L&t Finance Ltd · NSE:LTF
L&t Finance — Q2 FY22 Earnings Presentation
63 slides from L&t Finance's earnings presentation, Oct 20, 2021
Slide 1: Submission of Investor/Analyst Presentation to exchanges
e L&T Financial Services October 20, 2021 National Stock Exchange of India Limited BSE Limited Exchange Plaza , Corporate Relations Department, Plot No. C/1, G Block, 1st Floor, New Trading Ring , Sandra - Kurla Complex, Sandra (East), P. J. Towers, Dalal Street, Mumbai - 400 051. Mumbai - 400 001 .
Slide 2: Transform: Strategy & Results Update – Q2FY22
TRANSFORM Strategy & Results Update – Q2FY22 @ L&T Financial Services 1
Slide 3: Disclaimer
Disclaimer The information in this presentation is provided by L&T Finance Holdings Limited (the “Company”) for information purpose only. This presentation or any information therein may not be used, reproduced, copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or
Slide 4: LTFH 2.0
LTFH 2.0 Our Commitment TO BE A COMPANY WHICH: Sustainably delivers top quartile RoE with strengthened risk profile Has a clear Right to Win in each of the businesses Uses Data Intelligence as a key to unlock RoE Has a culture of “Results” not “Reasons” Stable and sustainable organisation built on t
Slide 5: Agenda
Agenda A Q2 in Perspective B Financial update C What worked for LTFS D ESG @ LTFS E Conclusion and Way Forward 4 9 L&T Financial Services
Slide 6: Through FY21 & continuing in FY22 – Built sustainable business model
Through FY21 & continuing in FY22 – ‘Built sustainable business model’ LTFS has shown the ability to deal with extremely tough conditions and has emerged stronger Demonstrated and further strengthened sustainability of business model through: ~---------- Proven business ~---------- Strong collection
Slide 7: Q2FY22 in perspective
Q2FY22 in perspective • Collections normalised across businesses in Q2 ➢ Retail businesses: Strong collections momentum in Q2FY22; in line with Q3FY21 and Q4FY21 levels Normalised ➢ Infra: Project collections normalised; thrust on portfolio retention by containing prepayments / sell down collections
Slide 8: Q2FY22 in perspective
Q2FY22 in perspective • Regular Collection efficiency back to pre-Covid levels across retail products • Micro Loan: Achieved 99%+ regular CE in Sep’21 Adequate provisions • Carrying additional provisions & OTR provisions of Rs 1,747 Cr (2.22% on standard assets); over and above ECL towards Covid 2.0
Slide 9: Agenda
Agenda A Q2 in Perspective B Financial update C What worked for LTFS D ESG @ LTFS E Conclusion and Way Forward 8 9 L&T Financial Services
Slide 10: Q2FY22 Performance: Key business metrics
Q2FY22 Performance: Key business metrics ~ Disbursements Liability NIMs + Fees Collections Credit Cost & Asset size Management 9 9 L&T Financial Services
Slide 11: Strategic intent to increase retailisation through...
