L&T Finance Holdings, which had closed on Friday at Rs.92.45, opened slightly lower today at Rs.92.25 and soon went on to hit  new 52-week high at Rs.98.25 on the back of over 4x rise in volumes.

The stock price rose to a new high after the company a very good set of earnings for Q3FY23 with a 39% (YoY) rise in net profit at Rs.454 crore.

The company reported its highest-ever quarterly retail loan sales saw its retail portfolio mix rising from 58% to 64% (YoY) of the total loan book.

Its Net Interest Margin (NIM) was up 70 bps to 8.8% and up from 8.43% (QoQ) – up on account of rise in costs of funds in Q3.

Gross bad loans stood at 4.21, down 248 bps, bringing down net NPAs to 1.72%, down 145 bps (YoY).

After completing the divestment of its mutual fund business, the company proposes to merge L&T Finance and L&T Infra Credit with itself to create a single lending entity.