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Results
24-Jul-21
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Analysis
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Can Fin Homes
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Disbursements jumps 123%, asset quality stable
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Can Fin Homes has posted 17% growth
in the net profit to Rs 108.85 crore in the quarter ended June 2021 (Q1FY2022).
The income from operation declined 14%
to Rs 450.8 crore as on 30 June 2021. Overall OPM has increased to 92.36%
as on 30 June 2021 from 87.88% as on 30 June 2020, leading to 9% decline in
operating profit to Rs 416.38 crore.
Other expenditure as a percentage of
total income moved up to 2.15% in Q1FY2022 from 1.03% in Q1FY2021. The
staff cost as a percentage of total income increased to 4.04% in Q1FY2022 from
2.64% in Q1FY2022. The provisions as percentage of total income
declined to 1.45% from 8.45% as on 30 June 2021.
Other income declined 64% to Rs 0.04
crore. Interest cost dipped 19% to Rs 268.04
crore. Depreciation moved up 3% to Rs 2.37 crore. PBT increased
16% to Rs 146.01 crore.
The effective tax rate declined to
25.45% in Q1FY2022 compared to 26.09% in Q1FY2021. Provision for tax
was expense of Rs 37.16 crore, compared to Rs 32.89 crore. Profit
after tax moved up 17% to Rs 108.85 crore.
Business highlights:
The company
has posted robust 123% growth in the disbursements in Q1FY2022. Loan Book increased
7% to Rs 22221 crore with a clientele base of 1.80 lakh.
NIM was
at 3.31% in Q1FY2022, decline in line with strategy from 3.88% in Q4FY2021 and 3.70%
in Q1FY2021.
RoAA was
at 1.97% and RoE 15.97%.
The cost
to income ratio was 16.55% Q1FY2022 from 11.21% in Q1FY2021.
The company
has healthy debt equity ratio of 7.17 and CRAR at 26.12% end June 2021.
Gross
NPA stood at 0.90% end June 2021 compared with 0.91% end March 2021 and 0.75%
end June 2020.
Net NPA
was at 0.57% end June 2021 compared with 0.61% end March 2021 and 0.50% end
June 2020.
About 84%
of fresh loan approvals were for housing segment. The salaried and professional
segment constitutes 73% of the outstanding loan book end June 2021. Housing forms 90% of the loan book
and non housing book at 10%.
Average
ticket size of incremental housing and non-housing loans is Rs 20 lakh and Rs 10
lakh respectively.
Financial performance FY2021
The income from operation of Can Fin
Homes rose 1% to Rs 2018.14 crore for FY2021.
Overall OPM eased to 90.93% in FY2021
from 92.19% in FY2020, leading to 2% fall in operating profit to Rs 1835.19
crore.
The provisions as percentage of
total income increased to 3.40% in FY2021 from 2.97% in FY2020. Other
expenditure as a percentage of total income moved up to 2.20% from 2.17%. The
staff cost as a percentage of total income increased to 3.47% from 2.67%.
Other income increased 625% to Rs
0.29 crore. There is 10% fall in interest cost at Rs 1208.33
crore and 1% rise in depreciation to Rs 9.57
crore, Profit before tax increased 19% to Rs 617.58
crore. There is no extraordinary item. After which, PBT
increased 19% to Rs 617.58 crore.
The effective tax rate declined to
26.15% in FY2021 compared to 27.43% in FY2020. Provision for tax was
expense of Rs 161.52 crore, compared to Rs 142.16 crore. Profit
after tax increased 21% to Rs 456.06 crore.
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Can Fin Homes :
Standalone Results
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Particulars
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2106 (3)
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2006 (3)
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Var.(%)
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2103 (12)
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2003 (12)
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Var.(%)
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Income from Operations
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450.80
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522.40
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-14
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2018.14
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2030.41
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-1
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OPM (%)
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92.36
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87.88
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449 bps
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90.93
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92.19
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-126 bps
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OP
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416.38
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459.08
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-9
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1835.19
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1871.92
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-2
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Other Inc.
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0.04
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0.11
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-64
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0.29
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0.04
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625
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PBDIT
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416.42
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459.19
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-9
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1835.48
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1871.96
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-2
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Interest
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268.04
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330.83
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-19
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1208.33
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1344.21
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-10
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PBDT
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148.38
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128.36
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16
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627.15
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527.75
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19
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Depreciation
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2.37
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2.31
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3
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9.57
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9.47
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1
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PBT before EO
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146.01
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126.05
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16
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617.58
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518.28
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19
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EO
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0.00
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0.00
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-
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0.00
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0.00
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-
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PBT after EO
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146.01
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126.05
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16
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617.58
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518.28
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19
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Tax Expenses
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37.16
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32.89
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13
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161.52
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142.16
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14
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PAT
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108.85
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93.16
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17
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456.06
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376.12
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21
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EPS (Rs)*
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32.7
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28.0
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34.3
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28.2
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* Annualised on
current equity of Rs 26.63 crore, Face value of Rs 2, Excluding extraordinary
items.
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EO : Extraordinary
items
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Figures in Rs crore
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Source: Capitaline
Corporate Database
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