L&T Finance Q2 net profit up 19% to Rs 144 cr

L&T Finance Holdings, the non-banking finance arm of L&T group, on Friday reported more than 19% year-on-year rise in its second quarter (July-September, FY13) consolidated net profit at around Rs 145 crore, bolstered by robust loan growth and improved asset quality.

The company's loan book expanded 27% y-o-y to nearly Rs 27,700 crore. During the six month period (from April-September), the company however, disbursed Rs 8,900 crore as against Rs 9,800 in the first half of 2011-12; a fall of 9%.

"Lower disbursements are a reflection of the current environment in the Infrastructure sector and corporate sector impacting disbursements in infrastructure, corporate and construction equipment segment and our cautious approach to credit selection," the company said in a press release.

L&T Holdings owns four subsidiary companies including L&T Finance, L&T Fincorp, L&T Infra and L&T Invest Management. In L&T Infra loan assets were Rs. 12,037.25 cr in Q2 , a growth of 31.69% over last year. L&T Finance (including L&T Fincorp) loan assets grew by 24.01% over last year to Rs. 15,626.54 Cr as on 30th September 2012. The share of project assets in L&T Infra has increased to 67%, of which almost 50% are operational assets.

Consolidated income from operations grew by 29% to Rs 935 crore from Rs 725 crore during the same period. 

Source: www.moneycontrol.com

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