L&T Finance Q2 net up 18% to Rs 215 crore

Total income up 16% to Rs 1,837 cr; loans & advances grow by 19% to Rs 50,986 cr

L&T Finance Holdings' consolidated net profit rose by 18.6 per cent year-on-year to Rs 215.41 crore during the second quarter ended September 2015.

The company's consolidated net profit was at Rs 181.64 crore in the July-September quarter of 2014-15.

Total income increased to Rs 1,837.53 crore during the quarter under review, from Rs 1,586.61 crore earned in the same period a year ago, the company said in a BSE filing.

"Growth in profits has been a result of consistent and steady improvement in key operating parameters along with stabilisation in the overall asset quality in the lending business and positive contribution by the asset management business," the company said in a statement.

Company's loans and advances as on September 30, 2015, grew by 19 per cent to Rs 50,986 crore compared with Rs 42,762 crore a year ago.

"We are happy to report a healthy 19 per cent growth in loans and advances ... Accompanied by a stable asset quality.

"We are confident of maintaining this trend of consistent growth in assets and profitability on the back of lending opportunities around our focus areas of B2C products in the retail business and operational assets in wholesale business," said Y M Deosthalee, Chairman & Managing Director in the statement.

Shares of the company had closed at Rs 68.55 apiece on Friday.