Housing and Urban Development Corporation Ltd. (HUDCO) reported a 28.3% year-on-year increase in profit during the three months-ending September.
The company's consolidated bottom line stood at Rs 911 crore for July-September period, compared with Rs 710 crore a year earlier, according to its notification to the exchanges on Wednesday.
Total income rose 24.6% to Rs 4,051 crore from Rs 3,251 crore in the corresponding quarter last year.
HUDCO (Q2, Consolidated YoY)
- Net profit up 28.3% to Rs 911 crore versus Rs 710 crore.
- Total income up 24.6% to Rs 4,051 crore versus Rs 3,251 crore.
- Second interim dividend of Rs 1.35 per equity share declared for FY27.
Revenue from operations, which largely comprises interest income, increased to Rs 4,040 crore from Rs 3,219 crore in the year-ago quarter. Interest income rose to Rs 4,023 crore from Rs 3,197 crore.
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Finance costs increased to Rs 2,857 crore from Rs 2,147 crore. Despite the rise in borrowing costs, profit before tax climbed to Rs 1,122 crore from Rs 955 crore in the corresponding quarter last year.
Loan Recoveries
HUDCO resolved 10 non-performing project loans during the first half of FY27 through various measures, the company said. It also reported no fresh additions to the non-performing asset category in its project loan portfolio during the six months ended September 30.
The company's provision for expected credit losses on loans stood at Rs 1,278.95 crore as of September 30, down from Rs 1,680.17 crore a year earlier. HUDCO also reported a net reversal of Rs 4.18 crore in expected credit loss provisions during the September quarter.
However, the auditors flagged an outstanding recoverable amount of Rs 743.16 crore linked to the Andrews Ganj Project account.
HUDCO recognised Rs 7.80 crore as interest income on the account during the September quarter. The company said it was in discussions with the Ministry of Housing and Urban Affairs to recover or obtain reimbursement of the outstanding amount, including interest.
Dividend Details
HUDCO's board approved a second interim dividend of Rs 1.35 per equity share, equivalent to 13.5% of the share's face value of Rs 10. The company has fixed Nov. 11 as the record date to determine eligible shareholders.
The company said it would complete the dividend payment process within 30 days of the declaration.
The auditors also flagged non-compliance with the regulatory requirement on the minimum number of independent directors on HUDCO's board during the April-September period. Consequently, the composition of certain board committees did not comply with the Companies Act and SEBI's listing regulations.
The stock exchanges have imposed fines for earlier instances of corporate governance non-compliance. HUDCO has disclosed these fines as contingent liabilities.
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