L&T Finance net jumps over 2-fold to Rs 294.6 cr
The increase in profit is a reflection of an exceptional gain of Rs 175.8 crore the company made from selling stake in Federal Bank, L&TFH said in a statement. The company had posted net profit of Rs 93.6 crore in the October-December quarter of the 2011-12 fiscal. "This growth has been on account of improvement in margins and tight control of operating expenses," the company said.
During the third quarter of 2012-13, loans and advances grew 30.77 per cent to Rs 31,230.5 crore, compared to Rs 23,883.3 crore in the year-ago period. In L&T Infra, loan assets were Rs 13,293.7 crore as on December 31, registering a growth of 31.80 per cent over last year, while L&T Finance (including L&T FinCorp) loan assets grew by 18.90 per cent to Rs 16,402.2 crore.
FamilyCredit contributed Rs 1,339.4 crore of loan assets and L&T Housing Finance added Rs 195.3 crore to the total loan assets, the company said. Disbursements for the quarter were Rs 6,656.1 crore, registering 20.59 per cent growth over the year-ago period. "Slow growth in disbursements on a yearly basis are a reflection of the current environment...impacting disbursements in infrastructure, corporate, auto and construction equipment segment and our cautious approach to credit selection," the company said.
The net NPAs stood at Rs 469.8 crore
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