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CARE Ratings Reaffirms Can Fin Homes A1 Plus Rating

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CARE Ratings has reviewed the ratings of the commercial paper issue of up to Rs 4,500 crore (outstanding Rs 1,850 crore), it said in a regulatory filing. 

Canara Bank-promoted housing finance firm Can Fin Homes (CFHL) on Tuesday said CARE Ratings has reaffirmed its A1 plus rating on its commercial paper issue of up to Rs 4,500 crore.

CARE Ratings has reviewed the ratings of the commercial paper issue of up to Rs 4,500 crore (outstanding Rs 1,850 crore), it said in a regulatory filing. 

It has reaffirmed the rating ‘CARE A1+’, with rating action ‘removed from credit watch with developing implications’, the company said. 

“On review of recent developments including removal of credit watch of rating of Canara Bank, principal shareholder of CFHL and operational and financial performance of the company for FY20 and Q1FY21, the rating was reviewed,” Can Fin Homes said. 

CFHL had reported 15 per cent rise in net profit at Rs 93.16 crore in the first quarter ended June of the current fiscal. 

Income during the quarter was up at Rs 522.50 crore as against Rs 484.14 crore in the year-ago period. 

In FY 2019-20, the net profit grew by 26.7 per cent to Rs 376.12 crore from Rs 296.74 crore in preceding fiscal. 

Can Fin Homes stock closed at Rs 434.45 apiece on BSE, up 1.97 per cent.

Source: PTI

(This story has been published from a wire feed without modifications to the text. Only the heading has been changed)

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