 "Dividend")
L&T Finance Holdings Ltd, on Thursday declared final dividend of Rs 2 per share, the company said in a BSE filing.
Shares of L&T Finance Holdings fell over 1 per cent at Rs 105.60 on BSE.
In a regulatory filing, the company said, “the board of directors of the company at its meeting held on June 08, 2023 has, inter alia, recommended a final dividend of Rs 2 per equity share for the financial year 2022-23.
The dividend, if approved by the members at the ensuing annual general meeting will be credited and dispatched within 30 days from the date of AGM.
In April, L&T Finance Holdings reported a 46 per cent year-on-year jump in consolidated net income to Rs 501 crore for the March 2023 quarter, boosted by better margins as its high-yielding retail book grew at a faster rate.
The company said for the full year, the consolidated net income rose 52 per cent to Rs 1,623 crore, as its retail portfolio rose to 75 per cent of the total loan book, up from 51 per cent a year ago, giving it a better margin.
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The margin expansion was also surprising due to cheaper funds, which declined by 4 bps to 7.46 per cent for the year.
At 7.46 per cent, this was the lowest ever yearly weighted average cost of borrowing at 7.46 per cent, down 4 bps compared to FY22, in an environment of rising interest rates, the company said in a statement.
The year also saw the highest annual retail disbursements of Rs 42,065 crore, driven by strong growth across all retail segments, which in turn was an accelerated reduction in wholesale book by 54 per cent to Rs 19,840 crore.
