L&T Finance Holdings reported a 28.3 per cent rise in its consolidated net profit for the fourth quarter of the fiscal at ₹ 342.24 crore from ₹266.85 crore a year ago.
Its net profit for 2021-22 was up 10.21 per cent to ₹1,070.11 crore from ₹970.94 crore in 2020-21.
For the quarter ended March 31, 2022, total revenue from operations fell by 11.3 per cent to ₹2,946.78 crore as compared to ₹3,322.55 crore a year ago.
Total disbursements in the quarter for retail businesses grew 22 per cent year on year to ₹8,105 crore.
“Farm equipment finance, two-wheeler finance and consumer loans businesses achieving all-time high annual disbursements,” it said in a statement on Friday.
The total lending book fell 6 per cent yoy to ₹88,341 crore by March 31, 2022 with the wholesale business registering a 17 per cent decline yoy to ₹41,731 crore.
At the end of the quarter, Gross Stage 3 in absolute terms stood at ₹3,249 crore. In percentage terms, the Gross Stage 3 and Net Stage 3 assets of the company stood at 3.8 per cent and 2 per cent, respectively with PCR on Stage 3 assets at 48 per cent.
Dinanath Dubhashi, Managing Director and CEO, L&T Finance Holdings, said, “LTFH’s results this quarter reflect our continuing focus on our stated strategy of retailisation of our business mix. The retail disbursements are at an all-time high owing to sustained focus on our business strengths as well as deep integration of data analytics in our decision- making process,” he said.
The continued upswing in existing products and increased traction in new products bodes well in the company’s plans to become a retail finance company with over 80 per cent retail book by 2026,” he further said.