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Results
28-Apr-23
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Analysis
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Can Fin Homes
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Healthy growth momentum and asset quality
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Can Fin Homes has posted 35% surge in
the net profit to Rs 165.80 crore in the quarter ended March 2023 (Q4FY2023),
driven by 13% increase 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 Q4FY2023.
The net interest income of the company
increased 13% yoy. The net interest margin eased to 3.37%. The loan growth was
healthy at 18% end March 2023. The company improved asset quality, which is one
of the best in the industry.
The loan growth was strong at 18% end March
2023. The disbursements and loan sanctions improved on sequential basis in Q4FY2023.
The interest income moved up 36% to Rs
763.77 crore, while the interest expenses increased 54% to Rs 490.83 crore. The
net interest income moved up 13% to Rs 272.94 crore. The operating expenses
rose 5% to Rs 48.02 crore leading to 15% jump in the operating profit to Rs 225.44
crore.
The provisions of the company declined
Rs 23.80 crore in Q4FY2023 from Rs 30.24 crore in Q4FY2022, while rose from Rs
8.42 crore in Q3FY2023. The NPA provisions were reversed at Rs 0.97 crore,
while the company has raised standard asset provisions to Rs 24.75 crore in Q4FY2023.
The depreciation increased 64% to Rs 3.66 crore. PBT increased 20% to Rs 197.99
crore.
An effective tax rate was lower at 16.3%
from 25.2% in the corresponding quarter last year, allowing to net profit to
rise 35% to Rs 165.80 crore in Q4FY2023.
Book
value
of the company stood at Rs 273.9 per share, while the adjusted book value net
of net NPA and 10% of restructured loans stood at Rs 263.0 per share end March
2023.
Business
highlights
The loan book of the company rose at
healthy pace of 18% yoy and 5% qoq to Rs 31563 crore. About 743% of the
outstanding loan book is from Salaried Professionals. Further 89% of loam book
is home loans.
The disbursement of the company eased 6%
yoy to Rs 2538 crore, while sanctions declined 8% to Rs 2769 crore in Q4FY2023.
The net interest margin of the company
eased on sequential basis to 3.37% in Q4FY2023 from 3.47% in Q3FY2023, while
declined from 4.15% in Q4FY2022. The yield on advances rose to 9.87% from 8.87%
in Q3FY2023. The cost of funds rose to 7.51% from 6.63%.
Gross NPA ratio of the company eased
to 0.55% and net NPA ratio declined to 0.26% end March 2023 compared with 0.60%
and 0.30% end December 2022, while dipped from 0.64% and 0.30% end March 2022.
Financial
performance FY2023
Interest income jumped 38% to Rs 2742.00
crore in the year ended March 2023 (FY2023), while interest expense galloped 47%
to Rs 1700.86 crore, leading to 25% rise in net interest income to Rs 1041.14 crore.
Operating expenses moved up 15% to Rs 164.02 crore. Operating profit increased 27%
to Rs 878.25 crore. Provisions declined 11% to Rs 41.76 crore from Rs 46.94 crore
in FY2022, while depreciation increased 27% to Rs 12.46 crore. PBT moved up 30%
to Rs 824.03 crore. An effective tax rate eased to 24.6% from 25.8%. Net profit
moved up 32% to Rs 621.21 crore in FY2023.
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Can Fin Homes: Results
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2303 (3)
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2203 (3)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Interest Inc.
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763.77
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560.99
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36
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2742.00
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1987.83
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38
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Interest Exp.
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490.83
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318.54
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54
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1700.86
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1153.51
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47
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Net Interest Inc.
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272.94
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242.45
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13
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1041.14
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834.32
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25
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Other inc.
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0.52
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0.31
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68
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1.13
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0.68
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66
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Total inc.
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273.46
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242.76
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13
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1042.27
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835.00
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25
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Op. Exp.
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48.02
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45.94
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5
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164.02
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143.20
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15
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OP
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225.44
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196.82
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15
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878.25
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691.80
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27
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Woff/Prov. of B/D
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23.80
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30.24
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-21
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41.76
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46.94
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-11
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Dep.
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3.66
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2.23
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64
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12.46
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9.81
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27
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PBT
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197.99
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164.34
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20
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824.03
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635.06
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30
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Total Tax
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32.19
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41.41
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-22
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202.82
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163.95
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24
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PAT
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165.80
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122.93
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35
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621.21
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471.11
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32
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EPS*(Rs)
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49.8
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36.9
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46.7
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35.4
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Adj BV(Rs)
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263.9
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219.2
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263.9
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219.2
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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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