HUDCO posts 24% rise in FY24 net profit to `2,116.74 cr

New Delhi: Housing and Urban Development Corporation Limited (HUDCO) Board of Directors in its Board meeting held on May 24, 2024 at New Delhi approved the Audited Financial Results for FY2023-24.

The company reported highest ever net profit of Rs 2,116.74 crore in FY24 against Rs 1,701.62 crore for FY23, thereby registering a 24 per cent increase on Year on Year (Y-o-Y) basis.

The net profit increased by 35 per cent on Quarter on Quarter (Q-o-Q) basis to Rs 700.16 crore in Q4 from Rs 519.23 crore for

Q3 FY2023-24.

The amount of loan sanctions stood at Rs 82,387 crore in FY24 as against Rs 24,572 crore in FY23.

The firm reported highest ever loan disbursements of Rs 17,987 crore during FY24 as against Rs 8,466 crore during FY23, thereby registering a growth of 112 per cent YoY.

HUDCO’s revenue from operation grew 10.40 per cent Y-o-Y from Rs 7,049.46 crore in FY23 to Rs 7,784.29 crore in FY24.

The company’s loan book registerd a growth of 15 per cent Y-o-Y from Rs 80,743 crore in FY23 to Rs 92,654 crore in FY24.

The gross NPAs reduced significantly from 3.42 per cent in FY23 to 2.71 per cent in FY24, while net NPAs fell from 0.52 per cent in FY23 to 0.36 per cent in FY24.

Company’s earnings per share grew (Y-o-Y) from Rs 8.50 to Rs10.57.

Market capitalisation of the firm increased from Rs 10,000 crore in March, 2023 to over Rs 53,000 crore in May, 2024.

Sanjay Kulshrestha, Chairman & Managing Director of HUDCO, while expressing his satisfaction at the exceptional Financial Results said, “HUDCO, being a Government Company under aegis of MoHUA with lowest levels of NPA and Debt-Equity and comfortable CRAR is envisaged to play a vital role in creating assets for the nation and supplement efforts of Government of India for creation of sustainable and resilient Infrastructure, in line with Viksit Bharat 2047.”

With recently conferred “Navratna” status, HUDCO is amongst top 20 Navratna Central Public Sector Enterprises (CPSEs) in the country to have been accredited with this status.

HUDCO is focused towards diversification of its resource base, establishing footprints in international markets through its maiden JPY denominated ECB offering and optimizing overall cost to add competitive strength to its overall lending operation.

CMD, HUDCO attributed the company’s growth to the trust and support of all the stakeholders.