1. L&T Finance Q2 net profit rises 18 pct to Rs 215 crore

L&T Finance Q2 net profit rises 18 pct to Rs 215 crore

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.

By: | New Delhi | Published: October 24, 2015 6:43 PM
L&T Finance Holdings' consolidated net profit was at Rs 181.64 crore in the July-September quarter of 2014-15.

L&T Finance Holdings’ consolidated net profit was at Rs 181.64 crore in the July-September quarter of 2014-15.

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.

L&T Finance Holdings’ 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.

  1. H
    Harry Potter
    Oct 25, 2015 at 7:35 am
    L&T in melting - devil or the deep blue sea - stake or post losses. Complete stake at Dhamra Port (Rs 2500 crores) to Adani group saved LnT from posting losses in q1-2014. LnT Inra stake to Canadian FII (2000 crores) saved LnT from posting losses in q2-2014. LnT Finance not made any money for shareholders in 6-7 yrs, 10% stake sold to Bains, 1300 crores. Kuttapali Port deal final with Adani. On a look out to sell Rajpura Power plant – cost 9600 crores. Plans to sell 15% stake at LnT Infotech to raise 2k crores. Threatened to pull out from Hyderabad Metro 16 k crores, LnT opts out of GAIL tender to build LNG carrier, ss Kachchigarh Gujarat port project. L&T’s commercial real estate project in Chandigarh sold to Carnival Group – Rs 1785 crores. LnT Halol Shamlaji Tollway defaults on Rs 1014 crore loan. LnT Chennai Tada Tollway defaults on Rs 475 crore loan. Inherent malignancies – Hydrocarbon and Ship Building losses of Rs 900 cr each, Hyderabad Metro cost overruns Rs 4k crores, Rs 5k crores stagnating investment in Defence. Financial mismanagement charges see a dozen leaving L&T Hydrocarbon arm. Aging CXO-MD potion of septuagenarians, leading the pack 73 yrs old Chairman Mr Naik completed 50 yrs with LnT as Paid Employee. LnT stock touched 18 month low of 1412, from all-time and 3 months peak of 1879. Total consolidated debt 2014-15, 90.7 thousand crores. Lost whopping 20 percent in last 3 months ! Post Q2-2015 results 3 yr low of 722 ?? Another Satyam in making - L&T like Satyam was barred by World Bank over FORGERY !
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