L&T Finance Holdings reported a 20 per cent increase in its net profit for the quarter ended June 30, 2021 at ₹178 crore as against ₹148 crore in the first quarter of last fiscal.
Total income fell 5.8 per cent to ₹3,201.49 crore in the April to June 2021 quarter as against ₹3,397.53 crore a year ago.
Total revenue from operations also fell 7.3 per cent to ₹3,140.12 crore in the first quarter of the fiscal as against ₹3,387.06 crore a year ago.
Its total lending book fell by 11 per cent to ₹88,440 crore in the first quarter of the fiscal.
“The Covid second wave did impact business on account of restrictions and closures of dealerships. Despite this, the company’s collection led disbursement strategy backed by concerted on-field efforts as well as data analytics led prioritisation and resource allocation led to responsible growth in the first quarter of the fiscal,” it said in a statement.
It also made additional provisions of ₹369 crore in the first quarter of the fiscal with this carrying total macro-prudential provisions of ₹1,403 crore.
Dinanath Dubhashi, Managing Director and CEO, L&T Finance Holdings said, “The month-on-month uptick in collection efficiencies post unlock in the last quarter is a result of our concerted efforts and in recent past we have shown our ability to quickly turn around the disbursement volumes as macro factors open up.”