1. Larsen and Toubro Finance Holdings profit rises 15% to Rs 248 cr

Larsen and Toubro Finance Holdings profit rises 15% to Rs 248 cr

L&T Finance Holdings on Tuesday reported a 15% increase in net profit for the quarter ended September at `248.06 crore.

By: | Mumbai | Published: October 26, 2016 6:15 AM

L&T Finance Holdings on Tuesday reported a 15% increase in net profit for the quarter ended September at `248.06 crore. The company’s performance came on the back of strong growth in the housing finance segment, where it recorded a 51% rise in total assets to `11,381 crore. The company had posted a profit of `215.41 crore in the corresponding period a year ago.

The wholesale finance segment grew 20% year-on-year (y-o-y) to `36,478 crore, while the rural finance segment grew 17% to `9,223 crore. While detailing its results for the June quarter, the company had said that it would count these three segments as its “focused businesses” and categorised all other segments as “de-focused products”. In the quarter under review, the focused businesses saw an overall growth of 24% y-o-y to `57,081 crore, while the de-focused products registered a de-growth of 31% to `3,817 crore.

Dinanath Dubhashi, managing director at L&T Finance Holdings, said, “Since April 2016, we have been working relentlessly on implementing our strategic road map and we are beginning to see the results. RoE (return on equity) for Q2FY17 is 11.72% representing a 188 bps (basis points) y-o-y increase.”

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