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L&T Finance Limited (formerly L&T Finance Holdings) announced audited consolidated results for FY25 with total income of Rs. 15,940.98 crore, up ~13.4% from Rs. 14,051.05 crore in FY24. Consolidated profit after tax rose ~14% to Rs. 2,643.42 crore (vs Rs. 2,317.13 crore), with Q4 PAT at Rs. 635.84 crore. Loan book grew to Rs. 93,773 crore (vs Rs. 81,359 crore) and total assets crossed Rs. 1.2 lakh crore. The board recommended a final dividend of Rs. 2.75 per share (up from Rs. 2.50 last year). Auditors (Brahmayya & Co and T R Chadha & Co LLP) gave an unmodified opinion. Net worth stands at Rs. 25,564 crore with debt-equity ratio of 3.61x and net profit margin of 16.58%.
Steady growth in income and profitability, along with a higher dividend, is positive for shareholders. However, operating cash flow turned sharply negative at Rs. (16,586) crore versus a positive Rs. 686 crore last year, driven by large loan disbursements — a normal pattern for a growing NBFC but worth tracking. The high debt-equity ratio of 3.61x is typical for the NBFC business.