L&T Finance Q3FY23 Results by admin- Monday, January 16th, 2023 03:41:10 PM
NII better than estimates (+9%) at Rs. 1,821 crore (24% yoy/ 11% qoq; Est: Rs. 1,677 crore). NIMs improved by 51bps qoq to 7.41% due to higher retail blend (now 65% of total ebook vs fifty eight% qoq) in spite of value of funds growing through 21bps qoq. Fee profits & different income down by way of 35% yoy/ 1% qoq.
Opex better (+three%) at Rs. 743 crore (up 20p.Cyoy/ 8% qoq; Est: Rs. 719 crore). PPOP better than estimates (+6%) at Rs 1,248 crore (12% yoy, 10% qoq, Est: Rs.1,178 crore).
Provisions at Rs. 642 crore (down 13% yoy, up 11% qoq). Additionally, one-time provisions amounting to Rs. 2,687 crores were set aside for the wholesale e book against the profits from sale of stake in mutual fund enterprise amounting to Rs. 2,633 crores. Annualized credit score value (as % of Avg. AUM) mentioned at 2.Nine% vs 2.6% qoq & 3.Four% yoy. PAT marginally better than estimates (+2%) at Rs. 453 crores (47% yoy, 12% qoq, Est: Rs 444 crore).
Overall, AUM grew through 3% yoy/ down 2% QoQ vs estimates of 5% yoy/flat QoQ. Retail loans were up with the aid of 34% yoy and 10% qoq led with the aid of robust retail disbursements growth of 53% yoy/ thirteen% qoq; wholesale book turned into down 24% yoy and 18% qoq. Gross degree three belongings had been marginally better at four.21% vs 4.02% QoQ while Net stage 3 belongings have been lower at 1.Seventy two% vs 1.Eighty five% QoQ. PCR at 60% vs 55% qoq.