Can Fin Homes Awards ₹297 Crore Core System Deal to IBM India

22 Feb 2025 , 03:55 PM

Can Fin Homes Ltd has signed a contract with IBM India Private Ltd as systemic integrator for supply, implementation and maintenance of core business solution of the company. The total contract is estimated to be worth around ₹297 crore and was sanctioned by the company’s Board of Directors.

IBM India will be victorious in managing various financial and operational systems such as Loan Origination System (LOS), Loan Management System (LMS) with Collections, Document Management System (DMS) and Borrowing & Investment solutions.

The contract is worth seven years, 12 months for implementation, three months for warranty coverage and five years and nine months for support and maintenance services. The tenure of two years is optional and will be based on mutual agreement between Can Fin Homes and IBM India.

Can Fin Homes had reported the deal in a stock exchange filing on February 21. The total contract value over the full seven years is ₹296.95 crore.

Can Fin Homes on Tuesday reported a 6% growth in stand-alone net profit to ₹212 crore in the quarter ending December 31, 2024, compared with ₹200 crore in the year-ago period. Net Interest Income (NII) also increased 4.3% on a year-on-year basis, at ₹350.4 crore compared to ₹336 crore in the third quarter of the last fiscal.