Can Fin Homes in demand after good Q1 show

Can Fin Homes jumped 7.24% to Rs 413.95 after the housing finance company posted a 15% rise in net profit to Rs 93.16 crore in Q1 June 2020 from Rs 80.98 crore in Q1 June 2019.

Total income rose 8% to Rs 522.50 crore in Q1 June 2020 over Q1 June 2019. Profit before tax came (PBT) rose 2.6% year-on-year to Rs 126.05 crore in Q1 June 2020. Total tax expense declined 21.5% to Rs 32.89 crore during the period under review. The result was announced after market hours yesterday, 25 August 2020.

Can Fin Homes in accordance with the RBI guidelines relating to COVID-19 Regulatory Package offered moratorium on the payment of installments falling due between 1 March 2020 to 31 August 2020 to eligible borrowers. As on 30 June 2020, the company said it holds a provision of Rs 72.89 crore, which is more than the requirement as per RBI norms.

 

Can Fin Homes is a housing finance company. The firm offers housing loan to individuals; housing loan to builders/developers, and loan against property.

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