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HUDCO reported a 4% rise in consolidated net profit to INR 727.74 crore for the March quarter of FY25, up from INR 700.16 crore in the same period last year, driven by higher income. Quarterly income rose to INR 2,854.91 crore from INR 2,194.04 crore. For the full fiscal year, net profit increased to INR 2,709.14 crore, while total income grew to INR 10,348.38 crore. HUDCO also plans to raise INR 2,190 crore via unsecured, taxable NCDs at a 6.9% annual coupon rate, maturing in five years. The move aims to strengthen its ability to finance housing and infrastructure projects nationwide.
The consolidated net profit of the state-owned Housing and Urban Development Corporation (HUDCO) increased by 4% to INR 727.74 crore for the March quarter of FY25 from INR 700.16 crore for the same quarter of the previous fiscal year. The rise in profit was primarily driven by higher income during the quarter. Advertisement
According to a regulatory filing released earlier this week, HUDCO's total income during the January-March period of FY25 surged to INR 2,854.91 crore, compared to INR 2,194.04 crore in the same period of FY24. For the entire fiscal year 2024-25, the firm's net profit increased to INR 2,709.14 crore, a notable rise from INR 2,116.69 crore in the previous financial year. Similarly, total income for FY25 jumped to INR 10,348.38 crore from INR 7,948.10 crore in FY24.
HUDCO also disclosed plans to raise up to INR 2,190 crore through the issuance of unsecured, taxable, redeemable, non-convertible debentures (NCDs) on a private placement basis. The debentures, with a face value of INR 1,00,000 each, will carry a coupon rate of 6.9 per cent, with interest payments to be made annually. The bonds are set to mature at par at the end of the fifth year. The company stated that the 'Bond Allotment Committee' has already approved the proposal to issue the NCDs.
HUDCO remains focused on financing housing and infrastructure projects across the country, aligning its financial strategies with ongoing and emerging development needs.
The NCDs, offering a 6.9 per cent coupon rate, are poised to attract investors seeking steady returns over a five-year period. This financial manoeuvre is expected to further bolster HUDCO's capacity to fund critical housing and infrastructure initiatives nationwide.
Source - PTI
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