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Can Fin Homes tumbles 9% after 4% dip in Q2 net profit

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Can Fin Homes’ shares were down over 9 percent on Friday after the firm reported a decline of nearly 4 percent in its net profit for the quarter ended September 30.

Can Fin Homes tumbles 9% after 4% dip in Q2 net profit
Can Fin Homes’ shares tumbled over 9 percent on Friday a day after the mortgage firm reported a decline of nearly 4 percent in its net profit for the quarter ended September 30.
Can Fin Homes’ profit after tax (PAT) stood at Rs 123.64 crore for the second quarter of FY22 as against Rs 128.42 crore in the corresponding quarter the previous year, the company said in its regulatory filing.
The housing finance company firm reported a total income of Rs 467.89 for the September quarter down from Rs 525.81 crore in the same quarter last year. It added that the company’s disbursements during Q2 increased by 153 percent year-on-year (YoY), the loan book reached Rs. 23,584 crore and 82 percent of fresh loan approvals during the financial year were for housing.
“The salaried and professional segment constitutes 74% of the outstanding loan book as on Sept’ 21. Housing forms 90% of the loan book and NHL, 10%,” the firm said in its regulatory filing.
Can Fin Homes’ board of directors has given approval and authorisations for the issue of non-convertible debentures on a private placement basis up to an extent of Rs 4,000 crore, the company announced.
Earlier in September, Girish Kousgi, managing director and chief executive officer (CEO), Can Fin Homes, had said the company expected the second quarter of fiscal 2022 to be its best ever in terms of earnings, beating Q4FY21 due to strong demand across geographies and segments.
He also expects loan growth of 18-20 percent for FY22. In Q2FY22, the Can Fin Homes’ loan book was up 13 percent compared to the corresponding quarter last year.
"In terms of the outlook for the industry, the next 2-3 years is going to be a dream run. And because of COVID-19, wave one and wave two, there was pent-up demand which is being carried forward. So we have large pent-up demand and then the actual demand will come back,” Kousgi told CNBC-TV18 on September 7.
At 1:51 pm, Can Fin Homes stock was down 7.92 percent at Rs 643.60 apiece on BSE whereas it declined 7.99 percent to Rs 643.20 apiece on NSE.
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