L&T Finance Q1 Profit Jumps 29% to Rs 686 Cr
Jul 16, 2024 20:24
L&T Finance reported a 29% surge in net profit for the first quarter ended June 2024, driven by strong interest income. The NBFC's total income also witnessed growth.
New Delhi, Jul 16 (PTI) NBFC firm L&T Finance on Tuesday reported a 29 per cent rise in consolidated net profit to Rs 686 crore for the first quarter ended June 2024 on the back of healthy interest income.
The non-banking financial company had posted a net profit of Rs 531 crore in the same quarter in the previous fiscal.
Total income during the April-June period increased to Rs 3,785 crore against Rs 3,377 crore in the year-ago quarter, L&T Finance said in a regulatory filing.
Net Interest Income (NII) rose 23 per cent to Rs 2,020 crore in the quarter compared to Rs 1,644 crore in the year-ago period.
However, expenses of the financial services firm declined slightly to Rs 1,351 crore as against Rs 1,364 crore in the same period a year ago.
LTF provides digitally driven products and services, including farmer finance, rural business finance, two-wheeler finance, personal loans, home loans, and SME loans.
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