HUDCO posts 39.87 % growth in NP, YoY, 30.55% growth in Revenue
Jan 22nd, 2025 7:00 pm | By ThenewsmanofIndia.com | Category: LATEST NEWS
(THE NEWSMAN OF INDIA.COM)
Mumbai,Maharashtra,22nd January, 2024 Housing and Urban Development Corporation Limited (HUDCO) Board of Directors in its Board meeting held today at Mumbai approved the Limited Reviewed Financial Results for the third quarter ending December 2024 (Fiscal year 2024-25). The company reported a remarkable 39.87 %increase in the Profit After Tax (PAT) Year over Year (YoY)and 6.74 %increase Quarter on Quarter (QoQ).The Revenue from Operations recorded a growth of 30.55 %YoY and 9.63 %increase QoQ. This outstanding performance is attributed to consistent growth in the Loan Book from Rs.84,424 Crore to Rs.1,18,931 Crore YoY and a significant reduction in Net Non- Performing Assets (NPAs)from 0.44 %to 0.27 %YoY.
Key financial highlights for QE December 2024,FY 2024-25 compared to QE December: 2023,FY 2023-24.
·Revenue from Operation:Growth of 30.55 %on YoY for 9M from Rs.5,719.07 Crore to Rs.7,466.13 Crore.
·Profit after tax:Growth of 39.87 %on YoY for 9M from Rs.1,416.58 Crore to Rs.1,981.40 Crore.
·Loan Book:Growth from Rs.84,424 Crore to Rs.1,18,931 Crore YoY.
·Gross NPAs:Significant reduction from 3.14 %to 1.88 %YoY.
·Net NPAs:Significant reduction from 0.44 %to 0.27 %YoY.
·Earnings Per Share:growth YoY from Rs.7.08 to Rs.9.90.
Sanjay Kulshrestha,Chairman &Managing Director of HUDCO,while expressing his satisfaction at the exceptional Financial Results said,“HUDCO, being a government company under MoHUA with lowest levels of NNPA,Debt-Equity and comfortable CAR is envisaged to play a vital role in creating assets for the nation by funding infrastructure projects. He thanked investors for reposing confidence in HUDCO which has helped in increasing the market cap from Rs.37,500 Crores in March,2024 to over Rs.47,045 Crores in December 2024, within a short span of 9 months.In order to optimize cost of borrowings,funds through External Commercial Borrowings(ECB)route are being mobilized/explored.Current Fiscal Budget has laid thrust on Housing and Infrastructure in a big way and HUDCO is geared to capitalize on these opportunities. CMD,HUDCO attributed the company’s growth to the trust and support of the stakeholders.He conveyed gratitude to Manohar Lal Khattar, Union Minister of Housing and Urban Affairs; Tokhan Sahu, Minister of State,Housing & Urban Affairs; Katikithala Srinivas,Secretary,MoHUA and Board of Directors for their unstinted support and guidance.
