Revenue from operations during the reporting quarter jumped 8% to Rs 3,223 crore as against Rs 2,988 crore clocked in the previous year quarter. The company said it has achieved “Lakshya 2026 goal” of over 80% retailisation three years in advance.
The retail PAT for the first quarter stood at Rs 533 crore, up 176% YoY, on the back of steady net interest margins and fees and reduction in credit cost.
The retail book size is at Rs 64,274 crore, up 34% in the first quarter from Rs 47,794 crore in the same quarter of last year.
The company’s retail portfolio mix now stands at 82% of the total loan book. Retail disbursements stood at Rs 11,193 crore, up 25% year-on-year, driven by strong growth across all retail segments coupled with top-notch digital and data analytics.
L&T Finance has accelerated reduction in the wholesale book by 65% YoY, a reduction of Rs 25,992 crore in line with “Lakshya 2026” gaining momentum towards becoming a retail finance company.
“It gives me immense pleasure to announce that we have achieved retailisation of 82% in Q1FY24 itself, much ahead of Lakshya 2026 goal of greater than 80% Retailisation. This achievement is attributed to the twin strategy of strongly growing the retail asset book on one side and ensuring a sharp reduction in the wholesale book on the other, while maintaining best-in class asset quality,” said Dinanath Dubhashi, MD and CEO, L&T Finance.On the fintech front, the customer facing application “Planet” has crossed 44 lakh downloads as on date
“Going forward, we will sustain our growth momentum and continue to work towards creating a customer-focused and sustainable fintech scale,” said.