HUDCO Reports 42% Profit Boost Amid Strategic Expansion

HUDCO announced a 42% increase in net profit to Rs 735.03 crore for the December quarter due to heightened income. It has signed an MoU with Vadhvan Port Project Ltd to potentially provide up to Rs 25,000 crore for port developments.

In a significant financial move, the Housing and Urban Development Corporation Ltd (HUDCO) has reported a consolidated net profit increase of 42%, bringing the figure to Rs 735.03 crore for the December quarter, largely driven by increased income.

This financial performance is backed by a memorandum of understanding signed with Vadhvan Port Project Ltd (VPPL) to explore funding up to Rs 25,000 crore for new port and public-private partnership projects.

HUDCO's total income rose impressively to Rs 2,770.14 crore in the third quarter, showcasing strong fiscal momentum compared to the previous year's Rs 2,022.94 crore.

(With inputs from agencies.)