HUDCO Q4 profit rises 9% to Rs 700 cr

New Delhi: State-owned HUDCO on Friday reported 9.54 per cent rise in consolidated net profit to Rs 700.16 crore for the quarter ended March 2024.

Its net profit stood at Rs 639.14 crore in the year-ago period.

Total income rose to Rs 2,194.04 crore in March 2024 quarter from Rs 1,862.41 crore a year ago, according to a regulatory filing.

Net profit rose to Rs 2,116.69 crore in 2023-24 financial year from Rs 1,701.43 crore in 2022-23. Total income went up to Rs 7,948.10 crore from Rs 7,086.18 crore.

The company's board also recommended a final dividend of Rs 2.65 per equity share of face value of Rs 10 each for 2023-24, subject to approval of shareholders in the ensuing Annual General Meeting (AGM).

HUDCO is a policy institution that provides housing finance and non-commercial urban infrastructure financing. It is regulated by the National Housing Bank and is under the administrative control of Ministry of Housing and Urban Affairs.