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Results
20-Jan-23
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Analysis
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Can Fin Homes
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Loan book up 20%, asset quality improves
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Can Fin Homes has posted 31% increase in
the net profit to Rs 151.9 crore in the quarter ended December 2022 (Q3FY2023),
driven by 21% jump in net interest income and improvement in the cost to income
ratio. The company has also improved asset quality, while the credit cost declined
in Q3FY2023.
The net interest income of the company
increased 21% yoy. The net interest margin eased marginally to 3.47%. The loan
growth was healthy at 20% end December 2022. The company improved asset
quality, which is one of the best in the industry.
The loan growth was strong at 20% end December
2022. The disbursements and loan sanctions improved on sequential basis in Q3FY2023.
The interest income moved up 40% to Rs
709.54 crore, while the interest expenses increased 53% to Rs 452.94 crore. The
net interest income moved up 21% to Rs 256.60 crore. The operating expenses rose
8% to Rs 40.61 crore leading to 24% jump in the operating profit to Rs 216.16 crore.
The provisions of the company declined
Rs 8.42 crore in Q3FY2023 from Rs 16.36 crore in Q3FY2022. The NPA provisions were
at Rs 14.35 crore, while the company has reversed standard asset provisions of
Rs 5.93 crore in Q3FY2023. The depreciation increased 20% to Rs 3.23 crore. PBT
increased 31% to Rs 204.51 crore.
An effective tax rate was stable at
25.9% from 25.7% in the corresponding quarter last year, allowing to net profit
to rise 31% to Rs 151.49 crore in Q3FY2023.
Book
value
of the company stood at Rs 264.5 per share, while the adjusted book value net
of net NPA and 10% of restructured loans stood at Rs 253.0 per share end December
2022.
Business
highlights
The loan book of the company rose at healthy
pace of 20% yoy and 4% qoq to Rs 30115 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 eased
1% yoy to Rs 2444 crore, while sanctions declined 6% to Rs 2585 crore in Q3FY2023.
The net interest margin of the company
eased marginally on sequential basis to 3.47% in Q3FY2023 from 3.55% in Q2FY2023,
while declined from 3.74% in Q3FY2022. The yield on advances rose to 8.87% from
8.05% in Q3FY2022. The cost of funds rose to 6.63% from 5.56%.
Gross NPA ratio of the company eased
to 0.60% and net NPA ratio declined to 0.30% end December 2022 compared with 0.62%
and 0.35% end September 2022, while dipped from 0.71% and 0.39% end December
2021.
Financial
performance 9MFY2023
Interest income jumped 39% to Rs 1978.23
crore in the nine months ended December 2022 (9MFY2023), while interest expense
galloped 45% to Rs 1210.04 crore, leading to 30% rise in net interest income to
Rs 768.19 crore. Operating expenses moved up 19% to Rs 116.00 crore. Operating
profit increased 32% to Rs 652.80 crore. Provisions rose 8% to Rs 17.96 crore
from Rs 16.70 crore in 9MFY2022, while depreciation increased 16% to Rs 8.80 crore.
PBT moved up 33% to Rs 626.04 crore. An effective tax rate rose to 27.3% from 26.0%.
Net profit moved up 31% to Rs 455.42 crore in 9MFY2023.
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Can Fin Homes: Results
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2212 (3)
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2112 (3)
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Var %
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2212 (9)
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2112 (9)
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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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709.54
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508.27
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40
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1978.23
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1426.84
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39
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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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452.94
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296.11
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53
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1210.04
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834.96
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45
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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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256.60
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212.16
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21
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768.19
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591.88
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30
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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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0.17
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0.21
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-19
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0.61
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0.37
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65
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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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256.77
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212.37
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21
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768.80
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592.25
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30
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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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40.61
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37.66
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8
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116.00
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97.25
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19
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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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216.16
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174.71
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24
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652.80
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495.00
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32
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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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8.42
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16.36
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-49
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17.96
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16.70
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8
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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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3.23
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2.69
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20
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8.80
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7.58
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16
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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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204.51
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155.66
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31
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626.04
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470.72
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33
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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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53.02
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39.97
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33
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170.63
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122.54
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39
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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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151.49
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115.69
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31
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455.42
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348.18
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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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45.5
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34.8
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45.6
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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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253.0
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208.7
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253.0
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208.7
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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,
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Source: Capitaline
Corporate Database
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Previous News |
Can Fin Homes
(
Analyst Meet / AGM
-
Conference Call
30-Apr-24
20:48
)
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Can Fin Homes to hold AGM
(
Corporate News
-
23-Jul-22
19:01
)
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Can Fin Homes
(
Results
-
Analysis
02-May-22
18:04
)
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Can Fin Homes Q1 PAT up 13% YoY; loan book at Rs 32,505 crore
(
Hot Pursuit
-
20-Jul-23
11:00
)
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Board of Can Fin Homes to consider issuance of NCDs up to Rs 1764 cr
(
Corporate News
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14-Mar-23
18:44
)
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Can Fin Homes receives upgrade in credit ratings
(
Corporate News
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17-Dec-21
11:24
)
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Can Fin Homes fixes record date for dividend
(
Market Beat
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Reports
15-Jul-21
18:46
)
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Can Fin Homes
(
Analyst Meet / AGM
-
Conference Call
26-Jul-21
16:25
)
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Can Fin Homes receives revision in credit ratings for CPs
(
Corporate News
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15-Sep-20
16:20
)
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Can Fin Homes to discuss results
(
Corporate News
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20-Apr-24
13:53
)
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Board of Can Fin Homes to consider raising Rs 2525 via NCD issue
(
Corporate News
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23-Mar-22
08:39
)
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