Retail disbursements for Q2FY24, grew 32 percent year on year to Rs 13,490 crore, L&T Financial Holdings said in a business update.

L&T Financial Holdings stock opened 3 percent higher on October 5, a day after the company reported Rs 13,490 crore in retail disbursements. This remarkable growth in disbursements highlights the company’s strong financial performance in the retail sector. At 9:30 am, the stock was trading at Rs 132.75 on the NSE.

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In a regulatory filing on October 4, L&T Finance Holdings stated that the retailisation of the portfolio is estimated at 88 percent at the end of Q2FY24, compared to 58 percent for the same period last year. This rapid increase in retailization demonstrates the company’s successful strategy in expanding its retail customer base.

According to the filing, retail disbursements for Q2FY24 grew 32 percent year on year to Rs 13,490 crore. This growth reflects the company’s ability to capture market opportunities and effectively meet the financial needs of its customers.

On a quarter-to-quarter basis, Farmer Finance grew from Rs 1,304 crore to an estimated Rs 1,530 crore in Q2FY24. Rural Business Finance grew from Rs 4,418 crore to Rs 5,740 crore, Urban Finance grew Rs 4,166 to Rs 4,860, SME Finance grew Rs 201 crore to Rs 870 crore, and Acquired Portfolio grew from Rs 149 crore to Rs 490 crore for the same period. These significant increases across various loan segments contribute to the overall growth of L&T Financial Holdings.

The retail loan book at the end of Q2FY24 also grew 33 percent year-on-year to an estimated Rs 69,400 crore. This substantial growth in the loan book further strengthens the company’s position in the market.

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Mumbai-based L&T Finance Holdings is a Non-Banking Financial Company (NBFC) “catering to the diverse financing needs of served and underserved customers”. Through L&T Finance, the company offers Consumer loans, Two-Wheeler loans, Home loans, Microloans, Farm loans, and SME loans. L&T’s broad range of financial services caters to a wide range of customer segments, enabling the company to tap into various market opportunities.

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