l&T Finance Holdings’ consolidated net profit rose by 18.6 per cent year-on-year to Rs215.41 crore during the second quarter ended September 2015. The company’s consolidated net profit was at Rs181.64 crore in the July-September quarter of 2014-15.
Total income increased to Rs1,837.53 crore during the quarter under review, from Rs1,586.61 crore earned in the same period a year ago, the company said in a BSE filing.
“Growth in profits has been a result of consistent and steady improvement in key operating parameters along with stabilisation in the overall asset quality in the lending business and positive contribution by the asset management business,” the company said in a statement.
The company’s loans and advances as on September 30, 2015, grew by 19 per cent to Rs50,986 crore compared with Rs42,762 crore a year ago. “We are happy to report a healthy 19 per cent growth in loans and advances. Accompanied by a stable asset quality. We are also confident of maintaining this trend of consistent growth in assets and profitability on the back of lending opportunities around our focus areas of B2C products in the retail business and operational assets in wholesale business,” said YM Deosthalee, Chairman & Managing Director in the statement.