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Results
30-Apr-24
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Analysis
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Can Fin Homes
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AUM growth moderate at 11%, margins and asset quality improves
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Can
Fin Homes has continued to post robust 26% growth in the net profit to Rs
209.03 crore for the quarter ended March 2023 (Q4FY2024). Interest income
increased 21% to Rs 926.83 crore, while interest expenses rose 19% to Rs 583.93
crore. NII of the company galloped 26% to Rs 342.90 crore in Q4FY2024.
The net interest margin improved to 3.96%
in Q4FY2024 from 3.92% in the previous quarter and 3.37% in the corresponding
quarter of last year. The loan growth has moderated to 11% end March 2024. The
company witnessed improvement in asset quality.
Operating
expenses increased 41% to Rs 67.81 crore, allowing the operating profit to jump
22% to Rs 275.90 crore. Depreciation moved up 14% to Rs 4.16 crore, while loan
loss provisions dipped 93% to Rs 1.78 crore in Q4FY2024. PBT jumped 36% to Rs
269.95 crore.
Effective
tax rate rose to 22.6% in Q4FY2024 from 16.3% in Q4FY2023. The final bottomline
of the company increased 26% growth in the net profit to Rs 209.03 in Q4FY2024.
Book value of the company stood at
Rs 326.2 per share at end March 2023, while adjusted book value net of net NPA
stood at Rs 315.2 per share at end March 2023.
Business
highlights
The loan book of the company increased
at moderate pace of 11% yoy and 3% qoq to Rs 34999 crore end March 2024. About
71.9% of the outstanding loan book is from Salaried Professionals. Further 88.9%
of loam book is home loans.
The disbursement of the company
declined 9% yoy to Rs 2314 crore, while sanctions also declined 7% to Rs 2586
crore in Q4FY2024.
The net interest margin of the company
improved on sequential basis to 3.96% in Q4FY2024 from 3.92% in Q3FY2024, while
it also gained from 3.37% in Q4FY2023.
The yield on advances eased to 9.80%
from 9.91% in Q3FY2024, while eased from 9.87% in Q4FY2023. The cost of funds rose
on sequential basis at 7.52% in Q4FY2024.
Gross
NPA ratio of the company declined to 0.82% and net NPA ratio declined to 0.42%
end March 2024 compared with 0.91% and 0.49% end December 2023, while also
moved up from 0.63% and 0.34% end March 2023.
Financial
Performance FY2024:
Can
Fin Homes has posted 21% growth in the net profit to Rs 750.70 crore for the
year ended March 2023 (FY2024). Interest income increased 28% to Rs 3523.06
crore, while interest expenses rose at higher pace of 31% to Rs 2231.39 crore.
NII of the company galloped 24% to Rs 1291.67 crore in FY2024.
Operating
expenses increased 49% to Rs 244.25 crore, allowing the operating profit to
jump 19% to Rs 1049.05 crore. Depreciation moved up 2% to Rs 12.71 crore, while
loan loss provisions increased 89% to Rs 78.81 crore in FY2024. PBT increased 16%
to Rs 957.53 crore. Effective tax rate eased to 21.6% in FY2024 from 24.6% in
FY2023. The final bottomline of the company increased 21% to Rs 750.70 in
FY2024.
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Can Fin Homes: Results
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2403 (3)
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2303 (3)
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Var %
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2403 (12)
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2303 (12)
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Var %
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Interest Inc.
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926.83
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763.77
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21
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3523.06
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2742.00
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28
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Interest Exp.
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583.93
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490.83
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19
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2231.39
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1700.86
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31
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Net Interest Inc.
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342.90
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272.94
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26
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1291.67
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1041.14
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24
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Other inc.
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0.81
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0.52
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56
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1.64
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1.13
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45
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Total inc.
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343.71
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273.46
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26
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1293.31
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1042.27
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24
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Op. Exp.
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67.81
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48.02
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41
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244.25
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164.02
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49
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OP
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275.90
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225.44
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22
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1049.05
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878.25
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19
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Woff/Prov. of B/D
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1.78
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23.80
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-93
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78.81
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41.76
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89
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Dep.
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4.16
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3.66
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14
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12.71
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12.46
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2
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PBT
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269.95
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197.99
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36
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957.53
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824.03
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16
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Total Tax
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60.93
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32.19
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89
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206.84
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202.82
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2
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PAT
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209.03
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165.80
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26
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750.70
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621.21
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21
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EPS*(Rs)
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62.8
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49.8
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56.4
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46.7
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Adj BV(Rs)
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326.2
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263.0
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326.2
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263.0
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* On current equity of
Rs 26.63 crore. Face Value: Rs 2
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Figures in Rs crore,
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Source: Capitaline
Corporate Database
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Previous News |
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