BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
L&T Finance Holdings Ltd. reported a Q1 FY22 profit after tax of Rs 2.7 billion (35% miss).
Additional Covid-19 provisions stood at Rs 3.7 billion in Q1 FY22.
It further restructured Rs 9.8 billion under one-time restructuring 2.0.
While net interest income was broadly in line, lower other income, and higher opex (up 31% YoY) led to a profit after tax miss.
Loan book fell ~11% YoY in Q1 FY22, driven by a QoQ decline in micro loans, two-wheeler finance, and real estate finance.
Even though L&T Finance has accounted for most of the asset quality pain, there will be a moderation in assets under management growth and consequent higher cost ratios.
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