In a board meeting held in Mumbai, Housing and Urban Development Corporation (HUDCO) Board of Directors approved the limited reviewed Financial Results for the third quarter ending December 2023-24.
The revenue from operations recorded a growth of 10.4% Year over Year (YoY) and 7.93% increase Quarter to Quarter (QoQ). The company also reported a remarkable 33.33% increase in the Profit After Tax (PAT). 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-Performing Assets (NPAs) from 0.96% to 0.44% YoY.
Key financial highlights for QE December 2023, Fiscal year 2023-24 compared to QE December 2022. Fiscal year 2022-23 includes:
Revenue from Operation growth of 10.04% year over year for 9M from Rs. 5,197.08 crore to Rs. 5,719.07 crore.
Profit after tax: Growth of 33.33% on year by year for 9M from Rs. 1,062.43 crore to Rs.1,416.58 crore.
Loan Book: Growth from Rs. 79,290 crores from Rs. 84,424 crore year over year.
Gross NPAs: Significant reduction from 4.27% to 3.14% year over year.
Net NPAs: Significant reduction from 0.96% to 0.44% year over year.
Earnings Per Share: Growth year over year from Rs. 5.31 to Rs. 7.08
Mr. Sanjay Kulshrestha, Chairman and Managing Director of HUDCO, while expressing his satisfaction at the exceptional financial results. He said that 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 reposting confidence in HUDCO which has helped in increasing the market cap from Rs. 10,000 crores in March,2023 to over Rs. 40,000 crores in December 2023 within a short span of 9 months.
He also 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 and Urban Affairs; Mr. Manoj Joshi, Secretary, MoHUA and Board of Directors for their unstinted support and guidance.
