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The broker reportedly stated that the company's low short-term growth and subdued Return on Equity (RoE) present significant challenges that cannot be easily resolved. While acknowledging that the stressed book is currently fully provided for, the broker highlighted concerns about asset quality in specific segments. Additionally, the broker attributed the company's profitability issues to capital issuance during the Covid pandemic and an extended period of no loan growth, which have created structural challenges for L&T Finance Holdings.
On 1 July 2023, LTFH announced that Dinanath Dubhashi, the managing director & chief executive officer (CEO) of the company, will superannuate from the company on 30 April 2024.
The board of LTFH announced the appointment of Sudipta Roy as the chief operating officer of the company. Roy will assume the position of the managing director & CEO of the company with effect from 24 January 2024, subject to necessary regulatory and/or statutory approvals.
With effect from date of the aforesaid appointment until his superannuation, Dubhashi will continue to be a director on the board of the company to oversee and assist in the smooth transition of leadership. Additionally, he will act as the special advisor to the chairman of the board during this period.
Headquartered in Mumbai, LTFH, a leading Non-Banking Financial Company (NBFC), offers a range of financial products and services.
The company's consolidated net profit jumped 46.4% to Rs 501.08 crore on 11.42% rise in total income to Rs 3,417.53 crore in Q4 FY23 over Q4 FY22. Retail PAT was at Rs 472 crore, up 58% YoY, due to strong net interest margins (NIMs) + fees.
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