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HUDCO's stellar performance continues; Net profit jumps to Rs 2116.69

By IndianMandarins- 25 May 2024
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New Delhi (25.05.2024): Housing and Urban Development Corporation (HUDCO) has announced its financial result for 2023-24 fiscal showcasing growth across all metrics and remarkable performance with highest ever Net Profit of Rs 2116.69 crore. This tells the strong financial position and growth trajectory of HUDCO.

HUDCO, a PSU that is involved in housing finance and non-commercial urban infrastructure financing. It is regulated by the National Housing Bank and is under the administrative control of Ministry of Housing and Urban Affairs, reported 9.54 per cent rise in its consolidated net profit to Rs 700.16 crore for the quarter ended March 2024. Its net profit stood at Rs 639.14 crore in the corresponding period last year. Total income rose to Rs 2,194.04 crore in March 2024 quarter from Rs 1,862.41 crore a year ago, as per the regulatory filing.

Net profit rose to Rs 2,116.69 crore in 2023-24 financial year from Rs 1,701.43 crore in 2022-23. Total income went up to Rs 7,948.10 crore from Rs 7,086.18 crore. The company's board also recommended a final dividend of Rs 2.65 per equity share of face value of Rs 10 each for 2023-24, subject to approval of shareholders in the ensuing Annual General Meeting (AGM).

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