L&T Finance reports 81 pct rise in net profit during Q3

L&T Finance Holdings, the arm of engineering firm Larsen & Toubro, Monday posted an 81 per cent rise in consolidated net profit to Rs 581 crore during the third quarter ended December 31, 2018. The company's consolidated net profit stood at Rs 325 crore in the year-ago period.

Total income of the company also increased to Rs 3,516.38 crore during the quarter under review as against Rs 2,594.62 crore. Average assets under management (AUM) increased to Rs 69,080 crore from Rs 60,313 crore in the corresponding quarter a year ago, the company said.

"Our prudent asset liability management practices have ensured that our growth remains unhindered despite the volatility. During the quarter, we made sure that the available liquidity was actively managed and allocated towards retail and core wholesale businesses," L&T Finance Holdings Managing Director Dinanath Dubhashi said. The company has set aside Rs 85 crore as macro-prudential provisions in the quarter, taking these in total to Rs 269 crore.

(With inputs from agencies.)