Healthy asset quality, cost cuts boost L&T Finance net by 28%
Leading non-banking finance company L&T Finance Holdings today said better asset quality and cost rationlaisation boosted its consolidated net by 28 per cent to Rs 406 crore for the three months to March.
For the full year to March, the financial services arm of the engineering giant L&T reported a steep 40 per cent growth in net at Rs 1,459 crore over the previous year.
The company, which has been focusing a lot on the return on equity (RoE) as a key measure for revival since the past two years, said both its March RoE at 15.06 per cent and the full year at 15.03 per cent (up from 12.31 per cent) are ahead of their targets.
"In the year to March our RoE jumped by 272 basis points. This was due to the robust growth, focus on fee income, improving productivity and significant improvement in asset quality have led to delivery of 15.03 per cent RoE for FY18, even after injection of Rs 3000 crore capital in March to the parent.
"I am confident we'll meet our RoE target of 16-18 per cent well ahead of the 2020 deadline," MD & CEO Dinanath Dubhashi told
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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