L&T Finance Holdings gains post Q4 results
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Shares of L&T Finance Holdings has moved higher by 4% to Rs 66.45 on the NSE in an otherwise weak market after reporting a 10% year on year (yoy) jump in its consolidated net profit before exceptional items at Rs 206 crore for the quarter ended March 2015 (Q4). Net interest income grew 21% at Rs 706 crore on yoy basis.
Gross non-performing assets (NPA) during the quarter under review declined to 3.01% against 3.18% and net NPA to 1.98% from 2.29% over the previous year quarter, L&T Finance Holdings, the non-banking financial arm of Larsen & Toubro said in a filing.
The company said gross NPA and net NPA have shown a significant improvement due to robust collections and judicious sale of certain stress assets to asset reconstruction companies (ARCs).
The operating performance has been strong with healthy margins, increased fee income, stable opex and improvement in asset quality, it added.
Y. M. Deosthalee, chairman & managing director, L&T Finance Holdings said, “Healthy net interest margins, increased fee income and stable operating expenses all through the year have enabled the company to accelerate provisions that would result in a stronger balance sheet and create further headroom for growth.”
The stock opened at Rs 63.70 and touched a low of Rs 63 on the NSE before the announcement of Q4 results. The trading volumes on the counter surged more than three-fold with a combined 10.7 million shares changed hands on the NSE and BSE till 1358 hours.
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