Can Fin Homes soared 9.68% to Rs 333.15 after the housing finance company reported a 37.5% jump in net profit to Rs 90.91 crore on a 14.2% rise in total income to Rs 528.86 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax stood at Rs 118.92 crore in Q4 March 2020, rising 2.9% from Rs 115.61 crore in Q4 March 2019. Current tax expense fell 7.4% to Rs 38.18 crore during the period under review.Provisions & contingencies for expected credit loss and write offs stood at Rs 40.84 crore in Q4 March 2020, steeply higher than Rs 1.09 crore in Q4 March 2019. The company said it holds provision of Rs 36.54 crore in line with RBI's guidance against the impact of COVID-19.
Net Interest Income increased 35% to Rs 186 crore in Q4 March 2020 from Rs 138 crore in Q4 March 2019. Net interest margin improved to 3.52% in Q4 March 2020 from 3.29% in the same period last year.
The GNPAs of the company has been contained at 0.76% in Q4 2020 as compared to 0.80% in Q3 2019. Loan book increased 13% with an outstanding of Rs 20708 crore on 31 March 2020 as against Rs 18381 crore on 31 March 2019. Meanwhile, the company has declared a final dividend of Rs 2 per share.
Due to the lockdown since 25 March 2020, the operations of the company were restricted. Loan disbursements were not made during April 2020. Business resumed in many centres during last week of May 2020. The administrative work of the company was carried out through the work-from-home mode.
From 24th March till the third week of May, lending was impacted. However, impact on revenues have been minimum. The company's liquidity position is good and has sufficient un-availed sanctioned limits lined up from banks and has not opted for moratorium offered by its lending institutions.
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Can Fin Homes is a housing finance company. The firm offers housing loan to individuals; housing loan to builders/developers, and loan against property. Its loan portfolio includes housing loans and non-housing loans. As on date there are 198 offices spread over 21 states and Union Territory.
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