https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

HUDCO Posts YoY Growth of 10.4% in Revenue from Operations & 33.33% in Net Profit

The outstanding performance is attributed to consistent growth in the Loan Bank from Rs. 79,290 crores to Rs. 84,424 crores year over year (YoY)
Indian Masterminds Stories

The Housing and Urban Development Corporation Limited (HUDCO) Board of Directors approved the limited reviewed financial results for the third quarter ending December 2023 (fiscal year 2023-24) at a meeting in Mumbai.  

The company reported a remarkable 33.33% increase in the Profit After Tax (PAT) Year over Year (YoY) and 14.94 % increase Quarter on Quarter (QoQ). The revenue from operations recorded a growth of 10.04 % YoY and a 7.93 % increase QoQ.  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 % to 0.44 % 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 

Mr. Sanjay Kulshrestha, Chairman & Managing Director of HUDCO, while expressing his satisfaction at the exceptional financial results 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 the cost of borrowings, funds through the External Commercial Borrowings (ECB) route are being mobilized/ explored. The current Fiscal Budget has laid thrust on Housing and Infrastructure in a big way and HUDCO is geared to capitalize on these opportunities. 

CMD, HUDCO attributed the company’s growth to the trust and support of the stakeholders. He conveyed gratitude to Mr. Hardeep Singh Puri, Hon’ble Union Minister of Housing and Urban Affairs; Mr. Kaushal Kishore, Hon’ble Minister of State, Housing & Urban Affairs; Mr. Manoj Joshi, Secretary, MoHUA and Board of Directors for their unstinted support and guidance. 


Indian Masterminds Stories
Related Stories
NEWS
psuwatch_2024-11-21_23wnyu82_Bharat-Earth-Movers-Limited-Cover-Image
IPS Dr. Sajid Farid Shapoo Joins as Chief Vigilance Officer of BEML
Prasar Bharati OTT App
Prasar Bharati Launches OTT Platform 'WAVES' at 55th IFFI to Showcase Indian Culture with Global Appeal
Viksit Bharat
India Launches Viksit Bharat Young Leaders Dialogue to Empower Youth Leadership
psuwatch_import_wp-content_uploads_2022_12_Shreya-Bhardwaj-IOFS
IAS Sanjay Kumar Takes Additional Charge as Secretary of Higher Education
NHAI logo
NHAI To Enhance Project Monitoring with Drone Technology for Transparency and Efficiency
IAS Khilli Ram Meena
IAS Khilli Ram Meena Succeeds IAS Renu Sharma As Chief Secretary of Mizoram
IAS Chandrabhushan Kumar
IAS Chandra Bhushan Kumar Appointed New Chief Secretary of Andaman & Nicobar Islands
Closeup of word on wooden cube on wooden desk background concept - Fraud
Retired IFS Officer Duped of Rs 11.70 Lakh by Fraudulent Pension Officer
Videos
WhatsApp Image 2024-11-20 at 18.06
Hyderabad's Transformation From The City of Pearls to Cyberabad
IMG-20241118-WA0002
The Journey Behind Kathakar Ki Diary | Video Interview 
GP Singh
They Aren’t Criminals, But IPS Officers, Standing Up To Political Pressure
ADVERTISEMENT
Latest
psuwatch_2024-11-21_23wnyu82_Bharat-Earth-Movers-Limited-Cover-Image
IPS Dr. Sajid Farid Shapoo Joins as Chief Vigilance Officer of BEML
Prasar Bharati OTT App
Prasar Bharati Launches OTT Platform 'WAVES' at 55th IFFI to Showcase Indian Culture with Global Appeal
ADVERTISEMENT
Videos
WhatsApp Image 2024-11-20 at 18.06
IMG-20241118-WA0002
GP Singh
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT