L&T Finance Holdings sheds almost 5% after dip in Q2 profit

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NEW DELHI: Shares of L&T Finance Holdings dropped almost 5 per cent in early Mumbai trading Thursday as the non-banking financial company reported a fall of 10 per cent in on-year consolidated net profit to Rs 223 crore in July-September.

At 09:35 hours (IST), the company’s share price on the National Stock Exchange was Rs 86.80, down 4.98 per cent from previous close.

In the second quarter of the previous financial year, L&T Finance had posted a net profit of Rs 248 crore.

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On Wednesday, the company’s top management said that profits had fallen in July-September (year-on-year) on account of a contraction in the loan book and a higher rate of taxation.

Even as the net profit declined on an annual basis, sequentially the company showed a 26 per cent rise in profit from Rs 178 crore in April-June.

For the period under review, L&T Finance Holdings’ total lending book contracted by 12 per cent to Rs 86,936 crore from Rs 98,823 crore a year ago. The loan book also showed a sequential decline from Rs 88,440 crore in April-June.

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