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HUDCO reports Rs 726 cr PAT in Q2

HUDCO reports Rs 726 cr PAT in Q2
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New Delhi: HUDCO in its 616th Board Meeting, held on Wednesday, reported remarkably high growth in all the financial parameters of its MOU targets, like Net Profit, Total Income, Net Worth, Disbursements and Balance Sheet Size, etc for the second quarter of the current financial year. Both the Gross NPA and Net NPA are the lowest in the financing sector of a government listed company.

The company Net Profit (Profit After Tax) has increased 2.16 times, touching an all-time high of the second quarter, to Rs 725.84 crore in the current financial year (on quarter-on-quarter basis) compared to Rs 335.68 crore of the first quarter of FY20.

On a Half-Yearly basis, Net Profit is 72 per cent high with Rs 1,061.52 crore, as on September 30, compared to Rs 615.52 crore in the same period a year ago. Total Income has increased by 1.13 times touching an all-time high of the Q2 to Rs. 2,053.79 crore compared to Rs 1,816.19 crore of the Q1FY20.

On a Half-Yearly basis, Total Income is 39 per cent high with Rs 3,869.98 crore, as on September 30, compared to Rs 2,793.10 crore in the same period of last financial year.

Balance Sheet size has grown by 55 per cent to Rs 75,000 crores as on September 30 in FY20 from Rs 48,343 crore in the same period of FY19.

Net Worth of Hudco has gone up by 10 per cent to Rs 11,980.14 crores as on September 30 of FY20 compared to Rs 10,956 crore as on March 31, 2019.

Disbursements of loans grown by 52 per cent with Rs 5,311 crore, as on September 30 in Financial Year 2019-20 as compared to Rs 3,503 crore as on September 30 in 2018-19, now crossing cumulative disbursements of Rs 1,71,554 crore, for both Housing & Urban Infrastructure in India.

NPAs in Hudco is from the past years between 2003 and 2006, and because of sincere efforts of HUDCO Team for recovery of Rs 800 crores in 2018-19, the Gross NPA is reduced to 4.19 per cent, and the Net NPA is reduced to 0.39 per cent, as on September 30 in FY20, the lowest in the sector.

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