Strong Q3 numbers boost L&T Finance

L&T Finance Holdings was up 3.01% to Rs 58.15 at 13:23 IST on BSE after consolidated net profit rose 16.71% at Rs 211.96 crore on 15.66% growth in total income to Rs 1864.02 crore in Q3 December 2015 over Q3 December 2014.

The result was announced during market hours today, 22 January 2016.

Meanwhile, the S&P BSE Sensex was up 411.84 points or 1.72% at 24,374.05.

On BSE, so far 6.88 lakh shares were traded in the counter as against average daily volume of 3.01 lakh shares in the past one quarter. The stock hit a high of Rs 59 and a low of Rs 56.05 so far during the day. The stock had hit a 52-week high of Rs 74.80 on 23 July 2015. The stock had hit a 52-week low of Rs 55.10 on 20 January 2016.

The mid-cap company has equity capital of Rs 1753.20 crore. Face value per share is Rs 10.

L&T Finance Holdings (LTFH) said that it expects its overall asset growth for the current financial year (FY 2016) to be around 25%. The company is focused on improving returns in all its businesses, LTFH said.

As per the Reserve Bank of India (RBI) norms, the company will migrate to reporting non-performing assets (NPAs) on 90-day basis, LTFH said. While this is expected to result in an increase in gross NPAs, LTFH expects that its current provisioning norms will adequately take care of actual loss experienced on the ground.

L&T Finance Holdings is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its wholly-owned subsidiaries.

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