Mumbai (10.02.2024): Housing and Urban Development Corporation Ltd (HUDCO) Board of Directors in its Board meeting held on Friday at Mumbai reported a remarkable 33.33 per cent increase in the Profit After Tax (PAT) Year over Year (YoY) and 14.94 per cent increase Quarter on Quarter (QoQ). The revenue from operations recorded a growth of 10.04 per cent YoY and 7.93 per cent increase QoQ for the third quarter ending December 2023 (fiscal year 2023-24).
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 per cent to 0.44 per cent 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.5,197.08 crore to Rs. 5,719.07 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 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.
