L&T Finance Achieves NBFC-ICC Status from RBI
L&T Finance Ltd. has transitioned from an NBFC-Core Investment Company (NBFC-CIC) to a Non-Banking Financial Company (Investment and Credit Company) (NBFC-ICC) following the merger of its wholly-owned subsidiaries, including L&T Finance, L&T Infra Credit Ltd., and L&T Mutual Fund Trustee Ltd. The Reserve Bank of India (RBI) issued the certificate of registration on August 2. This change in registration is not expected to affect the company’s compliance with the NBFC-ICC guidelines.
Net Profit: For Q1FY25, L&T Finance Ltd. reported a record net profit of ₹685 crore, a significant 29% increase year-on-year.
Loan Book Growth: The company’s consolidated loan book grew by 13% year-on-year, reaching ₹88,717 crore as of June 30. Retail loans constitute 95% of this total, amounting to ₹84,444 crore.
Stock Movement: Despite a 0.77% decline in its stock price to ₹167.23 per share, the company’s stock has risen 2.31% year-to-date and 29.84% over the past 12 months. This compares to a 0.26% decline in the NSE Nifty 50 index.
Cancellation of Certificates: In light of the merger, L&T Finance and its subsidiaries, including L&T Infra Credit Ltd., surrendered their Certificates of Registration (CoR) to the RBI. The RBI has also canceled the CoRs of five other NBFCs due to cessation of their legal entities.
Every year on 12 May, the world observes the International Day of Plant Health (IDPH)…
The swearing-in of C. Joseph Vijay as Tamil Nadu’s Chief Minister marks one of the…
In world there are some places that become famous not just because of the monuments…
Saudi Arabia is set to join the International Big Cat Alliance as its 26th member…
In Every Summer, across the country India begin filling with small red fruits known for…
Indian Women's recurve archery team has scripted a memorable victory at the Archery World Cup…