New Delhi: Shares of L&T Finance Holdings fell nearly 5 per cent in early Mumbai trade on Thursday as the non-banking financial company reported 10 per cent fall in annualized consolidated net profit at Rs 223 crore in July-September. registered.

At 09:35 hours (IST), the company’s share price on the National Stock Exchange was Rs 86.80, down 4.98 per cent from the previous close.

In the second quarter of the last financial year, L&T Finance had posted a net profit of Rs 248 crore.

On Wednesday, the company’s top management said contraction in the loan book and higher rate of taxation led to a fall in profits in July-September (Year-on-Year).

Despite the fall in net profit on a year-on-year basis, the company reported a 26 per cent rise in profit at Rs 178 crore in April-June.

For the period under review, L&T Finance Holdings’ total borrowing book declined by 12 per cent to Rs 86,936 crore from Rs 98,823 crore a year ago. The loan book also showed a gradual decline from Rs 88,440 crore in April-June.