L&T Finance Holdings (LTFH), a leading diversified Non-Banking Financial Company (NBFC), on Friday reported 69% decline in net profit to Rs174cr in the second quarter ended September 30, following a one-time adjustment due to the deferred tax assets (DTA) after cut in corporate tax. The company had registered a net profit of Rs559.12cr during the corresponding period a year ago.
The company’s total income has increased to Rs3,711.85cr in Q2 as against Rs3,302.35cr in the year-ago period.
The Company continues to build strengths in businesses where it has a clear ‘Right to Win’. The scalability of our focused businesses and their profitability, which is key to delivering a sustainable RoE, have been at the core of our overall business strategy. This strategy has helped the Company to become a prominent player in its core lending businesses i.e. Rural Finance, Housing Finance and Infrastructure Finance.
Dinanath Dubhashi, Managing Director & CEO, LTFH, said, “The inherent strengths of our businesses, robust risk management framework, and strength due to parentage have been reaffirmed by multiple rating agencies by assigning AAA rating. We remain a partner of choice for financiers and continue to diversify our liability mix through reputed domestic and global institutions. Our continued investment in businesses where we have a clear ‘Right to Win’, has been the bedrock of our strategy, and we remain committed to this plan.”
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