India L&T Finance Limited (LTF), one of the leading non-banking financial companies (NBFCs) in India, has reported a 43% YoY increase in profit (PAT) to Rs 2320 crore for the financial year ending March 31, 2024. This is an all-time high annual profit for the company. At the same time, the company’s profit (PAT) in the fourth quarter of financial year 2024 i.e. March has increased by 11% on an annual basis to Rs 554 crore.
Dividend recommendation of Rs 2.50 per share
The company’s retail book has now reached Rs 80,037 crore, which is 31% higher than the retail book for the financial year ending March 31, 2023. The company’s retail disbursement in FY 2024 has increased by 29 percent on an annual basis to Rs 54,267 crore. Whereas in the March quarter of FY 2024, retail disbursement increased by 33% on annual basis and 4% on quarterly basis to Rs 15044 crore, which is the highest level till date. The board of the company has recommended a final dividend of Rs 2.50 per share (face value Rs 10 per share) for FY 2024 in the board meeting held on April 27, 2024.
This is the highest dividend declared by the company so far. The dividend, if approved by the members at the upcoming Annual General Meeting (AGM), will be paid within 30 days from the date of the AGM.
ICICI Bank’s profit increased by 18.5%
The net profit of private sector ICICI Bank has increased by 18.5 percent to Rs 11,672 crore in the fourth quarter of the last financial year (January-March, 2024). This increase in the bank’s profit was due to lower provisions. The net profit of the bank in the same quarter of financial year 2022-23 was Rs 9,853 crore. The company said in a filing to the stock exchange on Saturday that the bank’s net profit on standalone basis was Rs 10,708 crore in the March quarter with a growth of 17.4 per cent, compared to Rs 9,122 crore in the March 2023 quarter.
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