Can Fin Homes Q2 FY24 Net Profit Rises 11.54%

19 Oct 2023 CW Team

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%.

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