L&T Finance is scheduled to conduct its board meeting on October 18 to consider its second quarter results for the current fiscal 2024-25 (Q2FY25), the NBFC announced on Friday, October 4.
“We hereby inform the exchanges that a Meeting of the Board of Directors of the Company will be held on October 18, 2024, inter alia, to consider and approve the unaudited financial results (standalone and consolidated) for the quarter and half year ended September 30, 2024,” the NBFC informed in an exchange filing.
L&T Finance has announced solid growth in its retail business for the July-September quarter, with the retailisation of the portfolio estimated to reach 96 per cent from 88 per cent in the same quarter of the previous year.
The retailisation of a portfolio is the process of making investment funds accessible to individual investors.
The company expects retail disbursements for the July-September quarter of FY25 to reach ₹15,070 crore, marking a 12 per cent year-on-year growth.
Retail disbursements are mainly driven by urban finance, which is anticipated to rise to ₹6,280 crore in Q2FY25 from ₹4,859 crore in the same quarter the previous year. Along with urban finance, farmer finance is also expected to increase to ₹1,780 core, marking a surge in the overall retail disbursements.
The retail loan book of L&T Finance is expected at ₹88,950 crore in Q2FY25 from ₹69,417 crore in the same quarter previous year, marking a 28 per cent growth on a year-on-year basis.
In the April-June quarter of FY25, L&T Finance posted a 29 per cent increase in its consolidated net profit to ₹686 crore from ₹531 crore in the same quarter of the previous year, as per a PTI report on July 16.
In the July-September quarter for FY24, L&T Finance reported a consolidated profit of ₹595 crore, a 46 per cent increase from the same quarter the previous year, Mint reported on October 20, 2023.
