Housing and Urban Development Corporation (HUDCO) shares surged by almost 2% after the company reported significant improvements in asset quality and a substantial increase in disbursements. The company’s net profit for the quarter reached ₹557 crore, marking a 25% increase from ₹445 crore in the same quarter last year. Total revenue from operations also grew by 18%, coming in at ₹2,188 crore compared to ₹1,842 crore in the corresponding quarter of the previous year.
Key Highlights:
- Profit Increase: Net profit rose to ₹557 crore, up 25% year-on-year.
- Revenue Growth: Total revenue from operations increased by 18% to ₹2,188 crore.
- Expense Rise: Expenses for the quarter grew by 20% to ₹1,512 crore.
- Strategic Collaborations: HUDCO signed non-binding MoUs with RITES and the government of Rajasthan, aiming to undertake consultancy projects and provide financial support for housing and urban infrastructure projects.
As of 9:36 AM, HUDCO’s shares were trading 1.27% higher at ₹303.90
TOPICS:
HUDCO