L&T Finance Q1 Results Highlights: Net profit rises 29% to ₹686 crore, NII up 23%

L&T Finance Q1 Results Highlights

• NBFC firm L&T Finance reported a 29% rise in consolidated net profit to ₹686 crore for the first quarter ended June 2024 on the back of healthy interest income.

• The non-banking financial company had posted a net profit of ₹531 crore in the same quarter in the previous fiscal.

• Total income during the April-June period increased to ₹3,785 crore against ₹3,377 crore in the year-ago quarter, L&T Finance said in a regulatory filing.

• Net interest income (NII) rose 23% to ₹2,020 crore in the quarter compared to ₹1,644 crore in the year-ago period.

• However, expenses of the financial services firm declined slightly to ₹1,351 crore as against ₹1,364 crore in the same period a year ago.

L&T Finance Q1 Results LIVE Update at 05:00 pm: A look at the company's retail disbursements in FY24

The company recorded annual retail disbursements of ₹54,267 crore in FY24, up 29% YoY. The quarterly retail disbursement stood at ₹15,044 crore in Q4, up 33% YoY.

L&T Finance Q1 Results LIVE Update at 03:30 pm: Shares close in the red ahead of results

L&T Finance shares closed at ₹184.3 apiece on the NSE, down 0.83% as against the last closing price.

L&T Finance Q1 Results LIVE Update at 02:30 pm: How the company performed in Q4?

In the preceding quarter ended March 2024, L&T Finance had reported a net profit of ₹554 crore, which was up 11% as against the year-ago period.

L&T Finance Q1 Results LIVE Update at 01:30 pm: How L&T Finance performed in FY24

For the entire fiscal year ended March 31, 2024, the company posted a 43% year-on-year (YoY) surge in net profit at ₹2,320 crore.

L&T Finance Q1 Results LIVE Update at 12:30 pm: Stock in the red ahead of results

L&T Finance shares are trading at ₹182.75 apiece on the NSE, down 1.67% as against the last closing price. The dip in shares comes ahead of the release of Q1 results today.

L&T Finance Q1 Results LIVE Update at 11:45 am: Company to post quarterly earnings today

In the preceding quarter ended March 2024, L&T Finance had reported a net profit of ₹554 crore, which was up 11% as against the year-ago period.

For the entire fiscal year ended March 31, 2024, the company posted a 43% year-on-year (YoY) surge in net profit at ₹2,320 crore.

L&T Finance's retail book, at the end of Q4FY24, stood at ₹80,037 crore, up 31% when compared with retail book for the year ended March 31, 2023.

The company recorded annual retail disbursements of ₹54,267 crore in FY24, up 29% YoY. The quarterly retail disbursement stood at ₹15,044 crore in Q4, up 33% YoY.

L&T Finance's board had also declared a final dividend of ₹2.5 per equity share at face value ₹10 each while declaring the March 2024 quarter results.