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Prabhudas Lilladher Report
Can Fin Homes Ltd. has appointed Mr. Suresh Iyer as Managing Director and Chief Executive Officer with-effect-from March 18, 2023, for a fixed period of three years, further extendable for two years.
He has 25 years' experience of working in Gruh Finance across various functions like sales, operations, IT strategy, policy and pricing, risk, recovery, legal etc.
MD and CEO appointment is positive as-
it removes overhang of a key management position lying vacant and
increase business focus to aid loan growth.
Further credit momentum has been steady with 20% YoY growth. MD and CEO's commentary on medium term strategy is a key. With increased focus, we expect pace of business to enhance without diluting profitability or asset quality and hence our FY23-25E loan compound annual growth rate estimate of 17% may see an upgrade.
Our FY23/24/25E profit after tax remains unchanged and Can Fin structural story is intact with likely return on equity of ~17.0% over FY23-25E, while valuation at 1.5 times is attractive
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