Housing and Urban Development Company (HUDCO) Ltd. shares rose as much as 8% on Tuesday following the company’s September quarter results, which were released during market hours.
HUDCO recorded a 52% increase in its overall net profit for the quarter ended September 2024, to ₹689 Crore, up from ₹452 Crore in the same quarter last year.
On a sequential basis, HUDCO’s profit increased 23% from ₹558 Crore in the previous June quarter. Meanwhile, revenues increased by 15% quarter on quarter.
HUDCO’s Net Interest Income (NII) or core income climbed by 27% year-on-year from last year to ₹797 Crore, while net profit jumped by 52.5% to ₹689 Crore.
Revenue from operations increased 35% year on year to ₹2,518 Crore, up from ₹1,865 Crore in the same quarter last year.
Over the years, HUDCO has emerged as the country’s premier public financial organisation, with the primary goal of financing and stimulating housing and urban development activity, and has developed strong project preparation, assessment, financial planning, and monitoring capabilities.
Dividend income increased marginally in the second quarter to ₹7.28 Crore from ₹5.66 Crore in the previous year’s quarter. The company did not record any dividend income for the June quarter.
Total expenses increased by about 20% year on year to ₹1,526 Crore in the current quarter, compared to ₹1,274 Crore in the previous year quarter.
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