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Results
18-Oct-22
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Analysis
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Can Fin Homes
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Loan growth healthy at 22%, stable asset quality
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Can Fin Homes has posted 15% increase in
the net profit to Rs 141.71 crore in the quarter ended September 2022 (Q2FY2023),
driven by healthy 30% jump in net interest income and improvement in
the cost to income ratio. The company has also maintained stable asset quality,
but the credit cost rose in Q2FY2023 on account of higher standard asset
provisions with the shift to ECL method of provisioning.
The net interest income of the company
galloped 30% yoy, driven by healthy net interest margin and strong loan growth.
The company also maintained stable asset quality, which is one of the best in
the industry.
The loan growth was healthy at 22% end September
2022 from 21% end March 2022. The disbursements and loan sanctions improved on
sequential basis in Q2FY2023, while remained steady from Q2FY2022 on account of high base.
The interest income moved up 41% to Rs
657.48 crore, while the interest expenses increased 48% to Rs 400.99 crore. The
net interest income jumped 30% to Rs 256.49 crore. The operating expenses increased
17% to Rs 37.07 crore leading to 33% jump in the operating profit to Rs 219.49 crore.
The provisions of the company
rebounded to Rs 13.23 crore in Q2FY2023 from write back of Rs 3.69 crore in Q1FY2023
as well as Rs 6.21 crore in Q2FY2022. The standard asset provisions zoomed to Rs
33.55 crore, while NPA provisions were reversed amounting to Rs 20.32 crore in
Q2FY2023. The depreciation also jumped 35% to Rs 3.40 crore. PBT increased 20% to
Rs 202.85 crore.
An effective tax rate surged to 30.1%
from 25.8% in the previous quarter and 26.9% in the corresponding quarter last
year, allowing to net profit to rise 15% to Rs 141.71 crore in Q2FY2023.
Book
value
of the company stood at Rs 253.1 per share, while the adjusted book value net
of net NPA and 10% of restructured loans stood at Rs 240.7 per share end September
2022.
Business
highlights
The loan book of the company rose at
strong pace of 22% yoy and 5% qoq to Rs 28823 crore. About 74% of the
outstanding loan book is from Salaried Professionals. Further 90% of loam book
is home loans.
The disbursement of the company rose 2%
to Rs 2245 crore, while sanctions improved 3% to Rs 2348 crore in Q2FY2023.
The net interest margin of the company
eased marginally on sequential basis to 3.55% in Q2FY2023 from 3.60% in Q1FY2023,
while improved slightly from 3.53% in Q2FY2022. The yield on advances rose to
8.55% from 7.99% in Q2FY2022. The cost of funds rose to 6.04% from 5.57%.
Gross NPA ratio of the company eased
to 0.62% and net NPA ratio rose to 0.35% end September 2022 compared with 0.65%
and 0.30% end June 2022, while dipped from 0.78% and 0.47% end September 2021.
Financial
performance H1FY2023
Interest income jumped 38% to Rs 1268.69
crore in the half year ended September 2022 (H1FY2023), while interest expense galloped
41% to Rs 538.85 crore, leading to 35% rise in net interest income to Rs 511.59
crore. Operating expenses moved up 27% to Rs 75.40 crore. Operating profit increased
36% to Rs 436.64 crore. Provisions jumped to Rs 9.54 crore from Rs 0.34 crore
in H1FY2022, while depreciation increased 14% to Rs 5.57 crore. PBT moved up 34%
to Rs 421.53 crore. An effective tax rate rose to 27.9% from 26.2%. Net profit moved
up 31% to Rs 303.92 crore in H1FY2023.
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Can Fin Homes: Results
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2209 (3)
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2109 (3)
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Var %
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2209 (6)
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2109 (6)
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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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657.48
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467.77
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41
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1268.69
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918.57
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38
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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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400.99
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270.82
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48
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757.10
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538.85
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41
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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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256.49
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196.95
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30
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511.59
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379.72
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35
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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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0.07
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0.11
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-36
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0.45
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0.15
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191
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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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256.56
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197.06
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30
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512.04
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379.87
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35
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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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37.07
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31.71
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17
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75.40
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59.59
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27
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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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219.49
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165.35
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33
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436.64
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320.28
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36
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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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13.23
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-6.21
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PL
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9.54
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0.34
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2689
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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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3.40
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2.52
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35
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5.57
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4.89
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14
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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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202.85
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169.04
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20
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421.53
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315.05
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34
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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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61.14
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45.41
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35
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117.61
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82.56
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42
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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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141.71
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123.63
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15
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303.92
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232.49
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31
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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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42.6
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37.1
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45.7
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34.9
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35.4
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34.3
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Adj BV(Rs)
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240.7
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198.9
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240.7
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198.9
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219.1
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185.9
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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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Previous News |
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(
Results
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Analysis
27-Jan-22
18:19
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(
Analyst Meet / AGM
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Conference Call
21-Jul-23
09:46
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(
Analyst Meet / AGM
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08:31
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(
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(
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15-Mar-23
10:59
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Can Fin Homes to hold AGM
(
Corporate News
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23-Jul-22
19:01
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Board of Can Fin Homes recommends final dividend
(
Corporate News
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27-Apr-23
17:26
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Can Fin Homes fixes record date for dividend
(
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Reports
16-Jul-21
11:13
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Can Fin Homes schedules AGM
(
Corporate News
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27-Apr-23
17:26
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Can Fin Homes
(
Analyst Meet / AGM
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Conference Call
27-Jan-22
18:13
)
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Can Fin Homes schedules board meeting
(
Corporate News
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05-Jul-23
10:26
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