L&T Finance Q3 results: Net profit slips 51% to Rs 288 cr

L&T Finance Q3 results: Net profit slips 51% to Rs 288 cr

L&T Finance Holdings on Friday reported a 51 per cent decline in consolidated net profit at Rs 287.75 crore during the third quarter ended December 31, 2020.

The company’s net profit stood at Rs 591.47 crore during the same period in the previous fiscal.

The non-banking financial company’s (NBFC‘s) total income during the quarter under review declined to Rs 3,622.16 crore from Rs 3,735.79 crore in the year-ago quarter.

Average assets under management (AUM) declined to Rs 68,976 crore from Rs 71,587 crore in the corresponding quarter a year ago, the company said in a statement.

“Post Covid, the rural economy has performed better than urban and this trend is reflected in our disbursements, which are almost at pre-Covid levels. The festive season uptick and a steady recovery in collection volumes also underline our rural performance,” L&T Finance Holdings MD Dinanath Dubhashi said.

“Our strong performance in infra disbursements should be seen alongside the sell-down volumes, which have increased on a YoY (year-on-year) basis,” Dubhashi added.

L&T Finance Holdings is an arm of engineering firm Larsen & Toubro.

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