L&T Finance Reports 29% Q1 Profit Surge

L&T Finance witnessed a 29% rise in its consolidated net profit to Rs 686 crore for the first quarter ending June 2024, driven by robust interest income. The company's total income climbed to Rs 3,785 crore, and its Net Interest Income (NII) surged 23% to Rs 2,020 crore.

L&T Finance announced a remarkable 29% increase in consolidated net profit, reaching Rs 686 crore, for the first quarter ending June 2024. The spike can be attributed to strong interest income.

Compared to the same quarter last year, where the net profit stood at Rs 531 crore, the non-banking financial company has shown substantial growth. Total income for the April-June period surged to Rs 3,785 crore from Rs 3,377 crore in the year-ago quarter, as per regulatory filings.

Net Interest Income (NII) for the period leapt 23% to Rs 2,020 crore, up from Rs 1,644 crore. Interestingly, the company's expenses slightly declined to Rs 1,351 crore compared to Rs 1,364 crore in the same period last year. L&T Finance offers a range of digitally driven products including farmer finance, rural business finance, two-wheeler finance, personal loans, home loans, and SME loans.