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L&T Finance shares up 3% as company reports highest ever quarterly retail disbursements

L&T Finance shares up 3% as company reports highest-ever quarterly retail disbursements

L&T Finance shares up 3% as company reports highest-ever quarterly retail disbursements
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By CNBCTV18.com Jul 20, 2022 10:50:01 AM IST (Updated)

L&T Finance Holdings share price: Shares of L&T Finance Holdings Ltd (L&T Finance) rose as much as three percent on Wednesday after the non-banking finance lender reported bumper earnings for the quarter ended June on the back of robust retail disbursement. L&T Finance has achieved its highest-ever quarterly retail disbursement at Rs 8,938 crore, up 10 percent on-quarter. However, the stock gave up early gains and oscillated between losses and gains.

Shares of L&T Finance Holdings Ltd (L&T Finance) rose as much as three percent on Wednesday after the non-banking finance lender reported bumper earnings for the quarter ended June on the back of robust retail disbursement. However, the stock gave up early gains and oscillated between losses and gains.

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At 9:28 IST, shares of the company were trading down 0.2 percent at Rs 72.25 on the BSE.
L&T Finance has achieved its highest-ever quarterly retail disbursement at Rs 8,938 crore, up 10 percent on-quarter.
The company witnessed an increase in retail book and increase in fees on the back of higher disbursements. For the retail business, it saw a strong business momentum across all its products, the non-bank lender said.
On the asset quality front, bad loans increased sequentially. Gross non-performing asset ratio in the June quarter stood at 4.08 percent against 3.8 percent in the previous quarter.
Meanwhile, the non-banking financier reported a profit before tax at Rs 357 crore - a 50 percent on-year increase. The company’s profit after tax stood at Rs 262 crore, up 47 percent YoY.
Growth journey ahead
L&T Finance has 17 percent of its disbursements in April-June as microfinance loans while the remaining 83 percent comprises rural business loans as per the revised income criteria, the company said.
Larger share of high income profile groups (>Rs 3 lakh annual income) with better credit quality, augurs well for the non-bank lender as it increases the scope to grow multi-fold in rural India, it added.
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