The housing finance company's profit before tax stood at Rs 177.48 crore in Q3 FY21, rising nearly 22% from Rs 145.57 crore in Q3 FY20. Tax expense grew 12% to Rs 45.39 crore in Q3 FY21 over Q3 FY20.

The company's net interest income rose 21% year on year to Rs 210.41 crore in Q3 FY21 over Q3 FY20. Net interest margin improved to 3.97% in Q3 FY21 from 3.43% in Q3 FY20.

On the asset quality front, gross non-performing assets (NPAs) stood at Rs 141.93 crore as on 31 December 2020 as against Rs 149.90 crore as on 30 September 2020 and Rs 160.96 crore as on 31 December 2019.

The ratio of gross NPAs to gross advances stood at 0.68% as on 31 December 2020 as against 0.72% as on 30 September 2020 and 0.8% as on 31 December 2019. The ratio of net NPAs to net advances stood at 0.41% as on 31 December 2020 as against 0.46% as on 30 September 2020 and 0.59% as on 31 December 2019. The company's spread rose to 2.91% in Q3 FY21 from 2.32% in Q3 FY20.

Can Fin Homes said it holds a provision of Rs 72.89 crore to mitigate the impact of COVID-19, which is more than the requirement as per the aforesaid RBI Circulars on COVID-19 Regulatory Package. The NBFC's capital adequacy ratio improved to 24.37% in Q3 FY21 from 18.82% in Q3 FY20.

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.

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Net profit of Can Fin Homes rose 23.74% to Rs 131.92 crore in the quarter ended December 2020 as against Rs 106.61 crore during the previous quarter ended December 2019. Sales declined 2.72% to Rs 502.72 crore in the quarter ended December 2020 as against Rs 516.76 crore during the previous quarter ended December 2019.

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Can Fin Homes will hold a meeting of the Board of Directors of the Company on 25 January 2021.

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The ratings agency has reaffirmed its '[ICRA]AA+' rating on the company's long term bank facilities, non-convertible debenture (NCD) programme and subordinated debt programme. It also reaffirmed the ratings on short term bank facilities and commercial paper of company at '[ICRA]A1+'.

ICRA said that the ratings of Can Fin Homes (CFHL) have been removed from 'watch with developing implications' as the ratings of the company's principal shareholder, Canara Bank, which holds a stake of around 30% in CFHL as on 30 September 2020, have been removed from 'watch with developing implications'.

The ratings factor in the strengths derived by the company as an associate of Canara Bank like management support, board-level guidance, a shared brand name and healthy financial flexibility.

The ratings continue to factor in CFHL's steady profitability and its moderate, albeit improving, scale of operations in the domestic housing finance market.

Further, CFHL's focus on the relatively low-risk salaried home loan segment has helped the company maintain healthy asset quality indicators with gross non-performing assets (GNPAs) of 0.73% and net NPAs (NNPAs) of 0.45% as on 30 September 2020.

CFHL's funding profile remains diversified across debt market instruments (17%), bank borrowings (60%), National Housing Bank (NHB) refinance (21%) and deposits (2%) as on 30 September 2020.

The 'stable' outlook on the ratings reflects ICRA's opinion that the company will continue to benefit from the experience of its management team along with the 'stable' outlook on the ratings of Canara Bank.

CFHL is a housing finance company. It offers housing loan to individuals; housing loan to builders/developers, and loan against property.

CFHL posted a 31.6% rise in net profit to Rs 128.42 crore in Q2 September 2020 from Rs 97.62 crore posted in Q2 September 2019.

The scrip rose 0.88% to Rs 463.20 on Friday. On a year-to-date (YTD) basis, the stock has gained 17.85% while the benchmark S&P BSE Sensex rose 6.37% during the same period.

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