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L&T Finance Holdings Q4 net profit up by 10 percent

India Blooms News Service | | Apr 24, 2015, at 01:33 am

New Delhi, Apr 23 (IBNS) L&T Finance Holdings on Thursday said it has recorded 10 percent increase in its consolidated fourth-quarter net profit.

"The Consolidated PAT (before exceptional items) for the year grew by 23% y-o-y to Rs. 736 Cr compared to Rs 597 Cr last year while the Consolidated PAT (before exceptional items) for the quarter grew by 10% y-o-y to Rs 206 Cr compared to Rs 187 Cr in the same period last year," the company said in a statement.

The operating performance has been strong with healthy margins, increased fee income, stable opex and improvement in asset quality.

The enabled acceleration of Rs 96 Cr of provisions, which translates into a net amount of Rs 43 Cr on a post-tax basis adjusted for utilization of Rs 23 Cr of MAT credit in group companies.

Accelerated provisions include impact of increase of standard asset provisions to 0.30% from 0.25%, income reversal on 150 to 180 days past due assets and voluntary provisions on select stress accounts.

"Loans & Advances as on 31st March 2015 grew by 18% y-o-y to Rs. 47,232 Cr. as compared to Rs. 40,082 Cr as on 31st March 2014. This has been led by healthy disbursement growth of 25% on a y-o-y basis in our key focus areas i.e. B2C products - tractors, two wheelers, housing and microfinance in the retail business and operational projects in the sectors of renewable power and roads in the wholesale business," the company said in a statement.

The investment management business clocked a 23% growth in Average Assets Under Management (AAUM) to close the year at Rs 22,497 Cr compared to Rs 18,255 Cr for the same period last year, the company said.

Growth of equity assets by 78% on a y-o-y basis to Rs 8,774 comprising 39% of total AAUM was a key highlight of the year.

#L&T Finance Holdings Q4 net profit up by 10 percent

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