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HUDCO posts 33.33 % growth in Net Profit YoY,

Feb 9th, 2024 7:36 pm | By | Category: SPECIAL NEWS COVERAGE

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 2023 (fiscal year 2023-24).

The company reported a remarkable 33.33% increase in the Profit After Tax (PAT) Year over Year (YoY) and 14.94 % increase Quarter on Quarter (QoQ). The revenue from operations recorded a growth of 10.04 % YoY and 7.93 % increase QoQ. This outstanding performance is attributed to consistent growth in the Loan Book from Rs.79,290 crore to Rs.84,424 crore YoY and a significant reduction in Net Non-Performing Assets (NPAs) from 0.96 % to 0.44 % YoY.

Key financial highlights for QE December 2023, FY 2023-24 compared to QE December 2022, FY 2022-23 are as follows:

Revenue from Operation: growth of 10.04 % on YoY for 9M from Rs.5,197.08 crore to Rs. 5,719.07 crore.

Profit after tax: growth of 33.33 % on YoY for 9M from Rs.1,062.43 crore to Rs. 1,416.58 crore.

Loan Book: growth from Rs.79,290 crore to Rs. 84,424 crore YoY.

Gross NPAs: Significant reduction from 4.27 % to 3.14 % YoY.

Net NPAs: Significant reduction from 0.96 % to 0.44 % YoY

Earnings Per Share: growth YoY from Rs.5.31 to Rs.7.08

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 and 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.10,000 crore in March, 2023 to over Rs.40,000 crore in Dec., 2023, 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 Hardeep Singh Puri, Union Minister of Housing and Urban Affairs; Kaushal Kishore, Minister of State, Housing & Urban Affairs; Manoj Joshi, Secretary, MoHUA and Board of Directors for their unstinted support and guidance.

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