Strategic intent to increase retailisation through... Q2FY19 Q2FY20 Q2FY21 Q2FY22 14% 7% 5% 3% 24% 27% 29% 35% > > 36% 39% 10% 39% 38% 11% 12% 13% 12% 16% 16% 14% Retail mix Retail mix Retail mix Retail mix 34 % 38 % 41 % 47 % ■ Rural ■ Retail Housing ■ Real Estate ■ Infrastructure Finance ■ Defocus
Slide 12: …strong growth in Retail portfolios
…strong growth in Retail portfolios I Disbursements II ~ I Book I Rs Cr 11 YoY (%) IIRs Cr 11 YoY (%) 11 QoQ (%) I ~II Farm Equipment 1,149 I 5% I □□□ 1---- 11,081 21% 4% Achieved highest ever Q2 disbursements; Maintained market share ________II Two Wheelers 1,244 I 13% IDD□ I_ _ __ 6,935 3% 1% Achi
Slide 13: …moderated growth in Wholesale portfolios
…moderated growth in Wholesale portfolios r--------------------------------------- ._____ _____.I I Disbursements .....---------- Book I .________.I I Rs Cr YoY (%) II Rs Cr 1 YoY (%) 1 QoQ (%) I .- - - - - - -. DD □□□ ..----I--------. Infrastructure Finance 1,347 (54)% 31,284 (19%) (6%) Arrested pr
Slide 14: Strong liability profile enabling reduction in borrowing cost
Strong liability profile enabling reduction in borrowing cost Diversified Liability Mix Weighted average cost of borrowing (WAC) 4% 1% ---------------------------------------------------------------------, I I 5% 1% ■ Bank Loan 9% 6% 7% ■ NCD Pvt 7% 39% 36% 8.59% 8.61% 8.54% ■ Retail NCD 8.43% 8.49%
Slide 15: NIMs + Fee & other income
NIMs + Fee & other income NIMs + Fee & other income % of average book 7.52% 7.58% 6.95% 6.49% Q2FY21 Q1FY22 Q2FY22 FY21 • Higher NIMs achieved YoY through higher retailisation (47% in Q2FY22 vs 41% in Q2FY21), reduction in cost of borrowing and maintaining lower average liquidity • Despite the book
Slide 16: Collections have normalised across the businesses
Collections have normalised across the businesses ~ All figures are in Rs Cr Focused Business 13,166 10,296 10,715 9,908 Q2FY21 Q1FY22 Q2FY22 FY21 Quarterly Avg Rural Finance Housing Finance Infrastructure Finance 6,508 5,431 2,239 4,624 4,995 4,361 4,392 1,774 3,742 1,663 3,046 1,311 Q2FY21 Q1FY22
Slide 17: Strengthened Balance Sheet
Strengthened Balance Sheet Provisions on Non GS3 book Particulars (Rs. Cr) Total Lending Business Loan book size (excluding GS3 book) - (1) 78,755 Provision on stage 1 and stage 2 assets as per ECL model - (2) 444 Additional provisions & OTR provisions - (3) 1,747 Additional provisions & OTR provisi
Slide 18: Update on OTR
Update on OTR One time restructuring (OTR) under resolution framework for Covid-19 related stress by RBI Particulars OTR 1.0 OTR 2.0 Total Restructured under OTR (amount, Rs Cr) 1,208 1,806 3,014 Restructured under OTR (% of loan book) 1.4% 2.1% 3.5% Repayment of one Infra asset under OTR 1.0, of ~R
Slide 19: Credit Cost
Credit Cost Credit Cost Rs in Cr 14.50% 12.50% 1,024 10.50% 896 900 821 8.50% 778 653 6.50% 4.50% 4.06% 4.01% 3.63% 3.29% 3.51% 2.70% 2.50% 0.50% -1.50% Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Carrying additional provisions and OTR provisions; adequate to account for additional risk on account of
Slide 20: LTFH Consolidated – Summary financial performance
LTFH Consolidated – Summary financial performance Performance Summary Q2FY21 Summary P&L (Rs. Cr ) Q1FY22 Q2FY22 Y-o-Y (%) 3,206 Interest Income 2,925 2,823 (12%) 1,894 Interest Expense 1,508 1,444 (24%) 1,311 NIM 1,416 1,379 5% 309 Fee & Other Income 270 304 (2%) 1,620 NIM + Fee & other income 1,68
Slide 21: LTFH Consolidated – Key ratios
LTFH Consolidated – Key ratios Key Ratios Q2FY21 Key Ratios Q1FY22 Q2FY22 12.84% Yield 13.03% 12.73% 5.25% Net Interest Margin 6.31% 6.22% 1.24% Fee & Other Income 1.20% 1.37% 6.49% NIM + Fee & other income 7.52% 7.58% 1.81% Operating Expenses 2.44% 2.63% 4.67% Earnings before credit cost 5.07% 4.95
