L&T Finance Holdings Q1 net up 47% to Rs 262 cr on better interest margins

Firm expects NIM plus fees to stay above 8% in FY23

L&T Finance Holdings Ltd’s consolidated net profit rose by 47 per cent year on year to Rs 262 crore in the first quarter ended June 2022 (Q1FY23) on improved interest margins and fees.

Its stock closed 0.56 per cent higher at Rs 72.4 per share.

The firm's net interest margin (NIM) plus fees rose to 8.23 per cent in Q1FY23, up 71 basis points over Q1FY22. Sequentially it improved from 8.17 per cent in Q4FY22.

Dinanath Dubhashi, Managing Director & CEO, L&T Finance Holdings, said the cost of funds declined during the reporting quarter despite hardening of rates.