L&T Finance net profit up 27%

L&T Finance Holdings reported a 27 per cent rise in net profit to Rs 119 crore on the back of expansion in the loanbook and improved margins in the third quarter.

Including the exceptional item of its stake sale in Federal Bank, profit rose 215 per cent to Rs 297 crore.

It had sold its entire stake (4.68 per cent) in the old-generation private sector lender in December.

The loanbook expanded 31 per cent year-on-year to Rs 31,230 crore.

Company had acquired two companies in home finance and auto finance namely Indo Pacific housing Finance and FamilyCredit. Excluding the loanbook of these companies its loanbook grew about 25 per cent according to N Sivaraman, wholetime director, L&T Finance Holdings.

L&T FH’s gross non performing assets (NPA) were 2.39 per cent at the end of December quarter up sequentially from 1.81 per cent. Company attributed rise in NPA to FamilyCredit’s non performing book of Rs 143 crore.

L&T Infrastructure Finance’s loanbook grew 32 per cent to Rs 13,294 crore with significant growth coming in the third quarter as company tapped the opportunities in nonconventional energy space and large corporates. L&T Finance’s (including L&T Fincorp) loanbook expanded 19 per cent to Rs 16,402 crore.

On year to date (YTD) basis disbursements in construction equipment and commercial vehicle had a de-growth of 30 per cent and 26 per cent respectively, statement from the company said while rural products finance portfolio grew by 39 per cent to Rs 2,491 crore.