Slide 22: LTFH Consolidated – Capital allocation and RoE bridge: Q2FY22
LTFH Consolidated – Capital allocation and RoE bridge: Q2FY22 Q2FY21 Q2FY22 PAT Business Segments (₹ Cr) PAT Net Worth RoE Y-o-Y (%) PAT Net Worth RoE 61 4,567 5.20% Rural Finance 151 5,572 11.12% 148% 108 4,400 9.89% Housing Finance (20) 4,919 (1.61%) (118%) 86 6,475 5.34% Infrastructure Finance 72
Slide 23: Agenda
Agenda A Q2 in Perspective B Financial update C What worked for LTFS D ESG @ LTFS E Conclusion and Way Forward 22 9 L&T Financial Services
Slide 24: Sustainable business model
Sustainable business model Proven business strengths Strong collections framework Well established liability franchise Strengthened balance sheet 23 9 L&T Financial Services
Slide 25: 1.1 Disbursements
1.1 Disbursements Focused Business All figures are in Rs Cr 7,129 7,339 5,223 '' ''' Q2FY21 Q1FY22 Q2FY22 '' ' L------ Rural Finance Housing Finance Infrastructure Finance 2,908 4,987 1,004 3,607 3,305 1,480 1,347 614 439 Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22 • Farm: Maintai
Slide 26: 1.2.1 Strong pick-up in Rural disbursements
1.2.1 Strong pick-up in Rural disbursements Rural Disbursements (Rs Cr) :-------- ' • Industry de-grew by 11% YoY, LTFS’ disbursements up 5% YoY 1,600 1,357 1,400 1,089 1,149 • Highest ever Q2 disbursement; maintained market share QoQ; FARM 1,200 1,000 800 continued focus on refinance with contribut
Slide 27: 1.2.2 Disbursements primarily towards focus sectors
1.2.2 Disbursements primarily towards focus sectors Infrastructure Disbursements (Rs Cr) INFRASTRUCTURE FINANCE • Disbursements: Continued to focus on refinancing of operational 2,908 renewable projects and funding of greenfield projects ➢ Delay in signing of PPAs and lesser awards by the 1,480 I 1,
Slide 28: 1.2.3 Gradual pickup in Housing
1.2.3 Gradual pickup in Housing Housing Disbursements (Rs. Cr) 700 592 600 • Focus on salaried profile in HL; ~93% share in Q2FY22 500 436 HL / LAP disbursals 400 306 300 • Getting the market offerings in place for SENP • Salaried home loan book has grown 10% YoY and 7% QoQ 200 100 - Q2FY21 Q1FY21 Q
Slide 29: 1.2.4 Strong growth in AUM
1.2.4 Strong growth in AUM Mutual Fund Assets under Management (Rs Cr) Quarter ended Sep, 2020 Quarter ended Jun, 2021 Quarter ended Sep, 2021 Fund Type AUM1 Avg. AUM2 AUM1 Avg. AUM2 AUM1 Avg. AUM2 Pure Equity 27,867 27,427 32,344 30,986 34,304 33,356 Hybrid 7,744 7,674 12,332 11,504 13,232 13,226 F
Slide 30: 2.1 Collections
2.1 Collections Focused Business All figures are in Rs Cr 13,166 10,296 10,715 Q2FY21 Q1FY22 Q2FY22 ' L-------- Rural Finance Housing Finance Infrastructure Finance 6,508 5,431 4,624 4,995 2,239 4,361 1,663 3,046 1,311 Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22 Q2FY21 Q1FY22 Q2FY22 • Marked improveme
Slide 31: 2.2.1 Normalised collections across businesses
2.2.1 Normalised collections across businesses Retail . ---------------------------------------------- Farm '' -------------------------------------------------- • Concerted efforts to stabilize regular CEs at 89%, well above industry performance ----- -- - - - -- - - --- -- - - - -- ----- -- --- -
Slide 32: 2.2.2 Continued steady performance
2.2.2 Continued steady performance Infrastructure Industry - Avg. Daily Power Generation* (MU/day) -2% 30% 14% 27% 26% 7,000 600 Renewables 6,000 452 402 500 • Robust performance of renewables continue to drive growth 5,000 358 400 4,000 260 283 • “Must Run” status for operational projects and incre
Slide 33: 2.2.3 Steady improvement in collections
