L&T Finance reports 2% growth in net profit at Rs 549 crore in Q1

L&T Finance Holding has reported a meagre 2 per cent rise in its net profit at Rs 549 crore in the June quarter of FY20 on account of higher provisioning made for IL&FS and one of the distressed housing finance companies for which the firm took a mark down of Rs 284 crore on the whole exposure.

In the June quarter of FY19, L&T Finance booked a net profit of Rs 538 crore. The net interest margin and the fees income after normalising the effect of IL&FS stood at 6.76 per cent in the June quarter compared to 6.58 per cent. The average assets under management of the company increased 3 per cent to Rs 73,497 crore in Q1FY20 from Rs 71,118 crore in Q1FY19.