L&T Finance Holdings (LTFH) today registered a rise of 28 per cent in its consolidated net profit at Rs 406 crore in the last quarter ended March of 2017-18.
The company had made a net profit of Rs 316 crore in the same quarter of 2016-17.
Total income in the January-March quarter of 2017-18 rose to Rs 2,937.44 crore from Rs 2,238.09 crore in the same period of 2016-17, the company said in a regulatory filing.
On full year basis, the consolidated net profit rose by 40 per cent to Rs 1,459 crore from Rs 1,042 crore in the preceding fiscal year.
Income (consolidated) in the year was up at Rs 10,499.94 crore as against Rs 8,572.31 crore in year ago fiscal, the company said.
LTFH said, it moved to recognition of gross non-performing assets (NPAs) at 90 days past due (DPD) since first quarter of 2017-18.
The company further said it has improved its asset quality substantially on the back of vigorously monitored early warning signals, concentration on early bucket collections and continuous efforts on gross NPA resolution.
"The company has also increased its provision coverage ratio to 52.51 per cent as on March 31, 2018 as against 31 per cent as on March 31, 2017, thus improving balance sheet strength further," it said.
Dinanath Dubhashi, Managing Director and CEO, LTFH, said: "We will continue improving competitive position across our products and will focus on increasing retailisation' of our portfolio.
"Robust growth, focus on fee income, improving productivity and significant improvement in asset quality have led to delivery of 15.03 per cent return on equity (RoE) for 2017-18, even after injection of Rs 3,000 crore capital during March, 2018."
Stock of LTFH closed 1.15 per cent down at Rs 171.65 apiece on the BSE today.
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