Can Fin Homes’ net profit up 11.57% in Q2 FY24, Real Estate News, ET RealEstate

October 19, 2023

NEW DELHI: Can Fin Homes has reported a growth of 11.54 per cent in its net profit during the quarter ended September 30, 2023. Its profit after tax stood at Rs 158.07 crore in Q2 FY24 as against Rs 141.71 crore it registered in the corresponding quarter of the previous fiscal.

The company’s total income from operations stood at Rs 871.03 crore, a growth of 32.47 per cent from Rs 657.55 crore it recorded in the similar quarter last year.

During the quarter, the company has intimated to the stock exchanges the occurrence of an isolated event in Ambala where internal staff colluded and caused a fraud on the company perpetrated over a period of 22 months from September 2021 till July 2023, it said in the regulatory filing.

The fraud was identified post declaration of result for Q1 FY 2023-24. The company has carried out an extensive investigation of its entire books and it is confident that this incident is limited to Ambala branch only. A detailed investigation has been carried out by the Company at the branch and the final amount of fund defalcation has been quantified as Rs. 39.67 crore. The company hasfiled an FIR against the concerned employees, and will take all possible steps to mitigate the effect of the said fraud.

The company has decided to fully provide for the entire amount during the current quarter and accordingly the post-tax impact of the fraud of Rs. 29.69 crore has been fully provided in the current quarter.

As on September 30, 2023, the company’s nbet worth was Rs 3,961.32 crore, debt-equity ratio stood at 7.73, total debts to total assets ratio was 0.89, net profit margin was 20.15%, gross non-performing assets (NPAs) was 0.76% and net NPAs was 0.43%.

  • Published On Oct 18, 2023 at 10:00 AM IST

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