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Motilal Oswal Report
Can Fin Homes Ltd.'s Q4 FY21 profit after tax grew 13% YoY to Rs 1.03 billion (13% miss).
Profit after tax miss was driven by an net interest income miss (12%) and higher-than-expected opex (31%), offset by lower credit costs (77% below our estimate).
The company was one of the few housing finance companies whose disbursements had not picked up to YoY levels even by Q3 FY21.
In Q4 FY21, disbursements surpassed YoY levels by ~45% to Rs 20 billion.
This was a result of the change in the business model to home loans that are competitively priced to that of banks and large housing finance companies.
As a result, its sequential loan book growth of 5% was the best in the past 17 quarters.
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