L&T Finance - Fortifying Position In Retail; Contingent Buffer To Cushion Credit Cost: ICICI Securities

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ICICI Securities Report

L&T Finance Holdings Ltd.’s Q4 FY21 performance was skewed towards its targeted objective of improving the retail mix in overall assets under management (43% now).

Company further fortified its position in tractor and two-wheeler segments, focused on salaried home loans and heavily pushed micro finance institution lending (to almost 40% of overall disbursements) based on collection-driven strategy.

Nevertheless, cautious stance in loan against property, real estate lending and modest infra disbursements derailed AUM growth much below expectations.

Stage-III assets looked optically lower, but the decline was attributable to de-focused businesses rather than the operating ones.

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