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Business EconomyPosted at: Jan 22 2016 3:26PM


L&T Finance Q3 profit jumps 16.72 percent

Mumbai, Jan 22 (UNI) L&T Finance Holdings, a financial holding company offering a diverse range of financial products and services reported a rises of 16.72 percent in its consolidated net profit at Rs 211.96
crore for the quarter ended December 2015 as compared to Rs 181.60 crore in the same quarter previous year.
Revenues for the quarter rose 15.76 percent to Rs 1819.80 crore, compared with Rs 1572.00 crore for the prior year period.
Operating margin for the quarter stood at 723.37 percent as compared to 727.29 percent for the previous year period. Operating Income for the quarter was Rs 13,163.95 crore, compared with Rs 11,432.99 crore in the previous year period.
Loans & Advances as on Dec 31, 2015 grew by 23 percent year-on-year basis to Rs 55694 crore inspite of substantial negative growth in farm equipment business as compared to Rs 45225 crore as on December 31, 2014.
Commenting on the outlook the company said, ''Consolidating and strengthening our position as a leading financier of operational projects with particular emphasis on renewables and roads and further enhancing our presence in retail B2C products (tractors, 2 Wheelers, microfinance and housing finance) will continue to be the
key growth drivers. We expect overall asset growth for the current fiscal year to be around 25 perc ent.''
''The company is focused on improving returns in all its businesses. All key operating metrics have remained consistent to improving over the last 10 quarters. As the economy turns around, it is expected that credit costs will come down gradually,'' it added.
The Average Assets under Management (AAUM) of the investment management business grew by 17 percent to Rs 25059.00 crore as compared to Rs 21336.00 crore for the same period last year.
The share of equity assets increased to 41 percent of the total AAUM, reaching Rs 102,680 million representing a 37 percent increase on a year-on-year basis.
The gross non performing assets (NPA) of the company grew to 3.33 percent from 3.08 percent in the last quarter largely on account of the stress in rural markets. However, the gross NPA percentage declined from 4.48 percent in the same period last year, despite above normal delinquencies in farm portfolio indicating that NPAs in other business have been contained.
Y. M. Deosthalee, chairman & managing director, L&T Finance Holdings, said, ''This has been despite the slower than expected pick up in the overall economy and significant cash flow pressures in the rural markets. Our focus on financing operational projects in renewable energy and road sectors, and select segments of retail
B2C products has enabled this''
UNI JS NV SM1522
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