L&T Finance Holdings Q3 net profit rise to Rs 271 crore

L&T Finance Holdings Ltd on Tuesday announced its financial result for the quarter ended on December 31. The company's consolidated net profit was Rs 271 crore, a rise of 28%, as against Rs 212 crore during the same period last year. 

The company in a release said that this is on the back of profitable asset growth and strong traction in fee income across all the businesses. In line with strategic objectives, 15% growth was recorded in the focused businesses, while de-focused businesses has de-grown by 39%. 

Commenting on the results and financial performance, Dinanath Dubhashi, Managing Director, L&T Finance Holdings, said, “Q3 tested the organizational resilience to not deviate from the strategy despite challenging environment. With the situation on ground constantly evolving after demonetization, the employees were empowered to take decisions and in turn, they responded by taking ownership and working in a solution oriented manner.”

The company's gross non-performing assets (GNPA) percentage wise in Q3FY17 was at 4.85% as against 4.97% in Q3FY16. Gross NPA in Q3FY17 stood at Rs 2940 crore as against Rs 2716 crore in Q3FY16. The Net NPA in Q3FY17 was at 3.10% as compared to 3.89% in Q3FY16. Net NPA stood at Rs 1843 crore in Q3FY17 as against 2103 crore in Q3FY16.