Can Fin Homes Q2 FY24 Net Profit Rises 11.54%
Real Estate

Can Fin Homes Q2 FY24 Net Profit Rises 11.54%

Can Fin Homes reports 11.54% growth in Q2 FY24 net profit, reaching Rs 1.58 billion compared to Rs 1.41 billion in the same period last fiscal. Total income from operations rises to Rs 8.71 billion, a 32.47% increase from the previous year's Rs 6.57 billion.

However, during the quarter, an isolated fraud event occurred in the Ambala branch. Internal staff colluded in a fraud spanning 22 months from September 2021 to July 2023. The fraud was detected after Q1 FY 2023-24 results were declared. Can Fin Homes conducted a thorough investigation and determined that the incident was limited to the Ambala branch, with a total fund defalcation of Rs. 396.7 million. The company has filed an FIR against the employees involved and has taken measures to mitigate the effects of the fraud. The full amount of the fraud, with a post-tax impact of Rs. 296,9 million, has been provided for during the current quarter.

As of September 30, 2023, Can Fin Homes' net worth is Rs 396.1.32 billion, with a debt-equity ratio of 7.73, a total debts to total assets ratio of 0.89, a net profit margin of 20.15%, gross non-performing assets (NPAs) at 0.76%, and net NPAs at 0.43%.

Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

Can Fin Homes reports 11.54% growth in Q2 FY24 net profit, reaching Rs 1.58 billion compared to Rs 1.41 billion in the same period last fiscal. Total income from operations rises to Rs 8.71 billion, a 32.47% increase from the previous year's Rs 6.57 billion. However, during the quarter, an isolated fraud event occurred in the Ambala branch. Internal staff colluded in a fraud spanning 22 months from September 2021 to July 2023. The fraud was detected after Q1 FY 2023-24 results were declared. Can Fin Homes conducted a thorough investigation and determined that the incident was limited to the Ambala branch, with a total fund defalcation of Rs. 396.7 million. The company has filed an FIR against the employees involved and has taken measures to mitigate the effects of the fraud. The full amount of the fraud, with a post-tax impact of Rs. 296,9 million, has been provided for during the current quarter. As of September 30, 2023, Can Fin Homes' net worth is Rs 396.1.32 billion, with a debt-equity ratio of 7.73, a total debts to total assets ratio of 0.89, a net profit margin of 20.15%, gross non-performing assets (NPAs) at 0.76%, and net NPAs at 0.43%.

Next Story
Infrastructure Energy

NLCIL Mines Win Top Honours in 2023–24 Star Ratings

NLC India Limited (NLCIL), a Navratna Central Public Sector Enterprise (CPSE) under the Ministry of Coal, has once again cemented its position as a leader in sustainable and responsible mining, with all five of its operating mines receiving prestigious Star Ratings for 2023–24 from the Ministry of Coal.The Star Rating scheme, introduced in 2019, evaluates mines across seven key parameters, including operational efficiency, environmental stewardship, safety, technological adoption, rehabilitation, and worker welfare. Since the inception of the framework, NLCIL has ensured 100 per cent partici..

Next Story
Infrastructure Energy

GST on Coal Raised to 18 per cent, Compensation Cess Removed

The Goods and Services Tax (GST) Council has approved a hike in the GST rate on coal and lignite from 5 per cent to 18 per cent, while simultaneously removing the additional compensation cess of Rs 400 per tonne, previously levied at 40 per cent. The decision, taken on 3 September, is expected to rationalise the tax structure without raising the overall cost burden on power producers or consumers.According to a statement from the Union government, the move is unlikely to impact electricity prices, as the tax adjustment is designed to be revenue-neutral for buyers. The removal of the cess is ex..

Next Story
Infrastructure Energy

SCCL Mines Win 5-Star National Awards for Excellence

Singareni Collieries Company Limited (SCCL) has been awarded 5-Star ratings at the national level for four of its coal mines for the last financial year, recognising the company’s excellence in sustainable mining, safety, and operational practices.The honoured mines include:RG OC-1 Extension from the Ramagundam-3 AreaJK-5 OC from the Yellandu AreaRK-6 Underground Mine and RK-Newtech Mine from the Srirampur AreaThese awards were presented during the 5-Star Rating Awards Ceremony held in Mumbai, where SCCL Chairman and Managing Director N. Balram received the accolades from Union Minister for ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?