L&T Finance Receives RBI Certificate For NBFC-ICC Status
L&T Finance Ltd. received the certificate of registration as a non-banking financial company (investment and credit company) from the Reserve Bank of India on Tuesday.
The certificate of registration, dated Aug. 2, will have no impact as the company continues to comply with the NBFC-ICC guidelines, its exchange filing stated.
The NBFC was earlier registered as an NBFC-Core Investment Company. However, after the company's merger with its wholly owned subsidiaries, L&T Finance, L&T Infra Credit Ltd. and L&T Mutual Fund Trustee Ltd., the company applied for conversion from an NBFC-CIC to an NBFC-ICC.
The company's consolidated net profit increased 29% year-on-year to Rs 685 crore for the quarter-ended June. This is the highest-ever profit reported by the company.
Its consolidated loan book rose 13% year-on-year to Rs 88,717 crore as of June 30. Retail loans, which now occupy 95% of the loan book, stood at Rs 84,444 crore.
Shares of the company closed 0.77% lower at Rs 167.23 apiece, as compared to a 0.26% decline in the NSE Nifty 50. The stock has risen 2.31% year-to-date and 29.84% over the past 12 months.
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