HUDCO's Profit Dips Despite Revenue Growth in Q3

HUDCO's consolidated net profit fell by 3% to Rs 713 crore in the December quarter due to higher expenses, despite reporting increased income. The company announced an interim dividend and plans to raise its borrowing limit for the next fiscal year to bolster its urban development finance operations.

Housing and Urban Development Corporation (HUDCO) reported a 3% drop in consolidated net profit to Rs 713 crore for the December quarter, attributed to increased expenses.

Despite this, the state-owned firm saw its total income rise to Rs 3,505.57 crore, compared to Rs 2,770.14 crore in the previous year.

The company's board approved a third interim dividend and sought to enhance its borrowing capacity for urban development finance, increasing it to Rs 80,000 crore for the next fiscal year.

(With inputs from agencies.)