L&T Finance, a non-bank lender, announced on April 27 that its consolidated net profit for the fourth quarter of the fiscal year 2023–24 increased by 10.54 percent to Rs 553.88 crore.
The net profit of L&T Finance decreased by 13.5 percent on a sequential basis. The company’s interest income for the January-March quarter was Rs 3,322 60 crore.
Net Interest Margin plus Fees and Other Income was 11.25 percent, up 204 basis points year over year from 9.21 percent in the same quarter last year.
The non-bank lender achieved a 94 percent completion rate in the January-March quarter, surpassing its initial goal of fewer than 80 percent. In comparison to the intended Compound Annual Growth Rate (CAGR) growth rate of 25%, Retail Book rose by 31% year over year.
Consolidated asset quality for Q4FY24 was 3.15 percent for Gross Stage 3 (GS3) and 0.79 percent for Net Stage 3 (NS3), compared to the intended values of less than 3 percent for GS3 and less than 1 percent for NS3.
