HUDCO, a state-owned policy institution specializing in housing finance and urban infrastructure financing, reported a 9.54% rise in consolidated net profit to Rs. 700.16 crore for the quarter ending March 2024. This marks a significant increase from Rs. 639.14 crore in the corresponding period last year, reflecting the company’s resilience amidst evolving market conditions.
The total income for the March 2024 quarter surged to Rs. 2,194.04 crore, compared to Rs. 1,862.41 crore a year ago, as outlined in a regulatory filing. This growth trajectory underscores HUDCO’s strategic initiatives and prudent financial management.
For the fiscal year 2023-24, HUDCO witnessed a notable uptick in net profit, reaching Rs. 2,116.69 crore, up from Rs. 1,701.43 crore in the previous fiscal. Similarly, the total income for the fiscal year rose to Rs. 7,948.10 crore, reflecting robust performance across its operations.
In a move to reward its shareholders, HUDCO’s board recommended a final dividend of Rs. 2.65 per equity share of face value Rs. 10 each for the fiscal year 2023-24. The proposal is subject to approval at the ensuing Annual General Meeting (AGM), underscoring the company’s commitment to shareholder value and long-term sustainability.
HUDCO continues to play a pivotal role in fostering sustainable urban development, guided by its regulatory framework under the National Housing Bank and administrative oversight from the Ministry of Housing and Urban Affairs.
