This housing finance stock delivered 49% growth in its profits

This housing finance stock delivered 49% growth in its profits

by 5paisa Research Team Last Updated: Jul 22, 2022 - 11:59 am 21.4k Views
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The asset quality of the company also improved significantly.

On July 22, at 11:30 am, the market is trading in green. S&P BSE Sensex is 0.18% up from its previous close, trading at Rs 55781.73. Bank and Auto are outperforming, while IT and Telecom remain the top losers today.

Due to the result season, there is a lot of stock-specific action on Dalal street. According to BSE filings, yesterday, 51 companies announced their Q1 results, while today 18 companies will announce their results. One stock which is trending among investors and showcasing upward momentum is Can Fin Homes Ltd.

The shares of Can Fin Homes Ltd are trading at Rs 553.55 with 2.38% gain. Can Fin Homes is surging today as the company announced stellar Q1 results yesterday. The revenue was recorded at Rs 611.21 crore, showcasing 35.58% YOY growth. While net profit number showed a growth of 49% from Rs 108.85 crore in the June quarter of FY22 to Rs 162.21 crore in Q1 FY23.

The asset quality of the company also improved. The gross non-performing assets (GNPA) and net non-performing assets (NPA) were reduced by 25 and 27 basis points, respectively. The GNPA and NPA stood at 0.65% and 0.3%, respectively.

The company’s Net Interest Income (NII) number also increased 38% YOY and 5.5% QOQ to Rs 250 crore. The loan book reached a level of Rs 27,538 crore, a YOY surge of 24%. In all, we can say that the bank has delivered quality Q1 results.

Can Fin Homes is a public deposit-taking housing finance company with a market capitalization of Rs 7,626 crore. The shares of Can Fin Homes are trading around 2.5 times their book value of Rs 230.

Talking about the shareholding pattern, the promoter holds 29.99%, DIIs own 24.8%, and the rest 45.21% is held by non-institutional investors.

The stock has a 52-week high and low of Rs 722 and Rs 407, respectively.

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