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The company’s Board of Directors approved IBM India as the system integrator for the supply, implementation, and maintenance of its core business solution, along with infrastructure and security enhancements.
As per the contract details, IBM will be responsible for delivering and managing various processes, including Lending Solutions such as the Loan Origination System (LOS) and Loan Management System (LMS) with Collections, as well as the Document Management System (DMS) and Borrowing & Investment, among others.
Can Fin Homes has awarded the contract to IBM India for seven years.
The period is segregated into 12 months of Implementation, followed by three months of warranty, along with five years and nine months of support and maintenance services.
The contract also includes an optional period of two years, if agreed upon by both parties, Can Fin Homes said in a filing to the stock exchanges on February 21.
The size of the order stands at ₹296.95 crore for the entire contract period of seven Years.
For the quarter ended December 31, 2024, Can Fin Homes’ net profit increased 6% year-on-year (YoY) to ₹212 crore compared to ₹200 crore in the same period last year.
Its Net Interest Income (NII) witnessed a positive growth in the third quarter of FY25, rising 4.3% YoY to ₹350.4 crore as opposed to ₹336 crore in the corresponding quarter of the previous financial year.
Shares of Can Fin Homes gained 1.6% on Friday to record an intraday high of ₹614.6 per piece on the BSE. The stock was seen trading in the red, down by 0.85% to ₹599.8 apiece on the BSE at around 12:15 pm on Friday. In comparison, the benchmark Sensex was seen trading 0.6% lower at 75,282.82 points
