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Stock Analysis: L&T Finance Holdings

L&T Financial Services - Mumbai, Maharashtra | Facebook



L&T Finance Holdings Ltd. (LTFH) is a financial holding company offering a focused range of financial products and services across rural housing and wholesale finance sectors as well as mutual fund products and wealth management services through its wholly-owned subsidiaries viz. L&T Finance Ltd. L&T Housing Finance Ltd. L&T Infrastructure Finance Company Ltd. L&T Investment Management Ltd. L&T Capital Markets Ltd. and L&T Infra Debt Fund Ltd.


Details of business

L&T Finance Holdings Limited is one of India’s most valued and fastest-growing Non-Banking Financial Companies (NBFCs). Incorporated

in 2008 and headquartered in Mumbai, the Company offers a diverse range of financial products and services in Rural, Housing and Infrastructure finance sectors. It also offers Investment management services.


Business Principles

  1. Prudent ALM(Asset and Liability Management), Adequate liquidity and well established liability franchise
  2. Highest credit rating
  3. Strong balance sheet
  4. Stringent risk control measures
  5. Continuation of strategic initiatives


Business Offerings

  • Lending Businesses
    • Rural Finance
      • Farm Equipment Finance
      • Two wheeler finance
      • Micro loans
      • Consumer loans
    • Housing Finance
      • Home loans
      • Loan against property
      • Real estate finance
    • Infrastructure finance
      • Infra finance
      • Infra Debt Fund
  • Non lending Businesses
    • Investment Management

LTFH(L&T Finance Holdings) has 

  • 221 branches
  • 1.3 crore customer base
  • 1532 micro loans meeting centers
  • 23,000 employees across subsidiaries and businesses.

Note: All figures are as of March 2020.


Capital allocation




  • LTFH is the financial services arm of L&T group, one of the leading business conglomerates in India. LTFH enjoys the management and technical expertise of the already proven L&T group. It benefits from the synergies and expertise of L&T, especially in infrastructure and real estate lending. This Company accesses the knowledge repository of the L&T ecosystem to identify strong developers, build a monitoring framework and to manage risks such as project cost, cash flow and completion timelines. LTFH also leverages on the parent’s strengths to identify and execute corrective actions plans.
  • L&T is the majority shareholder of this Company, with a shareholding of 63.72% as on March 31, 2020. The strong legacy of the parent strengthens the brand resonance of LTFH with all stakeholders.
  • L&T provides capital support and has infused around ₹  3,779 Cr till FY20 (including ₹  2,000 Cr in FY18).
  • Its existing ratings were reaffirmed at ‘AAA’ by India Ratings, CARE and ICRA. CRISIL conducted a rating exercise for L&T Financial Services for the first time and assigned a highest long-term rating of ‘AAA’ in October 2019. Further, India Ratings and CRISIL recently reaffirmed the AAA ratings post lockdown, during April 2020 and May 2020, respectively.



  • Phasing out of lockdown/social distancing measures at a slower pace coupled with relatively tepid policy response could result in deeper recession in FY21 as compared to all ‘recessions’ India has ever experienced.
  • Sharp decline in government revenue receipts due to the extended lockdown and growth slowdown coupled with rising need for fiscal support will throw a spanner in the works of both Union and State Government finances. 
  • Even before the COVID-19 related slowdown, FY20 was
  • a difficult year for the economy in general and more specifically the NBFC sector. NBFCs were impacted with a demand slowdown in core sectors, liquidity issues in the market, downgrades and solvency challenges and issues arising out of over-leveraging in certain geographical areas in the Micro Loans segment.


Socially Responsible Acts

  1. Contributed ₹ 20 Cr to PM CARES fund to support the fight against COVID-19 pandemic in India
  2. Supported the Mumbai Traffic Police by providing over 5,000 hygiene kits
  3. Employees voluntarily contributed their two days gross salary and a matching grant was provided by your Company towards the cause (over ₹  2.2 Cr)




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