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Canara Bank promoted housing loan provider Can Fin Homes Ltd reported a 32% year-on-year (YoY) rise in net profit at ₹200 crore for the third quarter that ended December 31, 2023. In  the corresponding quarter. Last year, Can Fin Homes posted a net profit of ₹151 crore, the company said in a regulatory filing to stock exchanges.

Can Fin Homes Q3 Results | Net profit surges 32% to ₹200 crore on strong NII growth

Housing finance company Can Fin Home Ltd had a weak second quarter in the current financial year ending March 31, 2024 (FY24) on witnessing slippage of Rs 64 crore from Covid-restructured book and low disbursement of just over Rs 2,000 crore.  After stabilising operations, it is now looking to scale up disbursement to Rs 3,000 crore in Q3 and Q4, each, and expects further slippage from restructure book to be Rs 30 crore in H2FY24.

Housing finance company Can Fin Home eyes Rs 6K cr disbursements in H2

CFHL is a moderate-sized player in the industry, with a regional concentration of operations in south India. This regional concentration may limit CFHL's market reach and growth potential compared to larger competitors with a nationwide presence.

CFHL's overall gearing, or leverage, has increased due to loan book growth. Higher leverage levels can expose the company to increased financial risk, especially during periods of economic downturn or market volatility.

CFHL has approval in place to raise additional capital, indicating a potential need for further funding to support its growth plans. Depending on market conditions and investor response, raising capital through public or private placements may involve certain costs and dilution of existing shareholders' stakes.

The issuer has made timely interest payments.

Shri K Satyanarayana Raju, Chairman (Promoter), MD and CEO

CFHL enjoys the guidance and support of Canara Bank, its majority stakeholder. This ensures that the company benefits from the experience and expertise of Canara Bank's management and board members.

Being associated with Canara Bank allows CFHL to leverage the strong brand reputation of Canara Bank. This can enhance customer trust and confidence in CFHL's services.

With Canara Bank as its promoter, CFHL has access to strong financial resources. This provides the company with the flexibility to raise funds and support its growth initiatives.

Canara Bank views CFHL as an important entity and has expressed its commitment to support the company regardless of its modest shareholding. This ensures continued support and stability for CFHL's operations.

8.18%Can Fin Homes Limited 03 Apr 2029

ISIN:

INE477A07399

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Can Fin Homes Limited

Recent News

Can Fin Homes Q3 Results | Net profit surges 32% to ₹200 crore on strong NII growth

Housing finance company Can Fin Home eyes Rs 6K cr disbursements in H2

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