L&T Finance Q4 net profit surges 94 per cent to Rs 552 crore
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L&T Finance Holdings, an arm of engineering major L&T, on Sunday reported a net profit of Rs 552 crore in Q4FY19, a 94% year-on-year growth. The profit rose on account of a 22.5% increase y-o-y in its total income. The net profit was Rs 270 crore in Q4FY18.
Total income came in at Rs 3,383.9 crore, up 22.5% y-o-y pushed up by a higher interest income, which rose by 25.5% to Rs 3,058 crore. The net interest margin rose by 44 basis points y-o-y to 5.08%. The lender’s asset quality improved q-o-q with gross NPA of 5.9%, amounting to Rs 5,549 crore against Rs 6,033 crore in Q3FY19. The Stage-3 provisioning coverage ratio (PCR) stood at 61%.
The non-bank financial company (NBFC) saw maximum growth in its rural financing portfolio – 50% y-o-y growth to Rs 25,577 crore, led by retail home loan growth.
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The Enforcement Directorate (ED) has uncovered "direct links" between e-commerce giants Amazon and Flipkart and their preferred sellers, The Economic Times reported on Tuesday. The central probe agency is investigating alleged violations of foreign investment laws by the companies.
According to the report, the ED quizzed the “top” five sellers of both firms and found that many of these sellers are either former employees or relatives of former associates of Amazon and Flipkart.
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