Mumbai: Housing and Urban Development Corporation (HUDCO) posted 33.33% growth in Net Profit Y-O-Y and 10.04% growth in Revenue from Operations Y-o-Y.

The HUDCO Board of Directors meeting approved the limited reviewed financial results for Q3 FY23-24 ending December 2023.

HUDCO reported a remarkable 33.33% increase in Profit after Tax (PAT) YoY and 14.94% increase quarter on quarter, while revenue from operations recorded a growth of 10.04% YoY and 7.93% increase QoQ.

This outstanding performance is attributed to consistent growth in the Loan Book from Rs 79,290 crore to Rs 84,424 crore YoY and significant reduction in Net Non-Performing Assets (NPAs) from 0.96% to 0.44% YoY.

Replying to questions, Sanjay Kulshrestha, CMD, said HUDCO is envisaged to play a vital role in creating assets for the nation by funding infrastructure projects

Thanking the investors for reposing confidence in HUDCO and which helped increasing market cap from Rs 10,000 crore in March 2023 to over Rs 40,000 crore in Dec 2023 within a span of nine months, he said that to optimize cost of borrowings, funds through External Commercial Borrowings (ECB) route are being mobilized/explored.

The Current Fiscal Budget has laid thrust on Housing and Infrastructure in a big way and HUDCO is geared to capitalize on these opportunities, he said.

Outlining future plans, he said these included the PMAY-Grameen scheme under which two crore houses are to be taken up in the next five years, besides also other plans including expansion of existing airports and developing new airports.

The HUDCO housing scheme plans covered the middle class, slums, chawls and unauthorized colonies to buy/build their own houses, he said.

Borrowing disbursements have been enhanced from Rs 18,000 crores to Rs 35,000 crores, he said adding “Our pipeline is very strong and targets are very high.”