Pune, April 29, 2024: L&T Finance Ltd. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) in India has recorded an all-time high annual Profit After Tax (PAT) of Rs. 2,320 Crore for the financial year ended March 31, 2024, up 43% Year-on-Year (YoY). The Company has posted a PAT of Rs. 554 Crore, up 11% YoY for the fourth quarter ended March 31, 2024.
The retail book now stands at Rs. 80,037 Crore, up 31% when compared with retail book for the year ended March 31, 2023. The Company has also recorded annual retail disbursements at Rs. 54,267 Crore, up 29% YoY and an all-time high quarterly retail disbursement of Rs. 15,044 Crore for the fourth quarter ended March 31, 2024, up 33% YoY and up 4% Quarter-on-Quarter.
The Board has recommended a final dividend of Rs. 2.50 per equity share (face value Rs. 10 per share) for the financial year 2023-24 at the board meeting held on April 27, 2024. This is the highest declared dividend by the Company till date. The dividend once approved by the members at the ensuing Annual General Meeting (AGM) will be paid within 30 days from the date of the Annual General Meeting.
Furthermore, the Company’s customer-facing PLANET app, which has emerged as a powerful digital channel for customers crossed more than 90 lakh downloads as on date, comprising more than 11 lakh downloads on the rural side. As of date, this channel has done collections of over Rs. 1,300 Crore while servicing more than 216 Lakh requests and has sourced loans of over Rs. 5,700 Crore (including web). The Company has started working on a revamped customer portal and the next generation of Planet App.
Commenting on the financial results, Mr. Sudipta Roy, Managing Director & CEO, L&T Finance Ltd. said, “In the second year of our Lakshya 2026 strategic plan, we are happy to report a retailisation of 94% surpassing our goals well ahead of schedule. Our Net Profit for FY24 saw a healthy 43% YoY growth to Rs. 2,320 Crore, driven by a 31% YoY increase in our retail book and a 29% YoY rise in disbursements. This is the highest ever yearly PAT the Company has delivered during its lifetime. Despite the challenging interest rate environment, our borrowing cost remained stable and our portfolio credit metrics continued its improvement journey. Looking ahead, our focus remains on exceeding the 95% retailisation target while maintaining a robust book growth of more than 25%. Our commitment to operational excellence, customer centricity, strong governance and risk management, coupled with a digital first approach, will sustain our growth momentum towards building a value creating, customer-focused technology first financial services powerhouse.”
