L&T Finance

₹157.2 2.3 | 1.5%

WEBSITE BSE:533519 NSE : LTF 13 May, 16:12

Market Cap ₹39140 Cr.

Stock P/E 16.8

P/B 1.7

Current Price ₹157.2

Book Value ₹ 94.1

Face Value 10

52W High ₹179

Dividend Yield 1.59%

52W Low ₹ 97.3

Edit Ratio

L&T Finance Research see more...

Overview Inc. Year: 2008Industry: Finance - NBFC

L&T Finance Holdings Ltd, a non-banking financial company, provides numerous financial solutions in India. The agency operates through Rural Finance, Housing Finance, Infrastructure Finance, Defocused Business, and Others segments. The Rural Finance section gives farm equipment finance, two wheeler finance, and consumer finance offerings, as well as micro loans. The Housing Finance segment provides domestic loans, loans against belongings, and real estate finance services. The Infrastructure Finance section gives infra finance and infra debt funds. The Defocused Business segment presents established company loans, debt capital market, industrial vehicle finance, production equipment finance, SME term loans, and leasing offerings. The Others section gives asset control, wealth control, and so on. The business enterprise operates via 197 branches and 1,395 micro loan assembly facilities. The organisation was previously referred to as L&T Capital Holdings Ltd. L&T Finance Holdings Ltd was incorporated in 2008 and is situated in Mumbai, India. It is a subsidiary of Larsen & Toubro Ltd.

L&T Finance Share Price

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Peer Comparison

L&T Finance Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Operating Revenue	2971	2947	2988	3138	3432	3243	3223	3214	3534	3672
Other Income	128	120	147	119	59	202	153	268	47	6
Total Income	3099	3067	3136	3257	3491	3444	3377	3482	3581	3677
Total Expenditure	1299	1228	1388	1236	1356	1309	1270	1331	1375	1621
Operating Profit	1800	1839	1747	2021	2135	2136	2107	2151	2207	2057
Interest Expense	1407	1392	1413	1438	1501	1445	1364	1325	1353	1335
Depreciation	24	28	27	27	28	29	30	28	29	28
Profit Before Tax	369	419	307	556	-2081	662	714	797	824	694
Provision for Tax	113	129	85	195	-354	246	183	203	185	141
Profit After Tax	257	290	222	360	-1728	417	531	594	639	553
Adjustments	69	52	40	46	2181	84	0	1	1	1
Profit After Adjustments	326	342	262	406	454	501	531	595	640	554
Adjusted Earnings Per Share	1.3	1.4	1.1	1.6	1.8	2	2.1	2.4	2.6	2.2

L&T Finance Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Operating Revenue	3943	5056	6196	7289	8341	10213	13004	14106	13353	11930	12775	13643
Other Income	112	181	179	182	242	582	1841	2317	2818	4341	3376	474
Total Income	4055	5237	6375	7471	8582	10795	14845	16423	16171	16271	16151	14117
Total Expenditure	889	1251	1672	2002	2801	3821	4845	6088	7812	9172	8087	5597
Operating Profit	3166	3986	4703	5469	5782	6974	10000	10335	8359	7099	8064	8522
Interest Expense	2330	3081	3577	4133	4635	5476	6898	7573	7238	5773	5822	5377
Depreciation	65	80	96	83	67	52	50	82	86	103	111	115
Profit Before Tax	989	825	1175	1253	1079	1446	3052	2680	1261	1223	-557	3029
Provision for Tax	259	230	324	399	36	168	820	980	523	374	172	712
Profit After Tax	729	595	851	854	1042	1278	2232	1700	738	849	-729	2317
Adjustments	1	2	4	3	-0	-23	-6	-0	233	221	2352	3
Profit After Adjustments	730	597	855	857	1042	1255	2226	1700	971	1070	1623	2320
Adjusted Earnings Per Share	3.9	2.8	4	3.7	5	5.8	10.4	7.9	3.9	4.3	6.5	9.3

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	7%	-3%	5%	12%
Operating Profit CAGR	14%	-8%	3%	10%
PAT CAGR	-186%	NAN%	NAN%	NAN%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	60%	23%	8%	10%
ROE Average	-4%	2%	7%	10%
ROCE Average	5%	6%	8%	9%

L&T Finance Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	6220	6826	7740	8409	9107	11407	13449	14692	18773	19948	21528
Minority's Interest	0	0	100	100	119	223	222	220	197	180	89
Borrowings	18117	23288	29401	37031	43230	49302	59289	69203	63593	58286	57794
Current Liability	11748	14053	14630	17330	19059	26837	33090	25413	26383	28382	26927
Other Liabilities & Provisions	357	476	581	530	256	-1838	-1772	-1453	-1610	-1423	-1838
Total Liabilities	36443	44644	52452	63400	71771	85931	104278	108076	107336	105458	104501
Loans	21957	27864	34572	43881	49335	77088	91325	91463	87030	82469	75155
Investments	620	989	1043	1340	2176	4187	5904	5641	6913	10731	13919
Fixed Assets	1131	1228	1184	1313	1230	756	760	789	811	185	241
Other Loans	188	257	367	571	574	699	759	1047	812	827	811
Other Non Current Assets	148	228	471	342	408	253	195	131	101	60	56
Current Assets	12399	14076	14816	15953	18048	2947	5335	9006	11669	10034	14009
Total Assets	36443	44644	52452	63400	71771	85931	104278	108076	107336	105458	104501

L&T Finance Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	111	291	778	859	398	463	1049	1827	5599	6948	4916
Cash Flow from Operating Activities	-6096	-6083	-6614	-9213	-5779	-15640	-11643	2162	5464	6078	7490
Cash Flow from Investing Activities	-1671	-1032	2	-675	-2118	1549	-3587	160	-2024	-5084	-1107
Cash Flow from Financing Activities	7947	7602	6693	9426	7952	14678	16008	1451	-2091	-3023	-1664
Net Cash Inflow / Outflow	180	487	81	-461	55	587	777	3772	1349	-2028	4720
Closing Cash & Cash Equivalent	291	778	859	398	453	1049	1827	5599	6948	4916	9109

L&T Finance Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	3.95	2.82	4.03	3.66	4.96	5.85	10.36	7.89	3.93	4.33	6.55
CEPS(Rs)	4.3	3.65	5.12	4.97	5.88	6.2	10.62	8.27	3.34	3.85	-2.49
DPS(Rs)	0.75	0.75	0.8	0.8	0.8	1	1	0.9	0	0.5	2
Book NAV/Share(Rs)	29.6	31.49	34.14	37.51	41.17	52.87	62.01	67.32	75.21	79.89	86.25
Net Profit Margin	18.49	11.77	13.73	11.71	12.5	12.51	17.16	12.05	5.53	7.12	-5.71
Operating Margin	84.17	77.26	76.68	73.9	68.51	67.78	76.52	72.69	63.65	58.65	41.22
PBT Margin	25.07	16.32	18.96	17.19	12.94	14.16	23.47	19	9.45	10.25	-4.36
ROA(%)	2.3	1.47	1.75	1.47	1.54	1.62	2.35	1.6	0.69	0.8	-0.69
ROE(%)	14.28	10.54	14.02	12.76	14.05	13.37	18.1	12.22	4.46	4.43	-3.54
ROCE(%)	11.01	10.13	10.28	9.81	8.86	8.9	10.39	9.6	7.87	6.59	5.02
Price/Earnings(x)	17.42	24.28	14.51	16.17	23.17	24.98	13.69	6.06	24.35	18.62	12.53
Price/Book(x)	2.32	2.17	1.71	1.58	2.79	2.76	2.29	0.71	1.27	1.01	0.95
Dividend Yield(%)	1.01	1.02	1.27	1.26	0.65	0.64	0.66	1.75	0	0.62	2.44
EV/Net Sales(x)	10.48	9.64	8.62	8.72	9.84	10.33	9.24	6.83	7.77	8.14	7.09
EV/Core EBITDA(x)	13.05	12.22	11.35	11.63	14.2	15.13	12.01	9.33	12.41	13.69	11.24
Interest Earned Growth(%)	32.28	28.22	22.55	17.63	14.43	22.45	27.33	8.47	-5.34	-10.66	7.09
Net Profit Growth	60.33	-18.42	43.02	0.35	22.11	22.55	74.72	-23.82	-56.58	15.04	-185.83
EPS Growth(%)	60.1	-28.61	42.77	-9.12	35.46	18	77.16	-23.86	-50.15	10.01	51.34
Interest Coverage(x) %	1.42	1.27	1.33	1.3	1.23	1.26	1.44	1.35	1.17	1.21	0.9

L&T Finance Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	63.5	66.26	66.23	66.2	66.15	66.11	66.1	66.02	65.9	65.86
FII	7.86	6.91	6.61	6.75	11.24	11.35	13.9	12.12	10.67	11.05
DII	6.11	4.57	5.34	5.35	6.05	6.58	5.29	7.02	9.08	8.7
Public	22.53	22.26	21.82	21.69	16.55	15.96	14.72	14.85	14.36	14.4
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	157.1	163.92	163.92	163.92	163.92	163.92	163.92	163.92	163.92	163.92
FII	19.44	17.09	16.35	16.72	27.86	28.14	34.46	30.09	26.53	27.49
DII	15.11	11.31	13.21	13.25	15	16.33	13.11	17.43	22.58	21.64
Public	55.74	55.08	54	53.7	41.02	39.58	36.5	36.86	35.72	35.83
Others	0	0	0	0	0	0	0	0	0	0
Total	247.39	247.4	247.49	247.6	247.81	247.97	248	248.31	248.76	248.89

Pros

Company has reduced debt.

Cons

Company has a low return on equity of 2% over the last 3 years.
Earnings include an other income of Rs. 3376 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.