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Results
21-Jul-23
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Analysis
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Can Fin Homes
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AUM up 18%, margins improves
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Can Fin Homes has posted 13% rise in
the net profit to Rs 183.45 crore in the quarter ended June 2023 (Q1FY2024),
driven by 14% increase in net interest income and improvement in the cost to
income ratio. However, the company has witnessed marginal increase in NPAs in Q1FY2024.
The net interest income of the company
increased 14% yoy. The net interest margin improved on sequential basis to 3.48%
in Q1FY2024 from 3.37% in the previous quarter. The loan growth was healthy at 18%
end June 2023. The company witnessed marginal deterioration in asset quality,
which still remains one of the best.
The loan growth was strong at 18% end June
2023. The disbursements of loans increased 14% and loan sanctions improved 18% in
Q1FY2024.
The interest income moved up 35% to Rs
823.96 crore, while the interest expenses increased 50% to Rs 533.00 crore. The
net interest income moved up 14% to Rs 290.97 crore. The operating expenses
rose 6% to Rs 40.78 crore leading to 15% jump in the operating profit to Rs 250.31
crore.
The provisions of the company were at Rs
13.71 crore in Q1FY2024 compared with write back of Rs 3.69 crore in Q1FY2023,
while declined from Rs 23.80 crore in Q4FY2023. The depreciation increased 25%
to Rs 2.71 crore. PBT increased 7% to Rs 233.90 crore.
An effective tax rate was lower at 21.6%
from 25.8% in the corresponding quarter last year, allowing to net profit to
rise 13% to Rs 183.45 crore in Q1FY2024.
Book
value
of the company stood at Rs 287.7 per share, while the adjusted book value net
of net NPA and 10% of restructured loans stood at Rs 274.7 per share end June
2023.
Business
highlights
The loan book of the company rose at
healthy pace of 18% yoy and 3% qoq to Rs 32505 crore. About 73% of the outstanding
loan book is from Salaried Professionals. Further 89% of loam book is home
loans.
The disbursement of the company increased
14% yoy to Rs 1966 crore, while sanctions moved up 18% to Rs 2071 crore in Q1FY2024.
The net interest margin of the company
improved on sequential basis to 3.48% in Q1FY2024 from 3.37% in Q4FY2023, while
declined from 3.60% in Q1FY2023. The yield on advances was steady at 9.84% from
9.87% in Q4FY2023. The cost of funds declined to 7.32% from 7.51%.
Gross NPA ratio of the company rose to
0.63% and net NPA ratio increased to 0.34% end June 2023 compared with 0.55%
and 0.28% end March 2023, while remained steady from 0.65% and 0.30% end June
2022.
Financial
performance FY2023
Interest income jumped 38% to Rs 2742.00
crore in the year ended March 2023 (FY2023), while interest expense galloped 47%
to Rs 1700.86 crore, leading to 25% rise in net interest income to Rs 1041.14 crore.
Operating expenses moved up 15% to Rs 164.02 crore. Operating profit increased 27%
to Rs 878.25 crore. Provisions declined 11% to Rs 41.76 crore from Rs 46.94 crore
in FY2022, while depreciation increased 27% to Rs 12.46 crore. PBT moved up 30%
to Rs 824.03 crore. An effective tax rate eased to 24.6% from 25.8%. Net profit
moved up 32% to Rs 621.21 crore in FY2023.
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Can Fin Homes: Results
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2306 (3)
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2206 (3)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Interest Inc.
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823.96
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611.21
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35
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2742.00
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1987.83
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38
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Interest Exp.
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533.00
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356.10
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50
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1700.86
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1153.51
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47
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Net Interest Inc.
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290.97
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255.11
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14
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1041.14
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834.32
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25
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Other inc.
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0.13
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0.37
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-66
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1.13
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0.68
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66
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Total inc.
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291.09
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255.48
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14
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1042.27
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835.00
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25
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Op. Exp.
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40.78
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38.31
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6
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164.02
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143.20
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15
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OP
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250.31
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217.17
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15
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878.25
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691.80
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27
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Woff/Prov. of B/D
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13.71
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-3.69
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PL
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41.76
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46.94
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-11
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Dep.
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2.71
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2.16
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25
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12.46
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9.81
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27
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PBT
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233.90
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218.69
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7
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824.03
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635.06
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30
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Total Tax
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50.44
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56.48
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-11
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202.82
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163.95
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24
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PAT
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183.45
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162.21
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13
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621.21
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471.11
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32
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EPS*(Rs)
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55.1
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48.7
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46.7
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35.4
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Adj BV(Rs)
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274.7
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231.4
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263.9
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219.2
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* On current equity of
Rs 26.63 crore. Face Value: Rs 2
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Figures in Rs crore,
PL: Profit to Loss, LP: Loss to Profit
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Source: Capitaline
Corporate Database
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(
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Conference Call
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16:25
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(
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18-Nov-21
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20-Jul-23
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