L&T Finance Holdings Announces Q2FY14 Results
DSIJ Intelligence / 23 Oct 2013
L&T Finance Holdings announced its Q2FY14 results which are better than street estimates.
L& T Finance Holdings announced its September 2013 quarter results today. Here it posted a bottomline of Rs 155.72 crore as against Rs 144.92 crore posted in June 2013 quarter. The performance has been good on y-o-y basis also as it had posted a profit after tax of Rs 143.73 crore in September 2012. This performance after a good show in Q1FY14 takes the H1FY14 bottomline to Rs 300.70 crore as against Rs 264.41 crore in H1FY13.
It has posted healthy growth on loans and advances front also. As on 30th September 2013, loan and advances stood at Rs 35458.70 crore showing a growth of 28.20 % over September 2012. Despite a good growth in advances the company has managed to sustain its asset quality. The gross NPAs stood at 2.89 % as compared to 2.54 % in June 2013 quarter. Net NPAs stood at 1.93 % as on 30th September 2013 as against 1.67 % in June 2013 quarter. However one important noticeable factor is the slippages is higher on account of slippage of one account in infrastructure segment. Else the NPA situation would have improved. We feel the matter is related to one slippage of account and hence improvement is likely to occur on NPA front.
As regards the other details the disbursement was good in all the three major segments. In retail and corporate finance disbursement growth was 14.40 %. In it was all new business to the tune of Rs 500 crore. Wholesale finance business witnessed strongest Growth of 53.60 % despite the higher base. As a result the total outstanding loan from different three segments is as follows. Retail & Corporate stood at Rs 18793 crore, Housing Finance Rs 787 Crore and Wholesale Finance Rs 15878 crore.
On the performance front, Retail and Corporate contributed 142.90 crore to the bottomline in H1FY14 as compared to Rs 111.90 crore in H1FY13. Infrastructure finance contributed 178.90 crore (Rs 158.70 crore) and housing added Rs 5.10 crore. We feel the performance of the company has been in-line with street estimates. We feel holding the counter at current levels is a good strategy.
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