L&T Finance Q3 net profit marginally up at Rs 591 cr

L&T Finance Holdings on Friday reported a marginal 1.8 per cent rise in consolidated net profit to Rs 591.47 crore during the third quarter ended on December 31, 2019.

Net profit in the year-ago period stood at Rs 580.96 crore.

Total income of the company during the quarter under review increased to Rs 3,735.79 crore as against Rs 3,445 crore.

Average assets under management (AUM) increased to Rs 71,587 crore from Rs 69,080 crore in the corresponding quarter a year ago, the company said in a statement.

"NBFCs with strong parentage, AAA credit rating and prudent business practices have stood out and asserted their strength over the past year...we have shown consistent performance across our focused businesses while building our inherent strengths to ensure better than industry performance when demand picks up," L&T Finance Holdings MD Dinanath Dubhashi said.

The company raised more than Rs 10,000 crore in long-term borrowing in third quarter, the highest quarterly borrowing since 2016-17, it said.

L&T Finance Holdings is an arm of engineering firm Larsen & Toubro.