Can Fin Homes trades lower; profit up so are NPAs in September quarter

According to Morgan Stanley analysts, the Q2 profit beat estimates by 7 percent led by higher NIM and lower effective tax rate.

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Can Fin Homes shares were trading lower on the October 18 morning, a day after the housing finance corporation announced higher profit but also a rise in bad loans in the September quarter of the current financial year .

Can Fin Homes reported an 11.5 percent year-on-year (YoY) jump in net profit at Rs 158 crore. The gross non-performing assets (GNPAs) for the quarter were 0.76 percent against 0.63 percent in the previous quarter. Net NPA, too, were higher at 0.43 percent against 0.34 percent in the June quarter, the company said in a post market hour announcement on October 17.

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Can Fin Homes is a housing finance company promoted by Canara Bank, which holds 29.99 percent of the paid up equity share capital.

The company reported a 16 percent YoY year growth in loan book to Rs 33,359 crore with a client base of 2.53 lakh. The salaried and professional segment constituted 72 percent of the outstanding loan book.

Also read: Buy Can Fin Homes; target of Rs 900: Prabhudas Lilladher

Morgan Stanley has an “overweight” call on the stock with a target price of Rs 1,000 a share.

According to the brokerage, the Q2 profit beat estimates by 7 percent led by higher net interest margin and lower effective tax rate. The company will hold an earnings call  later in the day.

At 10.27 am, the stock was trading at Rs 757.25 on the National Stock Exchange, down 1.43 percent from the previous close.

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