2.2.3 Steady improvement in collections Real Estate LTFS Real Estate portfolio sales % of FY20 quarterly avg • Focus on Cat A developers, construction activity, Govt. measures 100% and attractive schemes given by developers, has helped our funded projects to achieve higher sales 72% 61% • Absorption
Slide 34: 3.1 Strong liability franchise
3.1 Strong liability franchise Incremental Long Term Borrowing (Rs Cr) ~ Products NCD – Pvt. Term Loans - Term Loans – ECBs Total Period Placement PSL Non PSL Q1FY21 2,500 50 1,000 - 3,550 Q2FY21 4,232 50 - 378 4,660 Q3FY21 2,780 1,100 - 368 4,248 Q4FY21 825 2,325 20 - 3,170 Q1FY22 1,500 650 - - 2,1
Slide 35: 3.2 AAA Credit Rating for LTFH and all its subsidiaries
3.2 AAA Credit Rating for LTFH and all its subsidiaries Credit Ratings – LTFH and its subsidiaries • During FY22, LTFH and all its lending subsidiaries long-term ratings have been reaffirmed ‘AAA’ (Stable Outlook) by all 4 rating agencies: ➢ CRISIL: Apr’21 – May’21 ➢ CARE: Sept’21 Ratings Update ➢ I
Slide 36: 3.3 Prudent ALM
3.3 Prudent ALM As on 30th September, 2021 Structural Liquidity statement 61,130 ■ Cumulative Inflows (Rs. Cr) ■ Cumulative Outflows (Rs. Cr) 40,553 30,296 31,008 25,489 21,836 15,016 17,864 18,058 10,039 4,060 6,510 1,196 2,576 1-7 days 8-14 days 15 days-1 1-2 months 2-3 months 3-6 months 6-12 mont
Slide 37: 4.1 Strengthened balance sheet
4.1 Strengthened balance sheet Capital Adequacy D/E Ratio 25.16% 21.37% 5.10% 6.13 4.08% 4.40 20.06% 17.29% -- Q2FY21 Q2FY22 Q2FY21 Q2FY22 Tier I Tier II D CRAR Strengthened Capital adequacy; Tier I ratio Reduced D/E ratio from 6.13 in Q2FY21 to 4.40 in increased to 20.06% in Q2FY22 Q2FY22. Well pos
Slide 38: 4.2 Asset quality
4.2 Asset quality LTFH Consolidated – Asset Quality 0 69% 0 65% 0 52% 4,921 4,881 4,796 5,000 7% 4,000 5.75% 5.74% 5.19% 3,000 2,281 4% 2,000 1,530 1,691 2.81% 2.07% 1,000 1.67% 0 1% Q2FY21 Q1FY22 Q2FY22 - - GS3 (Rs Cr) NS3 (Rs Cr) ....... GS3 (%) ...... NS3 (%) 0 PCR (%) Carrying additional provisi
Slide 39: Agenda
Agenda A Q2 in Perspective B Financial update C What worked for LTFS D ESG @ LTFS E Conclusion and Way Forward 38 9 L&T Financial Services
Slide 40: LTFS ESG: Building a Collective Sustainable Future (1/2)
LTFS ESG: Building a Collective Sustainable Future (1/2) ESG Ratings D ITSE Russell confirms that L&T Finance Holdings has been independently assessed according to the ITSE4Good criteria, In r txuory 20 I, L& TFlnonc ~ldin , and has satisfied rhe requirements to become a constituent FTSE4Good of the
Slide 41: LTFS ESG: Building a Collective Sustainable Future (2/2)
LTFS ESG: Building a Collective Sustainable Future (2/2) Environment Social Governance Committed to environmental Nurturing stakeholder relationships Ensuring robust governance mechanism stewardship by conducting businesses through transparent, ethical and through accountability, compliance and resp
Slide 42: Agenda
Agenda A Q2 in Perspective B Financial update C What worked for LTFS D ESG @ LTFS E Conclusion and Way Forward 41 9 L&T Financial Services
Slide 43: Conclusion
Conclusion Through FY21 & continuing into FY22, LTFS has demonstrated and further strengthened sustainability ~ ~ of business model through: r---1~-----------,I Built Sustainable Business Model Proven business strengths Strong collections framework ~ Well established liability franchise r.tTiTiTTi'I
Slide 44: Way forward - To be a leading retail-oriented financier
Way forward - To be a leading retail-oriented financier Goal Strategy • Grow existing & launch new product offerings across Sustained profit and growth engine .-------------- through increased Retailisation •······• customer lifecycle • • Increase product penetration per customer • Building next gen
