L&T Finance Holdings lost 2.4% to Rs 77.25 at 14:42 IST on BSE after consolidated net profit rose 8.34% to Rs 155.72 crore on 40.18% growth in total income to Rs 1320.06 crore in Q2 September 2013 over Q2 September 2012.
The Q2 result was announced during trading hours today, 23 October 2013.
Meanwhile, the S&P BSE Sensex was down 149.70 points or 0.72% at 20,715.27.
On BSE, 12.64 lakh shares were traded in the counter as against average daily volume of 9.08 lakh shares in the past one quarter.
The stock hit a high of Rs 80.10 and low of Rs 76.20 so far during the day. The stock had hit a record high of Rs 97.35 on 19 December 2012. The stock had hit a 52-week low of Rs 52 on 30 October 2012.
The stock had outperformed the market over the past one month till 22 October 2013, surging 17.26% compared with the Sensex's 2.97% rise. The scrip had also outperformed the market in past one quarter, jumping 6.03% as against Sensex's 3.5% rise.
The large-cap company has equity capital of Rs 1716.93 crore. Face value per share is Rs 10.
L&T Finance Holdings said that net interest margin of the lending business improved by 10 basis points (bps) year on year (y-o-y) to 5.6% in Q2 September 2013. L&T Finance Holdings (LTFH)'s loans & advances as on 30 September 2013 grew by 28.2% year on year to Rs 35458.7 crore and by 6.5% as compared to Rs 33309.90 crore as on 31 March 2013.
Gross non-performing assets (NPAs) stood at Rs. 992.90 crore as on 30 September 2013 or 2.89% as a percentage of gross advances as against Rs 846.40 crore or 2.54% as on 30 June 2013. The elevated gross NPAs is mainly due to one account in the infrastructure segment. The gross NPAs include Rs 92.90 crore (net of write off) in FamilyCredit (FCL), mainly contributed by legacy portfolio (fully provided for), L&T Finance Holdings said.
The ratio of net NPAs stood at Rs 654.6 crore or 1.93% as a percentage of gross advances as on 30 September 2013 as against Rs 551 crore or 1.67% as on 30 June 2013.
LTFH said that the company continues to follow a conservative provisioning policy with contingent and voluntary provisions of Rs 258 crore over and above RBI norms.
LTFH said that the company continues to be cautious in credit selection and with aggressive asset monitoring the company expects its asset quality to remain stable.
L&T Finance Holdings is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.
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