Hudco builds up record FY16 profit, lays foundation for robust results this fiscal
Housing & Urban Development Corporation Ltd (Hudco), the premier techno-financing CPSE under the Ministry of Housing and Urban Poverty Alleviation completed one more year of excellence, in the service of the nation.
Hudco is expected to get ‘Excellent’ rating consecutively for fifth year in a row, for the MoU signed with MoHUPA for the year 2015-16. HUDCO’s loan sanctions are highest ever since inception which stands at Rs 30774 crore.
The firm releases also are highest ever in last 46 years at Rs 8250 crore. Besides, Hudco has posted a profit of Rs 782 crore (provisional), the highest ever profit so far. Loan outstanding as of 31st March 2016, has touched a level of Rs 35,395 crore, resulting in a year-on-year growth of 9 %.
Since inception, Hudco has financed over 17000 housing and infrastructure projects with a cumulative sanctions of Rs 1,61,871 crore and releases of Rs 1,09,438 crore.
Hudco has supported more than 16.57 million houses in the country, in both rural and urban areas, thus making it the largest facilitator of housing delivery in the country. A total of 4.57 lakh units were sanctioned during the year 2015-16 for affordable housing, including EWS and LIG category beneficiaries.
Major weaker section housing schemes sanctioned include 1.6 lakh housing units under the 2 BHK housing programme in Telangana and the EWS housing programme in rural areas for 2 lakh households in Andhra Pradesh.
Hudco has also been consistently working to accelerate the pace of providing quality urban infrastructure in the country by financing around 2149 infrastructure projects. A total of 170 urban infrastructure projects have been sanctioned with a total loan component of Rs 11,984 crore covering utility, social and commercial infrastructure.
Major infrastructure projects sanctioned include Water Supply Distribution Network project in Greater Hyderabad area (loan amount Rs 1700 crore), water supply and sewerage schemes for Nellore town (total loan amount Rs 990 crore), airport projects at Bhogapuram in Vizianagaram (loan amount Rs 1500 crore).
Hudco has been assigned “AAA” Rating, for the first time on “Stand Alone Basis” from three major rating agencies of the country.