The shares of a finance company specializing in providing home loan solutions rose by upto 2 percent following the selection of IBM India for the supply, implementation, and maintenance of core business solutions, infrastructure, and security solutions.
Price action
With a market capitalization of Rs. 7,961.29 crores on Friday, the shares of Can Fin Homes Limited jumped upto 1.6 percent making a high of Rs. 614.60 per share compared to its previous closing price of Rs. 604.95 per share.
What Happened
Can Fin Homes Limited, engaged in providing home loan solutions has approved the selection of IBM India Private Limited as the System Integrator for the supply, implementation, and maintenance of the Core Business Solution, Infrastructure, and Security Solution.
The contract, valued at Rs. 296.95 Crore for 7 years, includes services such as Loan Origination and Management Systems, Document Management, Cyber Security, IT infrastructure, and disaster recovery. The agreement covers 12 months of implementation, 3 months of warranty, and 5 years and 9 months of support and maintenance, with an optional 2-year extension.
About the Company
Can Fin Homes Limited is a leading housing finance company in India, primarily focused on providing home loan solutions, and offers a wide range of products, including home loans, loans against property, and other housing-related financing options. The company serves both individuals and developers, helping to finance the purchase, construction, and renovation of residential properties.
Product-wise AUM (Q3FY25)
As of Q3FY25, Can Fin Homes assets under management (AUM) are distributed as follows: 77 percent in housing loans, 10 percent in housing commercial real estate (CRE), 6 percent in loan against property (LAP) and mortgages, 2 percent in top-up loans, and 5 percent in other segments.
Financials
The company’s total revenue rose by 9.3 percent from Rs. 901.93 crore to Rs. 986.14 crore in Q3FY24-25. Meanwhile, Net profit rose from Rs. 200.14 crore to Rs. 212.12 crore during the same period.
Written by Sridhar J
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