Slide 45: Appendix
Appendix l&T Financial Services 44
Slide 46: Lending Business – Business wise disbursement split
Lending Business – Business wise disbursement split Disbursement Q2FY21 Segments (Rs. Cr ) Q1FY22 Q2FY22 Y-o-Y (%) 1,089 Farm Equipment 1,357 1,149 5% 1,102 TW Finance 824 1,244 13% 1,354 Micro Loans 797 2,116 56% 62 Consumer Loans 327 479 674% 3,607 Rural Finance 3,305 4,987 38% 323 Home Loans 288
Slide 47: Lending Business – Business wise book split
Lending Business – Business wise book split Book Q2FY21 Segments (Rs. Cr) Q1FY22 Q2FY22 Y-o-Y (%) 9,191 Farm Equipment 10,682 11,081 21% 6,708 TW Finance 6,894 6,935 3% 12,262 Micro Loans 11,303 11,309 (8%) 210 Consumer Loans 780 1,173 459% 28,371 Rural Finance 29,659 30,497 7% 7,824 Home Loans 7,20
Slide 48: Rural Finance – Summary financial performance
Rural Finance – Summary financial performance Performance Summary Q2FY21 Summary P&L (Rs. Cr ) Q1FY22 Q2FY22 Y-o-Y (%) 1,291 Interest Income 1,390 1,322 2% 484 Interest Expense 436 417 (14%) 807 NIM 953 905 12% 118 Fee & Other Income 76 117 (2%) 926 NIM + Fee & other income 1,030 1,021 10% 294 Opera
Slide 49: Rural Finance – Key ratios
Rural Finance – Key ratios Key Ratios Q2FY21 Key Ratios Q1FY22 Q2FY22 18.67% Yield 18.55% 17.55% 11.57% Net Interest Margin 12.72% 12.01% 1.70% Fee & Other Income 1.02% 1.55% 13.27% NIM + Fee & other income 13.74% 13.55% 4.22% Operating Expenses 4.82% 5.19% 9.05% Earnings before credit cost 8.92% 8.
Slide 50: Rural Finance - Asset quality
Rural Finance - Asset quality Rural - Asset Quality 0 93% 0 75% 0 75% 14% 12% 10% 1,273 1,304 8% 893 6% 4.40% 4.38% 4% 3.21% 317 331 2% 67 1.13% 1.15% 0.25% 0% - Q2FY21 Q1FY22 Q2FY22 GS3 (Rs. Cr) - NS3 (Rs. Cr) I GS3 (%) • NS3 (%) 0 Carrying additional provisions & OTR provisions of Rs. 1,256 Cr (4.
Slide 51: Housing Finance – Summary financial performance
Housing Finance – Summary financial performance Performance Summary Q2FY21 Summary P&L (Rs. Cr ) Q1FY22 Q2FY22 Y-o-Y (%) 836 Interest Income 673 662 (21%) 536 Interest Expense 424 407 (24%) 300 NIM 249 255 (15%) 38 Fee & Other Income 26 18 (53%) 338 NIM + Fee & other income 275 272 (19%) 78 Operatin
Slide 52: Housing Finance – Key ratios
Housing Finance – Key ratios Key Ratios Q2FY21 Key Ratios Q1FY22 Q2FY22 12.24% Yield 11.65% 11.58% 4.40% Net Interest Margin 4.30% 4.45% 0.55% Fee & Other Income 0.46% 0.31% 4.95% NIM + Fee & other income 4.76% 4.76% 1.14% Operating Expenses 1.74% 1.74% 3.80% Earnings before credit cost 3.01% 3.02%
Slide 53: Housing Finance - Asset quality
Housing Finance - Asset quality Housing - Asset Quality 034% 0 32% 0 22% 1,600 12% 1,500 1,400 1,333 1,300 1,200 9% 1,100 1,034 1,000 900 800 5.98% 6% 700 600 500 4.70% 400 313 315 214 3% 300 206 200 1.16% 1.40% 100 0.96% 0 0.77% 0% - Q2FY21 Q1FY22 Q2FY22 GS3 (Rs. Cr) - NS3 (Rs. Cr) •GS3 (%) • NS3 (
Slide 54: Infrastructure Finance – Summary financial performance
Infrastructure Finance – Summary financial performance Performance Summary Q2FY21 Summary P&L (Rs. Cr ) Q1FY22 Q2FY22 Y-o-Y (%) 974 Interest Income 805 787 (19%) 759 Interest Expense 589 563 (26%) 216 NIM 216 223 4% 59 Fee & Other Income 68 63 6% 275 NIM + Fee & other income 284 286 4% 46 Operating
Slide 55: Infrastructure Finance – Key ratios
Infrastructure Finance – Key ratios Key Ratios Q2FY21 Key Ratios Q1FY22 Q2FY22 9.83% Yield 9.47% 9.52% 2.18% Net Interest Margin 2.55% 2.70% 0.60% Fee & Other Income 0.80% 0.76% 2.78% NIM + Fee & other income 3.34% 3.46% 0.47% Operating Expenses 0.52% 0.55% 2.31% Earnings before credit cost 2.82% 2.
