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Results
02-May-22
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Analysis
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Can Fin Homes
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Strong loan growth, robust asset quality
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Can Fin Homes has posted healthy 20% growth
in the net profit to Rs 122.93 crore in the quarter ended March 2022 (Q4FY2022),
driven 26% surge net interest income and improvement in the cost to income
ratio and credit cost.
The interest income of the company jumped
20% yoy, while the company has also exhibited sharp improvement in margins and maintained
strong asset quality in Q4FY2022. The loan growth accelerated to 21% end March
2022 from 19% end December 2021. The disbursements and loan sanctions have increased
at strong pace in Q4FY2022.
The interest expenses increased 16% allowing
the net interest income to surge 26% to Rs 242.45 crore. The operating expenses
increased 14% to Rs 45.94 crore leading to 29% jump in the operating profit to
Rs 196.82 crore.
The provisions increased sharply by
nearly four times to Rs 30.24 crore in Q4FY2022 from Rs 7.66 crore in Q4FY2022,
while depreciation declined 8% to Rs 2.23 crore. PBT increased 16% to Rs 164.34
crore.
An effective tax rate was steady at 25.2%,
leading to 20% increase in the net profit to Rs 122.93 crore.
Business
highlights
The disbursement of the company galloped
35% to Rs 2705 crore, while sanctions improved 34% to Rs 3018 crore.
The loan book moved up at an
accelerated 21% to Rs 26711 crore. About 74% of the outstanding loan book is
from Salaried Professionals. Further 90% of loam book is home loans.
The net interest margin of the company
has improved to 4.15% in Q4FY2022 from 3.74% in Q3FY2022 and also jumped from
3.69% in Q4FY2022. The yield on advances rose to 8.11% from 8.05% in Q2FY2022.
The cost of funds was steady at 5.56% from a quarter ago.
Gross NPA ratio of the company declined
to 0.64% and net NPA ratio fell 0.30% end March 2022 compared with 0.71% and 0.39%
end December 2021.
Financial
performance FY2022
Interest income declined 2% to Rs 1987.83
crore, while interest expense fell 5% to Rs 1153.51 crore, leading to 3% rise in
net interest income to Rs 834.32 crore. Operating expenses moved up 25% to Rs 143.20
crore. Operating profit declined 1% to Rs 691.80 crore. Provisions dipped 32%
to Rs 46.94 crore, while depreciation increased 3% to Rs 9.81 crore. PBT rose 3%
to Rs 635.06 crore. An effective tax rate eased to 25.8% from 26.2%. Net profit
moved up 3% to Rs 471.11 crore in FY2022.
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Can Fin Homes: Results
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2203 (3)
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2103 (3)
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Var %
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2203 (12)
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2103 (12)
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Var %
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Interest Inc.
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560.99
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467.27
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20
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1987.83
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2018.14
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-2
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Interest Exp.
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318.54
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274.84
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16
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1153.51
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1208.33
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-5
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Net Interest Inc.
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242.45
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192.43
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26
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834.32
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809.81
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3
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Other inc.
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0.31
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0.08
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288
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0.68
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0.29
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134
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Total inc.
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242.76
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192.51
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26
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835.00
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810.10
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3
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Op. Exp.
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45.94
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40.41
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14
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143.20
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114.42
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25
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OP
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196.82
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152.10
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29
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691.80
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695.68
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-1
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Woff/Prov. of B/D
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30.24
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7.66
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295
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46.94
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68.53
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-32
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Dep.
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2.23
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2.43
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-8
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9.81
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9.57
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3
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PBT
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164.34
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142.01
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16
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635.06
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617.58
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3
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Total Tax
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41.41
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39.44
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5
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163.95
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161.52
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2
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PAT
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122.93
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102.57
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20
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471.11
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456.06
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3
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EPS*(Rs)
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36.9
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30.8
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35.4
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34.3
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Adj BV(Rs)
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219.1
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208.7
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219.1
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208.7
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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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Board of Can Fin Homes recommends final dividend
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