India Ratings Upgrades Can Fin Homes to 'IND AA+', Outlook Stable

India Ratings and Research (Ind-Ra) has upgraded Can Fin Homes Limited's (CFHL) Long-Term Issuer Rating to IND AA+' from IND AA'. The Outlook is Stable.

The upgrade reflects the resilient performance exhibited by CFHL despite the pandemic-led disruptions in the operating environment. Furthermore, the company managed to grow its franchisee in spite of the challenging scenario and simultaneously maintained a strong control over its asset quality. Ind-Ra has also factored in CHFL's operational track record of more than three decades and its ability to grow the franchisee in an improved operating environment. CFHL has displayed its strength in raising funds at competitive rates of interest, which helped in appropriate pricing of the loans to stay competitive amid competition from banks and other housing finance companies (MFCs). Ind-Ra has taken into consideration the moderation in the leverage due to lower growth in the loan book and has also factored in the healthy internal accruals, which could support further portfolio growth. CFHL's operating profit buffers have remained healthy across cycles. The return ratios have remained stable throughout due to steady net interest margin and optimum operational efficiency.

Shares of Can Fin Homes Limited was last trading in BSE at Rs. 549.75 as compared to the previous close of Rs. 587.85. The total number of shares traded during the day was 56349 in over 2208 trades.

The stock hit an intraday high of Rs. 586.00 and intraday low of 546.10. The net turnover during the day was Rs. 31686255.00.

Source : Equity Bulls

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