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Motilal Oswal Report
L&T Finance Holdings reported a PAT of Rs 2.23 billion in Q2FY22 (in line). While PPoP stood at Rs 11 billion (9% beat), higher provisions/credit costs of Rs 7.8 billion (12% higher than our estimate) led to an in line PAT.
The loan book continued to consolidate and stood at Rs 869 billion (down ~12% YoY/2% QoQ), driven by Infra loans, LAP, and the defocussed business. The Rural Finance book exhibited strength, led by a return to a normalised monthly disbursement run-rate in Micro loans in Sept 21.
Additional provisions (including OTR) stood at Rs 17.5 billion (2.2% of standard loans). Under OTR 2.0, LTFH restructured loans worth Rs 18.1 billion (2.1% of the loan book). The aggregate restructured book stood at 3.5% (including repayment of Rs 1.5 billion in an Infra asset that was restructured in OTR 1.0).
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