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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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