Slide 56: Infrastructure Finance - Asset quality
Infrastructure Finance - Asset quality Infrastructure Finance- Asset Quality 0 64% 0 65% 056% 12% 2,552 2,524 10% 7.94% 8% 6.90% 1,425 6% 924 876 4.77% 4% 626 2% 2.61% 2.91% 2.15% 0% - Q2FY21 Q1FY22 Q2FY22 GS3 (Rs. Cr) - NS3 (Rs. Cr) I GS3 (%) • NS3 (%) 0 PCR (%) 55 GS3 - Gross Stage 3; NS3 - Net St
Slide 57: Infrastructure Finance – Portfolio wise split
Infrastructure Finance – Portfolio wise split D I Sectors (Rs. Cr) Q2FY21 Q1FY22 Q2FY22 Y-o-Y (%) S Renewable Power 2,421 1,264 1,015 (58%) B U Roads 144 160 154 7% R S Power Transmission 125 32 161 29% E M Others1 219 24 17 (92%) E N T Total 2,908 1,480 1,347 (54%) Q2FY21 Q1FY22 Q2FY22 Sectors (Rs.
Slide 58: Product profile and Geographies
Product profile and Geographies ATS ATS Avg Tenor BUSINESS Major Geographies on o/s book on qtrly disb on disb Farm MP, Telangana, UP, Karnataka, Bihar, AP, Rs 2.9 Lakhs Rs 3.9 Lakhs 43 months Equipment Maharashtra Two WB, Maharashtra, Gujarat, Assam, TN, Rs 41k Rs 73k 26 months Karnataka, Delhi Whe
Slide 59: LTFS branch footprint
LTFS branch footprint 8 2 As of 30th September, 2021 10 1 No. of States & Union 21 & 1 9 Territories 14 4 9 No. of branches 197 3 No. of Micro Loans meeting 16 27 13 1 1,495 centers* 6 7 No. of employees 23,605 24 10 1 11 12 6 3 58 *All these are in rural areas 9 L&T Financial Services
Slide 60: Corporate Social Responsibility
Corporate Social Responsibility Directly linked to creating value FOCUS: GENERATION OF SUSTAINABLE RURAL LIVELIHOODS Digital Financial Inclusion – Flagship programme • Trained 4,20,000+ community members on Digital Finance • Digital Sakhis provided assistance for digital transactions, helped in avai
Slide 61: Board comprises majority of Independent Directors
Board comprises majority of Independent Directors Board of Directors S. V. Haribhakti, Non-Executive Chairman, Independent Director Dinanath Dubhashi, Managing Director & CEO o Over 40 years of experience in audit, tax and consulting. o Over 30 years of experience across multiple domains in BFSI suc
Slide 62: Management Team
Management Team Dinanath Dubhashi Managing Director & CEO 31 yrs exp, BNP Paribas, SBI Cap, CARE Ratings Kailash Kulkarni Shiva Rajaraman Sunil Prabhune Raju Dodti CE - Investment Management Wholetime Director – L&T Infra Credit CE – Rural & Housing Finance CE – Wholesale Finance Group Head - Market
Slide 63: Deliver sustainable RoE
Deliver sustainable RoE Registered Office: L&T Finance Holdings Limited Brindavan, Plot No 177 CST Road, Kalina Santacruz (E), Mumbai 400 098 www.ltfs.com T +91 22 6212 5000/5555 CIN: L67120MH2008PLC181833 62 S L&T Financial Services