L&T Finance Ltd. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) in India has recorded an all-time high PAT of Rs. 686 Crore, up 29% YoY for the first quarter ended June 30, 2024.
The Company has recorded quarterly retail disbursement of Rs. 14,839 Crore for the first quarter ended June 30, 2024, up 33% YoY. The retail book size reached Rs. 84,444 Crore during the quarter, implying a growth of 31% YoY.
Furthermore, the Company’s customer-facing PLANET app, which has emerged as a powerful digital channel for customers, has crossed more than 1 Crore downloads as on date, comprising more than 12 lakh downloads from the rural areas.
Commenting on the financial results, Mr. Sudipta Roy, Managing Director & CEO, L&T Finance Ltd. said, “It is with great pleasure that I announce our results for the first quarter ended June 30, 2024. The results you see for the quarter reflect the success of our 5-pillar strategy. The focus is on enhancing customer acquisition through the creation of a robust funnel and contiguous products, sharpening credit underwriting through the deployment of our proprietary digital credit engine, ‘Project Cyclops’, building a futuristic digital architecture to drive innovation, increasing brand visibility through amplified share of voice, and capability building through the recruitment and upskilling of tech talent, which is resulting in robust performance.
In our ongoing efforts to revolutionize the lending space, LTF has been prioritizing customer-centricity and harnessing cutting-edge technology. A significant milestone in this journey was the deployment of ‘Project Cyclops’ during the first quarter ended June 30, 2024, which enables an in-depth assessment of a customer's ability to service the loan availed by them. The innovative digital solution has been successfully rolled out in beta across 25 locations through a network of 200 selected dealers, offering two-wheeler loans.
Furthermore, from establishing a distinctive sonic brand identity to launching our ‘The Complete Home Loan’ campaign, LTF is steadfast in its business growth journey. I am confident that the focus on customer-centricity, innovation, and technology will continue to propel us forward as we strive for excellence in the lending space.”
Healthy retail disbursements & book: