New Delhi: L&T Finance Holdings on Friday reported a 30 per cent decline in consolidated net profit at Rs 384.86 crore for the fourth quarter ended March due to higher provisioning because of COVID-19 pandemic.
The company had posted a net profit of Rs 552.12 crore in the same period a year ago.
Total income for the quarter under review rose to Rs 3,427.22 crore from Rs 3,383.92 crore a year ago, the company said in a regulatory filing.
Total expenses during the quarter stood at Rs 2,971 crore as against Rs 2,634.56 crore in the year-ago period.
“Fourth quarter was estimated to be a fairly normal quarter till about March 10. The partial lockdown due to COVID-19 and the subsequent nationwide lockdown led to a slowdown in the disbursements and collections, across the country,” it said.
While it had minimal impact on the operating performance of Q4FY20, the profitability for the quarter was impacted largely due to the incremental provisions taken to strengthen the balance sheet against the after effect of the pandemic, the company said.