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L&T Finance reports 14% growth in consolidated profit after tax

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HT Bureau

GUWAHATI, Jan 21: L&T Finance Ltd. (LTF), one of India’s leading Non-Banking Financial Companies (NBFCs), has reported a consolidated Profit After Tax (PAT) of ₹2,007 crore for the nine months ended December 31, 2024. This marks a 14% growth compared to the same period in 2023. For the third quarter, the consolidated PAT stood at ₹626 crore, showcasing the company’s consistent financial performance.  

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Retail disbursements for the third quarter amounted to ₹15,210 crore, a 5% year-on-year (YoY) increase, while the retail book size reached ₹92,224 crore, reflecting a significant 23% YoY growth. LTF’s customer-centric digital initiatives also gained traction, with its PLANET app crossing 1.5 crore downloads by December 31, 2024. The app has facilitated collections of over ₹3,100 crore and enabled sourcing of loans worth ₹10,500 crore, underlining its success as a key digital channel.  

During the quarter, LTF introduced Knowledgeable AI (KAI), an AI-powered chatbot aimed at enhancing the home loan experience, and partnered with Amazon Pay to offer advanced credit solutions. The company also extended its partnership with PhonePe to include personal loans, further enhancing its digital lending capabilities.

Additionally, LTF’s innovative credit underwriting platform, Project Cyclops, was rolled out across all two-wheeler dealerships and operationalised for farm equipment financing.  

The third quarter also witnessed the hosting of RAISE ’24, India’s premier AI event for the Banking, Financial Services, and Insurance (BFSI) sector, where LTF showcased its focus on leveraging AI for real-world applications.  

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Despite challenges in the microfinance sector, LTF recorded strong performance across various segments. Rural business finance saw its book size grow to ₹26,231 crore, up 14% YoY, while farmer finance grew by 9% to ₹15,075 crore, driven by favorable monsoons and festive demand.

Two-wheeler finance achieved a 21% YoY increase in its book size, while personal loans and SME finance saw exceptional growth, with book sizes rising by 22% and 89% YoY, respectively. Housing loans and loans against property also posted a robust 41% YoY growth in book size, supported by strong distribution networks and partnerships.  

Commenting on the results, Sudipta Roy, managing director & CEO of LTF, highlighted the company’s resilience and innovative approach.

“Despite macro challenges, we have managed to sustain growth through investments in infrastructure and strategic partnerships. We remain optimistic about the future and committed to delivering value to our customers,” he said.  

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With a focus on innovation, customer-centric solutions, and risk-calibrated strategies, L&T Finance is well-positioned to continue its growth trajectory in the coming quarters.

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The Hills Times
The Hills Timeshttps://www.thehillstimes.in/
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