L&T Finance - Q4FY2013 Result Update - Nirmal Bang

- Results were marginally ahead of estimates

- NII increased 22% QoQ and 27% YoY to Rs 477.8 cr

- Resulting from higher operating expenses (76% YoY), profit before provisioning stood flat YoY and increased 30% QoQ.

- Lower tax rate helped to report 24% YoY growth in adjusted PAT

- The stock is trading at 2.5x FY13 Book value which we believe is fairly priced

Source : Equity Bulls

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