HUDCO Reports Strong Financial Performance for Q3 FY 2023-24

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GG News Bureau
New Delhi, 10th Feb. 
The Housing and Urban Development Corporation Limited (HUDCO) announced its limited reviewed Financial Results for the third quarter ending December 2023 (fiscal year 2023-24) following the approval by its Board of Directors in a meeting held today in Mumbai.

HUDCO reported a significant 33.33% increase in Profit After Tax (PAT) Year over Year (YoY) and a 14.94% increase Quarter on Quarter (QoQ). Revenue from operations recorded a robust growth of 10.04% YoY and a 7.93% increase QoQ. These impressive figures are credited to the consistent growth in the Loan Book, which saw an increase from Rs.79,290 crore to Rs.84,424 crore YoY, and a noteworthy reduction in Net Non-Performing Assets (NPAs) from 0.96% to 0.44% YoY.

Key financial highlights for the quarter ending December 2023, compared to the same period in the previous fiscal year, include:

– Revenue from Operation: a 10.04% growth on YoY for the first nine months from Rs.5,197.08 crore to Rs.5,719.07 crore.
– Profit after tax: a remarkable 33.33% growth on YoY for the first nine months from Rs.5,197.08 crore to Rs.5,719.07 crore.
– Loan Book: witnessed growth from Rs.79,290 crore to Rs.84,424 crore YoY.
– Gross NPAs: experienced a significant reduction from 4.27% to 3.14% YoY.
– Net NPAs: showed a significant reduction from 0.96% to 0.44% YoY.
– Earnings Per Share: grew on YoY from Rs.5.31 to Rs.7.08.

Expressing his satisfaction at the outstanding financial results, Shri Sanjay Kulshrestha, Chairman & Managing Director of HUDCO, highlighted the company’s pivotal role in funding infrastructure projects and creating assets for the nation. He attributed the company’s success to the support of investors, which has led to a remarkable increase in market capitalization from Rs.10,000 crore in March 2023 to over Rs.40,000 crore in December 2023.

Shri Kulshrestha also emphasized HUDCO’s readiness to capitalize on opportunities presented by the current fiscal budget’s focus on housing and infrastructure. He mentioned the exploration of funds through External Commercial Borrowings (ECB) to optimize borrowing costs.

Furthermore, Shri Kulshrestha conveyed gratitude to key stakeholders including Shri Hardeep Singh Puri, Hon’ble Union Minister of Housing and Urban Affairs, Shri Kaushal Kishore, Hon’ble Minister of State, Housing & Urban Affairs, Shri Manoj Joshi, Secretary, MoHUA, and the Board of Directors for their unwavering support and guidance.

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