L&T Finance Holdings on Thursday posted a net profit of Rs 406 crore, higher by 81% year-on-year, led by robust loan growth. The company posted retail disbursements at Rs 10,238 crore in Q2FY23, up 84% YoY, with retail portfolio mix at 58%, up from 47% a year ago. The overall retail book stood at Rs 52,040 crore, up 27% YoY. Net interest margin (NIM) stood at 8.43% as of September 30, up 85 basis points (bps) YoY.
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Gross Stage-3 assets stood at 4.02% in Q2FY23, with the company making provisions of Rs 1,096 crore over and above gross Stage-3 and expected credit loss provisions.
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“Retail disbursements are at an all-time high, even surpassing the highest ever retail disbursements registered last quarter. We saw robust disbursements in our chosen ‘Right to Win’ market leading retail products, with two of them registering the highest ever disbursements during the quarter, namely rural business finance and two-wheeler,” Dinanath Dubhashi, managing director & CEO, said.