This below ₹100 L&T Group stock hits 52-week high post Q3 results


Shares of L&T Finance Holdings surged up to 5% to hit a 52-week high level of 98 apiece on the BSE in Monday’s trading session after the company on Friday reported a 39% jump in net income to 454 crore for the December 2022 quarter, driven by record retail loan sales. The key profitability gauge net interest margin (NIM) and fee income rose 70 bps to 8.80% whereas Retail NIM and fees reached 11.38%, up 25 bps.

The non-banking lender in the earnings stated said that the highest-ever quarterly retail loan sales had its retail portfolio mix rising to 64% of the total loan book, up from 58% in the year-ago quarter, Dinanath Dubhashi, the managing director & chief executive officer (MD and CEO) of L&T Finance said that the company is progressing well on its journey towards mission 2026 to become a digitally-enabled retail finance company.

Gross bad loans stood at 4.21%, down 248 bps from 6.69%, bringing down net non performing assets (NPAs) to 1.72%, down by 145 bps from 3.17% as of December 2021.

During the quarter, retail disbursements rose 13% to 11,607 crore. Meanwhile, its wholesale book declined 24% to 31,010 crore from 37,597 crore.

L&T Finance Holdings (LTFH) is a leading Non-Banking Financial Company (NBFC) with a range of financial products and services across rural, housing and infrastructure finance along with mutual funds. The company is promoted by conglomerate Larsen & Toubro Ltd (L&T). The stock is up about 20% in a year’s period.

In November 2022, L&T Finance Holdings had completed the sale of L&T AMC to HSBC Asset Management. “…With respect to the proposed sale of 100 per cent of the paid-up share capital of L&T Investment Management Ltd, asset manager of L&T Mutual Fund, to HSBC Asset Management (India) Pvt Ltd, asset manager of HSBC Mutual Fund, …the said sale transaction has been completed on November 25, 2022,” the company said. L&T Investment Management Ltd (LTIML) is a wholly-owned subsidiary of L&T Finance Holdings.

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