L&T Finance puts IL&FS saga behind it; posts 2% rise in profit
Diversified non-banking financial company L&T Finance registered a 2 per cent increase in profit after tax at Rs. 549 crore in the June quarter, against Rs. 538 crore posted in the corresponding quarter a year ago.
Total income grew 16.37 per cent to Rs. 3,689.50 crore ( Rs. 3,170.42 crore). Net interest margin and fees increased 6.76 per cent for the first quarter of the fiscal, against 6.58 per cent a year ago. “This was after normalising the impact of Infrastructure Leasing and Financial Services,” L&T Finance said in a statement on Friday.
The company said its lending book grew by 16 per cent to Rs. 99,904 crore ( Rs. 86,321 crore). Its provision coverage was at 60.83 per cent in the quarter under review, compared to 61.99 per cent a year ago.
