1,833 crore. Fee income increased four times to ₹228 crore from ₹46 crore a year ago.
