L&T Finance disclosed a 29% surge in net profit for the first quarter ending June 2024, reaching ₹686 crore, bolstered by a robust performance in interest income. The financial results reflect a solid growth trajectory compared to last year’s net profit of ₹531 crore for the same period.
The company experienced a significant increase in total income, reporting ₹3,785 crore during the April-June quarter. This represents a growth from ₹3,377 crore recorded in the corresponding period of the previous fiscal year, showcasing L&T Finance’s expanding financial operations.
Net interest income (NII) for the quarter also saw a noteworthy rise of 23%, amounting to ₹2,020 crore compared to ₹1,644 crore a year earlier. This increase underscores the company’s effective management of its interest-bearing assets and liabilities.
Despite higher revenues, the company’s operating expenses slightly decreased, totaling ₹1,351 crore against ₹1,364 crore in the previous year’s same quarter. This slight expense reduction contributes to the company’s overall financial efficiency and profitability.
On the retail front, L&T Finance reported an impressive annual growth in retail disbursements, which climbed by 29% year-over-year to ₹54,267 crore in FY24. Quarterly disbursements also reflected strong growth, up 33% year-over-year, totaling ₹15,044 crore in the fourth quarter.
