HUDCO records strong growth with quarterly profit soaring to Rs 519.19 crore

Housing and Urban Development Corporation Limited (HUDCO) on Friday reported more than two-fold rise in standalone profit after tax to Rs 519.19 crore in the three months ended December 2023.

The company had posted a standalone Profit After Tax (PAT) of Rs 254.32 crore in the third quarter of the previous fiscal, according to a regulatory filing.

The revenue from operations for the latest December quarter increased 18 per cent to Rs 2,012.66 crore.

In the year-ago period, the same stood at Rs 1,708.9 crore.

In a statement, the company said PAT for the April-December period of the current fiscal surged 33 per cent year-on-year to Rs 1,416.58 crore.

During this period, revenue from operations jumped 10 per cent to Rs 5,719.07 crore.

HUDCO attributed the performance to consistent growth in the loan book from Rs 79,290 crore to Rs 84,424 crore year-on-year and a significant reduction in net NPAs from 0.96 per cent to 0.44 per cent during the same period.

HUDCO Chairman and Managing Director Sanjay Kulshrestha said it is looking at mobilising funds through the External Commercial Borrowing (ECB) route to optimise the cost of borrowings.