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L&T Finance Holdings Ltd. records Profit After Tax (PAT) of Rs. 595 cr

Metamorphosizing into a Fintech@Scale by achieving Lakshya 2026 goals ahead of time; PLANET app crosses 60 lakh downloads


Ahmedabad, Oct 23: L&T Finance Holdings Ltd. (LTFH), one of the leading Non-Banking Financial Companies (NBFCs), which is accelerating its journey towards becoming a customer-focused, top-class, digitally-enabled Retail NBFC has posted a consolidated PAT of Rs. 595 crore for the second quarter ended September 30, 2023, recording a growth of 46 percent YoY.

The Company has also achieved a Retail loan portfolio mix of 88 percent of the total loan book, which is over the 80 percent Retailisation target set under the Lakshya 2026 goal. The Company has achieved most of the Lakshya 2026 goals almost 3 years in advance.

The Company’s customer facing application – PLANET app, which was soft launched in the fourth quarter of the financial year 2021-2022, has emerged as a powerful digital channel for its customers and has crossed 60 lakh downloads.

The quarterly Retail disbursements stood at Rs. 13,499 crore for the second quarter ended September 30, 2023, recording a growth of 32 percent YoY. This quarterly disbursement is the highest ever by LTFH in Retail finance since inception and has been driven by strong growth across all Retail segments. The Retail book now stands at Rs. 69,417 crore, up 33 percent when compared with the quarter ending September 30, 2022.

During the quarter, LTFH continued with the strategy of rapidly reducing its Wholesale book. The Wholesale book saw a reduction of 76 percent YoY from Rs. 38,058 crore to Rs, 9,318 crore in line with Lakshya 2026 goals gaining momentum and metamorphosizing LTFH into a Retail Fintech@Scale.

Commenting on the financial results, Mr. Dinanath Dubhashi, Managing Director & CEO, L&T Finance Holdings Ltd. said, “After having achieved most of our Lakshya 2026 goals, it gives me immense pleasure to announce that we have continued the trajectory of metamorphosizing into a top-notch Retail finance Company. During the quarter, LTFH not only reached a retail portfolio mix of 88 percent, but also achieved the highest ever quarterly Retail disbursements of Rs. 13,499 crore, registering a growth of 32 percent YoY. This achievement is attributed to the twin strategy of strongly growing the retail asset book on one side and ensuring a sharp reduction in the wholesale book on the other, while maintaining best-in-class asset quality.”

“On the fintech front, our customer facing application PLANET has crossed 60 lakh downloads as of date and is constantly evolving to offer exciting features to our customers, while servicing most of their requirements.”

“Going forward, we will continue to focus on sustainably delivering Lakshya goals through a concentrated focus on 5 key pillars, namely enhanced customer acquisition, sharpening credit underwriting, implementing futuristic digital architecture, heightened brand visibility and capability building. At LTFH, we strongly believe that the Retail segment holds promising opportunities, and we will continue to grow and ride this growth by scaling up our product portfolio, customer touchpoints, capability enhancements, and use of data analytics in doing business. We will sustain our growth momentum and continue to work towards creating a customer-focused and sustainable Fintech@Scale. The Company will continue to develop digital finance delivery as a customer value proposition thereby touching every part of the customer ecosystem through our digital offerings.”

Key Highlights: 

The Company maintained strong collection efficiency across Retail businesses through enhanced on-ground efforts, digital initiatives, and data analytics-based resource allocation.


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