L&T Finance Holdings Q1 profit up 2 pc at Rs 549 cr

L&T Finance Holdings (LTFH) Friday reported an increase of 2 per cent in consolidated net profit at Rs 549 crore for the quarter ended June 30, 2019.

The company's net profit during April-June quarter of 2018-19 stood at Rs 538 crore.

Total income during the latest June quarter rose to Rs 3,689.50 crore from Rs 3,170.42 crore in the year-ago period, LTFH said in a release.

The diversified non-banking financial company (NBFC) said while April-June was a tough quarter for the sector, LTFH with its advantage of strong parentage, robust balance sheet and significant business strengths, was able to deliver results on key parameters.

The company said it maintains a positive asset liability gaps in all buckets up to one year and maintained liquidity of Rs 13,133 crore (including Rs 4,855 crore in form of cash FDs and other liquid instruments).

Further, the company is already in compliance with key features of draft liquidity risk management framework for NBFCs and core investment companies (CICs) issued by RBI, it added.

On IL&FS issue, the company said,"as per the latest resolution plan submitted by IL&FS management, 5 out of 6 SPVs amounting to Rs 1,696 crore out of Rs 1,816 crore will now be 'green'. Consequently, interest income of Rs 84 crore that was deferred in Q4FY'19 is now being recognised."