Buy Can Fin Homes, target price Rs 710: Religare Broking

Religare Broking has buy call on Can Fin Homes with a target price of Rs 710. The current market price of Can Fin Homes is Rs 660.15. Religare Broking recommended to keep stop loss at Rs 640.

Can Fin Homes, incorporated in the year 1987, is a Mid Cap company (having a market cap of Rs 8774.86 Crore) operating in NBFC sector.

Can Fin Homes key Products/Revenue Segments include Interest and Fees & Commission Income for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Standalone Total Income of Rs 764.29 Crore, up 7.69 % from last quarter Total Income of Rs 709.71 Crore and up 36.17 % from last year same quarter Total Income of Rs 561.30 Crore. Company has reported net profit after tax of Rs 165.80 Crore in latest quarter.

The company’s top management includes Mr.Lingam Venkata Prabhakar, Mrs.Shubhalakshmi Aamod Panse, Mr.Arvind Narayan Yennemadi, Mr.G Naganathan, Mr.Satish Kumar Kalra, Mr.Ajai Kumar, Mr.Debashish Mukherjee, Mr.Amitabh Chatterjee, Mr.Girish Kousgi, Mr.Anup Sankar Bhattacharya. Company has Varma & Varma as its auditors. As on 31-03-2023, the company has a total of 13 Crore shares outstanding.

Investment Rationale
Set for a breakout from a triangle pattern, after spending nearly one-and-a-half years.

Promoter/FII Holdings
Promoters held 29.99 per cent stake in the company as of 31-Mar-2023, while FIIs owned 10.35 per cent, DIIs 24.97 per cent.