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Analyst Meet / AGM
23-Jul-19
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Conference Call
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Can Fin Homes
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Targets loan book of Rs 23000 crore by March 2020, reduce GNPA level to FY19 level by Q2FY20
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Can Fin Homes conducted a conference call on 23 July 2019 to discuss its financial results for the quarter ended June 2019. Shreekant M Bhandinad, DMD of the company addressed the call:
Highlights:
- The company has recorded healthy performance in the quarter ended June 2019 with 17% growth in loan book to Rs 19003 crore end June 2019 over June 2018. The disbursements of the company have increased 10% to Rs 1276 crore in Q1FY2020.
- The company has recorded loan growth of 22% from non –Karnataka region, while Karnataka loan growth was lower at 7% end June 2019. Loan growth for south region stood at 15% and non-south at 20%.
- About 30% of loan book comes from Karnataka and 70% from South region end June 2019. The company hopes Karnataka region to do well ahead with RERA and GST issues behind now. Also, the unsold inventory is depleting faster in Karnataka.
- The loan growth for salaried and non-salaried was similar end June 2019 with salaried segment contributing 70% to the loan book.
- The company has aims to raise loan book to Rs 23000 crore by end March 2020 from Rs 19003 crore end June 2019.
- The company has recorded revenues growth of 20%, while expenses also moved up 20%. The net profit increased 17% to Rs 81 crore in Q1FY2020.
- The company has exhibited 16 bps improvements in yield on advances, while contained the rise in cost of funds at 3 bps to 7.93% in Q1FY2020 helping to improve margins.
- GNPA of the company have increased to Rs 139 crore end June 2019 from Rs 113 crore end March 2019. However, the net slippages have been lower at Rs 26 crore in Q1FY2020 compared with Rs 40 crore in Q1FY2019. In last full year FY2020, net slippages were Rs 50 crore with Q1FY2019 alone contributing Rs 40 crore which has declined to Rs 26 crore in Q1FY2020.
- With the enhanced efforts on recoveries, the company expects to improve asset quality going forward. In most of NPA cases, the company has already started action under SARFAESI. Thus, the company expects to reduce GNPA to March 2019 level by end September 2019 (Q2FY2020).
- The ECL provision requirement for the company stands at Rs 47 crore, while the company is holding excess provisions of Rs 107 crore end June 2019 of which Rs 46 crore is for NPA and Rs 60 crore is for standard assets.
- The company has made provisions of Rs 6.75 crore for NPA and Rs 1.91 crore for standard assets in Q1FY2020.
- The company has comfortable liquidity positions with sufficient unavailed credit lines of Rs 2000 crore along with additional credit limit sanctions of Rs 2300 crore, which would take care of its funds requirement for next two quarters.
- The outstanding borrowings of the company stand at Rs 16823 crore end June 2019.
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