HUDCO reports surge in Q1 disbursements to ₹12,600 Crore

13 Aug 2024 , 12:51 PM

Housing and Urban Development Company (HUDCO) Ltd. shares rose on Tuesday after the firm reported its June quarter results after market hours on Monday.

HUDCO’s disbursements climbed to ₹12,625 Crore from ₹629 Crore the previous year. Sanctions for the quarter jumped by 91.6% from previous year, reaching ₹14,097 Crore.

The loan book for the quarter climbed by 30% from last year to ₹1.03 lakh Crore.

HUDCO’s Net Interest Income (NII) or core income climbed by 11.7% from the previous year to ₹711 Crore, while net profit increased by 25% to ₹558 Crore.

Gross NPA for the quarter increased to 2.42% from 2.71% the previous quarter, while net NPA fell to 0.33% from 0.36% in March.

HUDCO had a provision write-back of ₹18.69 Crore this quarter, lower than ₹23.39 Crore last year and ₹98.22 Crore in the March quarter.

The net interest margin for the June quarter declined to 3% from 3.24% last year, while yields fell to 9.06% from 9.36% last year.

The quarter’s Pre-Provisioning Operating Profit (PPOP) was ₹666 Crore, up 16% from the previous year.

At around 10.13 AM, HUDCO was trading 1% higher at ₹303.10, against the previous close of ₹300.10 on NSE. The counter touched an intraday high and low of ₹309.70, and ₹302.65, respectively.

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