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HUDCO posts 24 per cent growth in net profit

By IndianMandarins- 28 May 2024
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New Delhi (28.05.2024): Housing and Urban Development Corporation Limited (HUDCO) has declared its financial results for the financial year 2023-24, saying that it has posted 24 per cent growth in Net Profit Year on Year (YoY) and 10.40 per cent growth in Revenue from Operations YoY.
Key financial highlights for FY 2023-24 compared to FY 2022-23 are: Loan Sanctions stood at Rs 82,387 crore in FY24 as against Rs 24,572 crore in FY23; Highest ever loan disbursements of Rs 17,987 crore during FY24 as against Rs 8,466 crore during FY23, thereby registering a growth of 112 per cent YoY; Profit After Tax (PAT): Highest ever Net Profit of Rs 2,116.74 crore vis-à-vis Rs 1,701.62 crore for FY23, thereby registering a 24 per cent increase on Year on Year basis.
The Net Profit increased by 35 per cent on Quarter on Quarter (QoQ) basis to Rs 700.16 crore from Rs 519.23 for Q3 FY 24; Revenue from Operation: Growth of 10.40 per cent on YoY for FY 2023-24 from Rs 7,049.46 crore to Rs 7,784.29 crore; Loan Book: Growth of 15 per cent from Rs. 80,743 crore to Rs. 92,654 crore (YoY); Gross NPAs : Significant reduction from 3.42 per cent to 2.71 per cent (YoY); Net NPAs: Significant reduction from 0.52 per cent to 0.36 per cent (YoY); Earnings Per Share: Growth (YoY) from Rs 8.50 to Rs 10.57 and Market capitalization increased from Rs 10,000 crore in March, 2023 to over Rs 53,000 crore in May, 2024.
Sanjay Kulshrestha, Chairman & Managing Director of HUDCO said, “HUDCO, being a Government Company under aegis of MoHUA with lowest levels of NPA and Debt-Equity and comfortable CRAR is envisaged to play a vital role in creating assets for the nation and supplement efforts of Government of India for creation of sustainable and resilient Infrastructure, in line with Viksit Bharat 2047.”

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